The market capitalization of cryptocurrencies dedicated exclusively to gambling currently sits at more than US$100 million, according to a new report from CryptoGamblingNews.com.
However, that figure is well down on the US$1.5 billion in market cap experienced at the sector’s January 2018 peak, when gambling cryptocurrencies held a combined value of over US$1.5 billion.
According to the report, gambling-specific cryptocurrencies are now starting to stabilize following a tough 12 months for the global cryptocurrency market.
“The 2018 peak was fueled by speculation, but what we are seeing now is the emergence of a handful of platforms that are finally live and accepting wagers in these cryptocurrencies. The prices have reacted accordingly as demand for the coins increases,” a CryptoGamblingNews.com spokesman said.
“Gambling remains a key early use case for cryptocurrencies and blockchain technology. We are seeing these projects implementing some fantastic features that are simply not possible with fiat currencies, such as provably fair games, full decentralization and near-instantaneous withdrawals.”
According to the report, the top 10 gambling-focused cryptocurrencies currently hold a combined value on trading exchanges of US$86.7 million, led by B2B blockchain gaming platform FunFair Technologies, whose FUN token reported trading volumes in excess of US$8 million over the past week alone.
Gambling-focused cryptocurrencies are distinct from the broader crypto gambling sector, where Bitcoin remains dominant.
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