Blockchain game tokens rebound strongly from the Crypto Winter sell-off during Q1 2019
The stage is set for a better year
Welcome to our regular quarterly roundup of the performance of the tokens (aka cryptocurrencies) of blockchain game projects.
The first thing to point out is given the carnage most projects experienced during 2018, in 2019 I’ve decided to focus only on the most significant tokens, rather than attempting to cover everything.
For that reason, I’m limiting my coverage to those game tokens that are ranked within the top 500 cryptocurrencies by market capitalization.
Less is more
The result is the number of tokens reduces from 33 tracked in 2018 to 11 in Q1 2019. (Obviously this number will fluctuate as game tokens enter and leave the top 500.)
Thanks to this filtering, it’s now possible to display more information, so as well as looking at token performance during Q1 2019 (the period 1 January to 31 March), I’ve also added 6-month and 12month comparison.
In this way, it’s simpler to see short, medium and long-term performance.
Looking at the sector in this way, it’s clear Q1 2019 has seen a strong rebound from the Crypto Winter of Q4 2018. With the exception of Mobile Go (MGO), which had a very strong performance in Q4, all other tokens increased their value against the dollar over a 3-month period.
Indeed, three tokens – Enjin Coin (ENJ), Theta Labs (THETA) and AppCoins (APPC) were all up over 100%.
Only THETA demonstrated positive performance across 3 and 6-months, however. And only Enjin Coin was up across all three time periods. As previously discussed, this is a byproduct of Enjin’s mobile crypto wallet being announced as being integrated into Samsung’s S10 family of phones.
What happens next?
So, while we can say the Crypto Winter is over and spring has begun, it remains much too early to suggest 2019 will see a return to 2017 levels of “irrational exuberance” (even if we wanted to revisit that period).
More sensibly, however, the stage does appear to be set for good projects and products to benefit from a more stable atmosphere and demonstrate they can build momentum within the wider blockchain ecosystem.
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