The GMT’s price has been in a strong upward trend in the past seven days despite other major coins nosediving. The GMT saw a 7-day increase of 13% and an overnight gain of 0.53%. Several other top coins such as FEI USD (Basic Attention Token) and Ravencoin saw their prices fall badly.
Despite fierce competition from SWEATCOIN and STEPN, STEPN (GMT), remains an important mover-to-earn cryptocurrency project on the market. GMT has the market cap exceeding $400 million and is the 87th most valuable cryptocurrency on Coinmarketcap.
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GigaSpace Partnership Pumps STEPN
The coin’s price has risen significantly over the past few days after it announced its partnership with GigaSpace metaverse. This partnership will result in both companies creating a STEPN virtual community for its members.
STEPN users have the ability to buy STEPN merchandise, create community events, or engage in conversation with others across the universe. It’ll have a sports theme and have buildings and amenities, including stadiums, shopping malls, and communal space.
After the announcement on GigaSpace’s official Twitter handle, the coin price doubled within 24 hours. Following this, the weekly increase in coin price was steady from $0.59 on 21st December to $0.73 yesterday. Other top coins fell between -5 and -10%.
Conquering Competitors, and Other Bearish Feelings
Since 2021 when it was launched, STEPN has seen a steady rise in usage. The app has been downloaded by more than 4.72 million users. It also attracts $5 million of financing each day and 1 million daily active users. The GMT price showed a marked downward trend in recent weeks as Stepn activity began to slow down. Sweatcoin’s rise in popularity coincided with its decline.
Sweatcoin’s own cryptocurrency SWEAT was released on September 13. CoinMarketCap reports that SWEAT saw a 30% increase in price within the first 24 hours. As a result, it’s likely that the introduction triggered the GMT price struggle as investors rushed to purchase SWEAT.
The entire cryptocurrency market had struggled with GMT as well. It reached an all-time record high of $3.80 on April 29th, 2022. It plummeted even further than GST’s sister token, the GST.GMTUSD chart from TradingView.com
GMT Price Predictions
GMT managed to maintain its position this week despite these bearish sentiments. The closing price was $0.684746, a 10% gain from two days ago.
This is the total trading volume in the 24 hour period. $265,743,486The current price is $0.6719. STEPN fell 0.39% over the last day and is now ranked #87 on CoinMarketCap, with a $4997,811 market capital. A total 600,000,000 GMT coins are in circulation. There is a maximum of 6,000,000 GMT coins.
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STEPN might find support around $0.5964. It bounced to $0.8070 and is currently its resistance. The GMT price could reach $0.9215 and $1.1170 if it breaks above $0.8070.
Featured image by Pixabay, chart from TradingView.com