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The price of GMX (GMX) has gained bullish momentum in recent months and continued to recover in December. The coin recently hit $60, its highest level since Oct. 5 this year. This year, GMX has jumped more than 147% from its all-time low.
#catnews #crypto #tech Is DeFi back? GMX climbs to record highs, shows 30% growth – https://t.co/QaeytmSFT6 pic.twitter.com/mgEejePxO7
— DTM (@DerekTMcKinney) December 13, 2022
However, its sharp increase can be explained by several factors. Whether it's the encouraging comments from cryptocurrency industry luminaries or the huge public interest in decentralized finance (DeFi), it all adds value to GMX.
However, despite the recovery of sentiment in the cryptocurrency market, GMX Coin's profits seem to fade during the day and the reason for this is still unknown. The current price of GMX is $53.90, and the 24-hour trading volume is $50,460,837.
GMX is down more than 1% in the past 24 hours and is currently ranked 77th in the market with an original market capitalization of $430,738,017. Its circulating supply is 7,990,696 GMX coins and its maximum supply is unknown.
Bitmex CEO Arthur Hayes discusses investment thesis
As mentioned above, GMX saw double-digit growth last week as former BitMEX CEO Arthur Hayes announced his investment thesis for the project. Former BitMEX CEO and cryptocurrency icon Arthur Hayes admitted to holding a large purse of GMX tokens in a recent blog post.
👉 Former BitMEX CEO Arthur Hayes mentioned in a recent blog post that he owns a significant amount of GMX and LOOKS tokens. On Nov. 28, GMX earned nearly $1.15 million in daily trading fees, surpassing #Uniswap in protocol fees.
— Krypton AI (@KryptonAi) December 14, 2022
Hayes says his main reasons for buying the token are the platform's earnings and the potential to outperform traditional treasuries. Therefore, this announcement has played an important role in supporting the price of GMX Coin.
FTX down GMX up
The collapse of FTX, the second largest cryptocurrency exchange in the world, has received the most attention in the crypto space this year. Thus, the collapse of FTX has led investors to move their funds to decentralized exchanges such as GMX.
It is important to remember that Satoshi Nakamoto created Bitcoin in 2009 and was mainly concerned with centralization issues. He was concerned about the financial sector's focus on a small number of people in the central bank.
3: Look for assets that perform well.
The decentralized perpetual exchange has been a darling of the beer markets. Where can I crop? Many have opted for protocols like $GMX and $ApeX, which are up about 70% and 50% respectively this year.— Mr. V. Trades (@MrVtrades) December 12, 2022
In contrast, GMX is a decentralized platform which is not controlled by one person. It is an open source platform that accepts contributions from any user. Its transactions are also incredibly fast and cheap as it was built on Arbitram and Avalanche.
According to data compiled by DeFi Llama, the total value locked (TVL) on GMX has reached nearly $1 billion. As a result, decentralized exchanges like GMX have become very popular after the collapse of FTX, the leading centralized cryptocurrency exchange.
5 ✅ At the time of writing, GMX has a total locked value of approximately $808 million (including tokens) and is ranked 16th by DeFiLlama TVL.
Click below for the full article! 👇https://t.co/AxNsp1ZGZi
— giorgionchain.eth (💙,🧡) (@giorgionchain) December 13, 2022
Cryptocurrency market
Global cryptocurrency markets went green during the day due to the possibility of the Fed raising interest rates by 50 basis points. Bitcoin (BTC) and Ethereum (ETH), the two most valuable cryptocurrencies, are above $17,500 and $1,300 respectively.
The prices of other cryptocurrencies have also increased, including Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC). Thus, the recovery of the cryptocurrency market has been seen as another important factor that has helped the GMX coin.
The Fed will end its December monetary policy meeting today at 2 p.m. ET, after which it is expected to hike the federal funds rate by 50 basis points, slowing efforts to curb inflation. #DailyMarketshttps://t.co/Ko781uJLtw
— Nasdaq (@Nasdaq) December 14, 2022
Another key factor supporting the GMX currency is the bearish US dollar. The US dollar was broadly at its lowest level since June against the euro and the pound on Wednesday as traders anticipated an interest rate decision amid US consumer inflation data from the Federal Reserve that would have allowed the Fed to cut rates.
