The CS2 skin market has begun to bounce back in the past 24 hours, following the worst crash ever on October 23rd. The skin market dipped around $2.5 billion after Valve added a contract to players to craft knives or gloves with Covert skins.
The CS2 skin market cap has gone up 17.39% in the past 24 hours, according to Pricempire, a website that monitors the market in real-time. As of right now, the skin market cap is valued at over $4.1 billion.
Buy low, sell high. Credit: © Pricempire
The crash understandably scared all of the skin investors, and many stopped buying or selling skins in the days that followed the October 22nd update, in order not to make any hasty decisions.
However, now that the dust have settled a bit, known investors such as the co-owner of skin marketplace SkinBid Oliver “zipeL” Behrensdorff, and Alkem1st are already operating again, they’ve announced on their socials.
Even though the CS2 skin market is showing signs of life after the major crash, it’s still risky to invest if you’re a mere casual skin collector. Not to mention the fact that Valve has shown that it can blow the market overnight, in the blink of an eye.
CS2 is also due for another update this week, so we’ll see if Valve will intervene in the skin market again.
Everybody will know the full extent of the impact of the knives & gloves update next week, when those who crafted the items will begin to trade them. These items will begin to join the trade market on Wednesday, November 5th.
The price of gloves and knives will probably never be as high as they were in the past, but the price of Covert skins may keep increasing — unless Valve also makes a way to craft them easily.
Feature image credit: © Valve
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