While 2023 has just begun, it has proven to be a green one for cryptocurrencies.
According to CoinGecko, there has been a 6.7% rise in the market capitalization of the broader crypto market since the start of the year, which has taken it to $884 billion.
The last week has seen NFT and gaming-related cryptocurrencies also benefit from this trend, as they have managed to record hefty gains in the double-digits.
Some of the tokens that have enjoyed these gains include Apecoin (APE), Decentraland (MANA), Gala (GALA) and The Sandbox (SAND).
Crypto gaming ecosystem Gala’s native token is named GALA and the past week has seen its value rise by a staggering 139.8%.
According to data from CoinGecko, it is the leading gainer in the list of the top 100 cryptocurrencies in terms of market cap.
The last 24 hours saw a 13% rise in GALA and the token was changing hands at a prize of $0.042 at the time of writing. This makes it the 98th-largest crypto in terms of market cap.
Nonetheless, even though the token has managed to enjoy excellent weekly gains, it should be noted that GALA is still not close to the all-time high value that it reached in November 2021.
It is about 94.8% lower, as GALA had managed to hit a price of $0.8248 back then. Coinglass data shows that the last week has seen GALA future positions worth $31.82 million liquidated.
25% of these liquidations were long positions, while the rest had come from short trades.
The last 7 days also saw a 23.5% gain in the token of the top NFT collection Bored Ape Yacht Club named APE.
At the time of writing, APE had recorded gains of about 4.2% in the last 24 hours and was trading at a value of $4.87.
CryptoSlam also shared data showing that there had been a rise of 32.38% in the trading volume of Bored Ape Yacht Club (BAYC) NFT, as it reached $18.061 million.
This saw it become the most-traded NFT in the last week. Mutant Ape Yacht Club is another NFT collection that saw its trading volume rise by 60.75% in the same period to reach $13.310 million.
It was not just APE and GALA that recorded significant gains in the last week, as other gaming-adjacent crypto projects had done the same.
Metaverse game Decentraland’s token, MANA, also rose in the past week by 29% to reach $0.40. The bullish trend in the week allowed MANA to recover its monthly losses.
However, MANA is still 89% down in terms of yearly performance. The same period also saw gains of 26.5% in the SAND token of The Sandbox.
Data from CoinGecko showed that SAND was down 0.5% in the last 24 hours and was trading at a value of $0.51 at the time of writing.
The last week has seen a rise in the NFT trading volumes, which has led to upward price movements in most of the NFT-linked and gaming tokens.