GMX token continues to rise as crypto market sees correction
Just a few days ago, the cryptocurrency market soared on top of a banking crisis in the United States. However, the rally appears to have stalled as the global cryptocurrency market declined and has reflected in most coin prices. But despite the pullback, the GMX token continued to soar, with a 14% price increase in the last 24 hours.
From year to date to 24-hour profit, GMX shows parallel price gainswith a 7-day rate of 22.27% increase and an increase of 22.07% in the last 30 days. The token appears to be hovering as it resists the bears as it sets itself up for more price gains.
Why is the GMX price moving against today’s market sentiment?
Since crypto market sentiment has fallen over the past 48 hours, GMX must have another factor pushing the price and the GMX network’s weekly reward distribution may be among them. At press time, GMX has rolled out over $7.6 million in AVAX, ARB and GMX-ETH as user rewards.
Related reading: US Fed Launches FedNow in July, Countering Ripple?
Users only need to purchase and wager GMX against GLP to qualify for the incentives. According to the update on GMX official Twitter page, users can earn 12% APR return (10% ETH and 2% esGMX) on GMX stakes.
The decentralized perpetual exchange also offers 52% APR on GLP/ARB and 42% on GLP/AVAX stakes. This offer is driving more traffic to GMX, evident in recent price action.
The GMX token has not only gained in price, but trading volume has also increased, indicating more network activity. At the time of writing, GMX has registered an increase of 126.57% in trading volume in the last 24 hours.
Earlier on March 15, trading volume was $84.36 million before seeing a sharp increase to $129.92 million. Today, GMX now has over $230 million in trading volume.
These figures further confirm the above assumption since an increase in trading volume often indicates that more users are joining the network or that existing ones have increased their activities.
The GMX token is rising bullishly; What will be next?
GMX token saw groundbreaking rally this year. Historic data shows that the token closed in 2022 at $41.57, suggesting that it has doubled in price. The price rally became evident on January 10, when it jumped to $45.17 and continued to rise above $50. Although GMX faced pullbacks here and there, it managed to break above $60 and hasn’t looked back since.
On March 15, GMX traded at a high of $82.07 while ending the day at $78.98. Although the token entered the bearish path continuously from March 10th to March 12th, it quickly recovered, rising over 11% on Monday, March 13th. Today, GMX is trading at $82.12, with a high of $82.51 and a low of $69.68.
Featured image from Pixabay and chart from TradingView.com