thenewscrypto.com
- GateToken (GT) reached a new all-time high of $17.02, marking a 25% price surge in 24 hours.
- The price surge followed Gate.io’s denial of hack rumors, reassuring users of its security and stability.
- Gate.io acquired Coin Master, a Japanese crypto platform, as part of its efforts to expand its presence in Japan.
In the midst of a fluctuating global crypto market, two exchange tokens have made notable strides. One of these is Bitget Token (BGB), which has recorded a 30% increase in the last 24 hours, reaching an all-time high of $6.86. Another one is GateToken (GT), the native token of Gate.io, which has seen nearly a 25% surge—reaching an all-time high of $17.02.
This surge in GateToken follows a period of increased confidence, fueled by Gate.io’s swift denial of hack rumors and assurance of its secure operations, including a solid reserve backing.
Gate.io’s reassurance came after rumors of a hack spread, pushing the token to jump nearly 60% in mid-December. The platform’s rising popularity is also supported by a recent acquisition of Coin Master, a Japanese crypto service provider, as part of its strategic expansion into the Japanese market.
This move comes after Gate.io previously scaled back its services in Japan to comply with local regulations, but now, with the rebranding of Coin Master to Gate Japan K.K., the platform looks to strengthen its foothold in the country.
Will GateToken Gain Further Momentum?
Despite a broader downturn in the crypto market, GateToken’s value remains strong, currently trading at $16.44 with a market cap of $1.45 billion. Additionally, its daily trading volume climbed over 420% to $55 million.
The token has gained momentum due to rising user numbers and a stellar reserve report from December, which revealed a record reserve of $9.566 billion and a reserve ratio of 123.91%.
In the GT/USDT 4-hour chart, GateToken shows bullish signs, with an ascending rectangle pattern breakout and strong bull power indicators.
Its MACD is below the signal line, showing a bearish trend. But both are moving in the same direction, which usually means the trend will continue. However, the bull power indicator is at 5.91, showing that bulls still have some strength. The bear power is at -2, suggesting that bulls have a chance to push the price higher.
If they take advantage of this opportunity, GT Token could reach $25 before the end of 2024. Right now, resistance is seen around $19.5 and $23, which will be key hurdles for its continued growth.