GMX Token Keeps Rising As Crypto Market Sees Correction

Name	Symbol	Market	Market Cap ($)	Algorithm
Ripple	XRPUSD	Crypto	27,393,872,302	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ripple

XRPUSD

Crypto

27,393,872,302

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.0157	-3.05%	0.4993	0.4993	0.4994

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.0157

-3.05%

0.4993

0.4994

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.5197	0.498	0.5141	0.515	0.399480 - 0.950000

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.5197

0.498

0.5141

0.515

0.399480 - 0.950000

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	12:10:45	1,079.55	0.4993	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

12:10:45

1,079.55

0.4993

USD

Price x Volume	Volume	Base Symbol	Related Pairs
12,988,405.31	25,496,932.91	XRP	XRPEUR	XRPGBP	XRPBTC

Price x Volume

Volume

Base Symbol

Related Pairs

12,988,405.31

25,496,932.91

GMX Token Keeps Rising As Crypto Market Sees Correction

16/03/2023 12:30pm

NEWSBTC

Just a few days ago, the cryptocurrency market soared at the peak of a banking crisis in the United States. However, it appears the rally has halted 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 over the past 24 hours. From year-to-date to 24-hour gain, GMX shows parallel price gains, with a 22.27% 7-day price surge and a 22.07% increase over the past 30 days. The token appears to be soaring while resisting the bears as it gears up for more price gains. Why Is GMX Price Moving Opposite Current Market Sentiment? Since the crypto market sentiment has declined over the past 48 hours, GMX must have another factor pushing its price and the GMX network’s weekly rewards distribution might 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 To Launch FedNow In July, Countering Ripple? Users only have to buy and stake GMX against GLP to qualify for the incentives. According to the update on the GMX official Twitter page, users can earn a 12% APR yield (10% ETH and 2% esGMX) on GMX stakes. Also, the decentralized perpetual exchange offers 52% APR on GLP/ARB and 42% on GLP/AVAX stakes. This offering draws more traffic to GMX, evident in its recent price actions. GMX token has not only gained price, but its trading volume also increased, suggesting more network activity. At the time of writing, GMX has recorded a 126.57% rise in trading volumes over the past 24 hours. Earlier on March 15, the trading volume was at $84.36 million before it witnessed a sharp spike to $129.92 million. Today, GMX now has over $230 million in trading volume. These numbers further confirm the above assumption since a rise in trading volume often indicates that more users are coming to the network or existing ones have increased their activities. GMX Token Soaring Bullishly; What’s Next? GMX token saw ground-breaking rallies this year. Historical data shows that the token closed in 2022 at $41.57, suggesting that it has doubled in price. Its price rally became evident on January 10, when it jumped to $45.17 and continued rising above $50. Though GMX met pullbacks here and there, it managed to break above $60 and has not looked back since then. Related Reading: Stacks (STX) Down By 14% Ahead Of Upcoming Hard Fork Upgrade On March 15, GMX traded at a high of $82.07 while closing the day at $78.98. Although the token threaded the bearish path consecutively from March 10 to 12, it quickly recovered, rallying over 11% on Monday, March 13. 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

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