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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.
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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.
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.