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Synthetix faces fierce competition on the DeFi-oriented layer 2.
GMX, the native token of decentralized perpetual exchange GMX, has soared over 20% in the past 24 hours. The surge was seemingly fueled by a crypto whale move that ignited the communitys positive sentiment towards the token. Some analysts believe GMX might be preparing for a breakout above the $60 mark. Related Reading: AVAX Primed To Break $100 Barrier As Bullish Signs Emerge Whales Send GMX To New Wallets In the early hours of Thursday, a whale withdrew over 85,000 GMX tokens from crypto exchange Binance. Per the reports, the whale sent the funds to a fresh wallet, boosting the price surge. The whale withdrew 84,515 GMX, worth around $3.77 million, in five transactions for an average price of $43.07. This move propelled the price from $40 to $44 in the following hours. Moreover, the price jump resulted in over half a million in unrealized profit for the crypto investor. Similarly, reports of another whale withdrawing GMX from Binance surfaced this morning. According to the post, 72,300 GMX tokens were sent to a wallet from Binance. The wallet now holds 82,768 GMX, worth $3.69 million. The tokens surge appears to have begun before the whale activity. GMXs price jumped from the $36 price range to the $42 mark on Wednesday, which fueled the positive sentiment of the crypto community. In the past 24 hours, GMX rose 22.2%, trading above $44 now. The recent performance represents a 26% and 76.3% price increase in the weekly and monthly timeframes. Moreover, it has registered a surge in its market activity, registering a 121% daily trading volume increase in the last day. Crypto Analysts Bullish On GMX The tokens performance didnt go unnoticed by crypto analysts. The market watchers expressed their bullish sentiment towards GMX and set a short-term target. According to Daan Crypto, GMX appears to be running back to turbo mode. The token is currently up 2x from its bottom registered in April of this year. Moreover, GMX is trading back above the daily 200MA/EMA. To the analyst, the $41 support zone will be a key level to hold going forward. He also considers the $60 price range a good target for the tokens bullish momentum. Crypto trader and analyst JJcycles also weighed in on GMXs performance. The trader highlighted a bullish flag pattern on the tokens chart. Per the analyst, GMX is nicely reversing into the beginning of the third wave. JJcycles also pointed out the token successfully broke out of the $40 resistance level in the following hours. To the trader, it looks like GMX printed the bottom in April when it went as low as $22. Additionally, he called out those who capitulated within the bottom accumulation range, including Arthur Hayes. Just like it is supposed to be, capitulators are in pain, wrote the analyst. Related Reading: Fake Crypto Airdrop: Tethers CEO Warns Of Ongoing Supply Chain Email Exploit As reported by NewsBTC, the BitMEX founder was the largest individual holder of GMX, with over 230,000 GMX tokens. In April, Hayes seemingly accepted capitulation after sending all his GMX holdings to an address linked to crypto algorithmic trading firm Wintermute Trading. At the time, GMX investors criticized the transaction, suggesting that the altcoin was in that buy zone again. Featured Image from Unsplash.com, Chart from TradingView.com
GMX, a perpetual futures trading platform, will be a launch partner and leverage Chainlinks tech to fuel the decentralized futures exchange.