US stock markets jumped on Tuesday as CPI data came in below expectations, adding to expectations that inflation will ease soon. https://t.co/KKAZEZmXvJ
— The Epoch Times (@EpochTimes) December 14, 2022
Meanwhile, the November consumer price index showed lower-than-expected growth for the second straight month, while core consumer prices rose the least in 15 months. As a result, the dollar index was virtually unchanged after falling to its lowest level since June 16 on Tuesday.
The consumer price index shows a slowdown in inflation against the background of a general decline in production. #MarketWatch pic.twitter.com/pPao9u3f6t
— Jadid Herrera (@Jadid) December 13, 2022
The Fed is expected to raise interest rates by 50 basis points after raising 75 basis points in four consecutive meetings.
Highlight the highlights of the coins
With so many cryptocurrencies, it can be difficult to decide which one to invest in. Many investors at some point consider supporting low cost cryptocurrencies.
Most wallets can greatly benefit from adding these digital currencies, which have a token price of $5 or less.
Although the market is slowing down, the coins listed below are a great addition to our portfolio.
Snap 2 Trading (D2T)
Dash 2 Trade is a cryptocurrency powered by the Ethereum blockchain. It is designed to help you improve your cryptocurrency trading. It helps you stay competitive in the industry by giving you access to technical indicators and signals, as well as great online data and trading methods. Get access to the latest social data and network analytics, as well as the latest pre-sales market data through their unique rating system.
Dash 2 Trade launched on October 19 at $0.0467 and raised $400,000 in less than 24 hours. Dash 2 trades near the end of the presale, having raised $9.7 million and trading at $0.0533. The total token supply is $1 billion, with most of these tokens being sold.
Investors flock to the coin because it provides useful signals for rapid cryptocurrency trading. Top tier exchanges are ready to list D2T tokens after the presale due to high demand and expect a significant amount of daily trading activity after the token launch.
LBank was the first to announce the listing of D2T. LBank is a well-known exchange with a daily trading volume of $1.4 billion. Later, Bitmart said in a statement that it will start selling D2T tokens after the presale ends.
Calvary (RIA)
RIA is a card agnostic game that allows players to collect, trade, and battle NFT-based cards. Calvaria also offers a free version that allows players to sign up without Bitcoin, making it more accessible for beginners.
Calvaria could become more popular than other blockchain games because it doesn't exclude people who are not familiar with cryptocurrencies. On the other hand, RIA tokens can be used in gaming and for passive income, which gives players a reason to hold tokens.
The presale is currently 79% through Phase 5, the last phase before closing, and generated $2.4 million in revenue.
RobotEra (TARO)
RobotEra aims to provide players with better graphics than Decentraland and The Sandbox as well as more enjoyable game mechanics and earning opportunities. In addition to PvP games, RobotEra offers players many ways to win prizes as they explore the destroyed Tarot Planet and try to repair it.
However, this approach will increase the popularity of the game and may even help prepare it for the impending bear market rally as investors look for assets with better yields. The first phase of RobotEra's TARO token presale raised over $540,000. The token price will increase from $0.020 to $0.025 during the second phase of the pre-sale.
TCG
The ultimate goal of C-Charge is to change the world with blockchain technology. By giving EV drivers access to benefits previously available only to large companies and institutions, C+Charge aims to democratize the carbon market.
C+Charge is the first online or offline platform that allows EV drivers to earn carbon credits by starting and recharging their vehicles. Combined with blockchain technology and decentralized finance, carbon credits will soon become the standard payment method at electric vehicle charging stations.
With regard to:
Dash 2 Trading - High presale potential
- Presale active in real time - dash2trade.com
- Featured on Cointelegraph: $10 million raised
- Verify and confirm KYC
- Native cryptographic signal ecosystem token
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