Bitcoin and Ethereum Have a Meh Monday While Gaming Tokens Score Gains

Bitcoin and the rest of the cryptocurrency market is in the red. The largest digital asset by market cap was down 2% in 24 hours at 9am New York time, according to CoinGecko, trading for $26,690.

That's a 4.3% seven-day drop. The coin has struggled to bounce back after hitting a ten-month high of $30,000 in April and then nosediving in the month of May.

Ethereum, the second largest digital asset, also took a beating and was down 2% in the past day.

And major altcoins like Dogecoin, Polygon and Cardano all suffered 24-hour losses of between 1 and 2%.

BitcoinBTC · USD

$75,736+17%

24H7D1M1YYTD

Aug 18Aug 25Sep 2Sep 9Sep 16

$81.8k$75.9k$70.0k$64.2k

24h HighHigh$76,413

24h LowLow$75,151

VolVol$1.1B

Market projectionsOdds by Myriad

Today$74,000 to $76,000$74k–$76k51% chanceThis weekBelow $76,000Below $76k54% chance

Price data by CoinGeckoCoinGeckoMore Bitcoin news and projections →

The crypto industry seems to have broken out of its usual pattern of following U.S. equities. American stocks have gotten off to a roaring start for the week: The S&P 500 was up 0.1% after experiencing impressive gains last week, and tech-heavy Nasdaq was up 0.2%.

Tech investors have put crypto on the backseat and are largely eyeing up the world of artificial intelligence, which has been a hot topic since the November launch of chatbot ChatGPT.

Crypto VC funding dropped by 82% in Q1 2023 compared to the same period last year.

But a number of digital assets are up today: Gaming tokens such as Axie Infinity (AXS) and The Sandbox (SAND) are roaring, up 3.1% and 5.4% respectively.

The reason? Apple is today expected to launch its highly-anticipated mixed-reality headset in what some say will bring the Metaverse to the mainsteam.

Elsewhere, Terra Luna Classic is up significantly: The token was trading 3.2% higher in the past day, at the time of writing. At one point Monday morning ET, it was up over 7%. The original token of the failed Terra blockchain, which trades as LUNC, jumped on news that its creator Do Kwon will be released from Montenegro detention.