Arthur Hayes, the founder of the crypto exchange BitMEX, recently made a move on an altcoin he had held since 2022. This move saw the transfer of over 230,000 GMX tokens to Wintermute Trading, seemingly making a profit of $3.2 million. Related Reading: XRP Price Drops After Massive Whale Dump, Casting Doubt On $1 Target In April Altcoin Dropped By Its Largest Personal Holder Blockchain research platform Lookonchain revealed that Arthur Hayes seemingly sold his GMX holdings yesterday. Hayes was the largest holder of GMX, the native token of decentralized perpetual exchange GMX. Throughout 2022, the BitMEX founder spent a total of 3,383 ETH, worth $5.17 million, to buy 200,581 GMX tokens. In 2023, Hayes spent another 60 ETH to buy 2,328 GMX, around $105,000. From July to December 2023, Hayes withdrew 215,428 GMX tokens from centralized exchanges (CEX). By the end of 2023, he had bought 218,337 GMX for $6.5 million from CEX and decentralized exchange (DEX) Uniswap. As of April 7, 2024, Hayes had GMX holdings worth $9.7 million, per Lookonchain data. The post revealed that Hayes had unstaked all 237,672 tokens and transferred them to an address linked to crypto algorithmic trading firm Wintermute Trading. The transaction sparked rumors of a possible token sale by the former CEO of BitMEX. According to the report, the average cost of buying through Hayes accumulation phase is around $29.74. After selling, Hayess profits would total over $3.2 million. GMX investors reacted to the news, suggesting that nothing changed and the altcoin was in that buy zone again. Did Arthur Hayes Accept Capitulation? Crypto analyst and trader JJcycles suggested that the transaction looked like Hayes capitulation. Later, the trader speculated why the GMX price didnt tank hard after one of its largest personal holders sold his tokens. To the analyst, the incident looked like the price of ETH during the FTX debacle. Based on his perception, the trader decided to buy more GMX tokens. One of the largest holders of GMX send his bags to a market maker. Speculation goes that he is selling which is the most logical conclusion to make. My question, why is price not tanking hard? Feels a bit like the price of ETH during the FTX debacle.I'm buying more.$GMX pic.twitter.com/jZi91vIghT — JJcycles (@JJcycles) April 8, 2024 In a later post, the analyst clarified what he meant with his previous statement. According to him, GMXs capitulation looks like ETHs capitulation in 2023. As reported by NewsBTC, the number of Ethereum traders selling at a loss increased around August 2023. ETHs price bounced back from the capitulation and has continued an upward trajectory ever since. Per the analyst charts, GMX appears to be showing an ascending triangle pattern at writing time, like the one made by ETH during its capitulation. To the trader, this suggests GMX could begin an upward trajectory like ETH. GMX Price Reaction The GMX token displays red numbers in most timeframes, as its currently 55.5% lower than its all-time high (ATH) of $91.07. The token registers a 7.9%, 28.9%, and 48.9% price drop on the weekly, monthly, and yearly timeframes. After the news of Hayes transaction broke, the price went from hovering between the $40.8-$40.7 price range to $37.1, plunging 9% in just an hour. Nonetheless, the altcoin quickly started to recover from the initial dip. At the time of writing, GMX is trading at $40.47, a 1% drop from 24 hours ago. Notably, the tokens market activity skyrocketed 467.6% in the last day, with a daily trading volume of $54.77 million. Related Reading: Sleeping Giant Awakens! Ethereum Whale With Over 12,000 ETH Creates Noise GMX performance in the 3-day chart. Source: GMXUSDT on Tradingview Featured Image from Unsplash.com, Chart from TradingView.com
GMX is leading the list of top derivative exchanges. It is currently the best derivative exchange on the Arbitrum ecosystem....
From ARTA to SAFEMOON and ORDI to PANCAKESWAP, check out this week's top crypto gainers and losers.
The post CHT, ARPA | Crypto Gainers and Losers | May 27, 2023 appeared first on BitPinas.
Chainlink’s low-latency oracles will integrate with the GMX decentralized exchange following a successful governance proposal, providing real-time market data to GMX v2. (Read More)
Many cryptocurrencies have witnessed significant growth and volatility recently. Today, we will delve into the top crypto gainers that have experienced notable price surges. These [...]
A Chainlink exec said the oracles will improve GMX’s security by providing a more “strong degree of tamper-resistance when settling user trades.”
Ethereum layer2 solution Arbitrum would airdrop 112.8 million ARB tokens to 137 decentralized autonomous organizations (DAOs) on its ecosystem on March 23.
The post Arbitrum to airdrop 112.8M ARB tokens to DAOs on its ecosystem appeared first on CryptoSlate.
Arbitrum serves as a dynamic layer 2 solution that intends to optimize the performance of Ethereum’s smart contracts. This innovative technology enhances the speed and scalability of smart contracts while providing an extra layer of privacy features that bolster its security. Currently, there are many promising dApps that are building on Arbitrum. The projects have […]
This week’s bearish regulatory actions and rumors were not strong enough to suppress investors’ appetite for cryptocurrency.
In GMX’s (GMX) price prediction 2023, we use statistics, price patterns, RSI, RVOL, and much other information about GMX to
GMX price has hit a new all-time high of $77.38 after a 10% price change in 24 hours. The decentralized exchange (DEX) native token is [...]
GMX, the token powering GMX.IO decentralized exchange (DEX), is spiking all over again after sliding from its 2023 high of $81.47. Following a 27.54% dip, [...]
GMX Price has recorded one of the most striking uptrends so far, soaring almost 92% year-to-date. The token is up 4% in the day, with [...]
GMX price blasted past a key resistance zone on January 29 confirming a highly bullish technical setup. The price closed the day on Sunday at [...]
GMX traded lower on Thursday after rising as much as 13% the day before hitting highs above $54. The spike in the GMX price on [...]
GMX, the perpetual trading decentralized exchange (DEX) allowing up to 50X leverage, now generates more trading fees than the BNB Smart Chain (BSC) and Bitcoin. GMX Is The Third Most Active Platform According to statistics, GMX’s 1-day fee on January 19 was around $589,000, while BSC and Bitcoin on-chain fees, over the same period, stood at $524,232 and $328,935, respectively. Ethereum and Uniswap are the only two major protocols more active than the perpetual trading decentralized exchange, per the above data. During this time, the total Gas fees accrued in Ethereum exceeded $5 million. In Uniswap, it was over $2.1 million, roughly 4x GMX’s and BSC’s daily fees. Related Reading: Binance USD (BUSD) Exchange Reserves Dry Up, Reason Behind Bitcoin’s Slowdown? GMX supports trading various coins, including BTC, ETH, and AVAX. As of writing, GMX had $96,802,651,673 in total trading volume with open interest, that is, the number of opened positions, long and short, of $207,102,720. Meanwhile, over 208,000 active traders were using the platform to trade on Arbitrum and Avalanche. GMX launched on Arbitrum and Avalanche, considering their scalability and low fees versus Ethereum. Arbitrum is Ethereum’s layer-2 platform permitting scalable and low-fee trading fees. On the other hand, Avalanche is scalable and boasts the fastest settlement time in crypto. By launching on these two platforms, GMX says it allows users to save on costs by entering and exiting positions with minimal spread and zero price impact. Traders take the profits of selling positions in USDC and the quote token when they go long. GMX prices are based on Chainlink’s decentralized oracles to prevent price manipulations. Trading Fees As A Measure Of Activity Trading fees generated by a dApp or on a blockchain are a crucial activity indicator. Despite the tendency of users to opt for protocols offering near-zero fees, the decentralized nature of blockchains means validators or entities securing core infrastructures must be compensated. In decentralized finance dApps like Uniswap and GMX, trading fees generated from swapping activities are distributed to liquidity providers (LPs). There are also governance tokens that are distributed. Anyone can be an LP. Related Reading: How Uniswap Was Saved From Critical Vulnerability By This Security Firm In September 2020, Uniswap distributed UNI to users who had, in one way or another, used the protocol to swap tokens before the airdrop distributing date. Currently, UNI trades at $6.1. Interestingly for GMX, the 1-day trading fee of $589,000 posted on January 19 exceeds the total average amount accrued over the past trading week of $565,682. The same trend can be observed in the top-5 most active platforms. Making extensions on this could point to renewed interest from users and traders using the protocol in one way or another. In GMX, it could mean more traders are posting traders, aiming to clip the market and turn in a profit. Coincidentally, the upswing in trading fees is recorded when the cryptocurrency market appears to be bottoming up after losses. At least, this was the trend in 2022. Featured image from GMX, charts from TradingView.com
GMX Price Prediction. The price of GMX in 2023 can reach a high of $81.85, given the current circumstances. What is GMX? A decentralized exchange with a focus on perpetual settlement is called GMX. GMX also offers spot trade settlement, though. So GMX is a perpetual and decentralized spot cryptocurrency exchange. Let’s first define PERPETUAL […]
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