STEPN (GMT) keeps rising while tastes for many top coins drop

The GMT price has been in a strong uptrend over the past seven days, despite other major coins plunging. This morning it experienced a 7-day gain of 13% and a 24-hour gain of 0.53%. At the same time, the prices of several top tokens such as FEI USD, Basic Attention Token (BAT) and Ravencoin fell sharply.

Despite fierce competition from companies like SWEATCOIN, STEPN (Greenwich Mean Time) is still the main money-making cryptocurrency project in the market. With a market cap of over $400 million, GMT is the 87th largest cryptocurrency by market cap on Coinmarketcap.

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STEPN pumps benefit from GigaSpace partnership

The token’s price has surged over the past few days after announcing its partnership with the GigaSpace metaverse. The partnership will see the two companies build a STEPN virtual city for community members.

STEPN users can purchase STEPN items, organize community events, and interact with others in the metaverse. It will have a sports theme and will have buildings and facilities including a stadium, shopping mall and public spaces.

back this notice On GigaSpace’s official Twitter, the price doubled in 24 hours. It then rose steadily on a weekly basis from $0.59 on the 21st to $0.73 yesterday. Meanwhile, other top coins are down -5% to -10%.

Survive Competitors and General Bearish Sentiment

STEPN (Greenwich Mean Time) has been running well since its inception in 2021. More than 4.72 million people have downloaded the app, attracting $5 million in funding and 1 million daily active users. But in recent weeks, GMT prices have shown a clear negative trend, as Stepn activity shows signs of slowing down. Sweatcoin’s popularity has coincided with its decline.

On September 13, Sweatcoin released its own cryptocurrency, SWEAT. CoinMarketCap reports that the price of SWEAT jumped by more than 30% in the 24 hours following its release. So the introduction likely sparked a GMT price fight as investors rushed to buy SWEAT.

GMT is also struggling with the entire crypto market. On April 29, 2022, it climbed to an all-time high of $3.80. But by mid-June 2022, it fell to an all-time low of $0.58, falling even more than its sister coin, GST.

The GMT price is currently trading around $0.6701. | Source: GMTUSD Price chart from TradingView.com

GMT Price Forecast

Despite these bearish sentiments, GMT managed to maintain its stance this week. Two days later, it settled at $0.684746 with a 10% gain.

Total transaction volume in the past 24 hours $265,743,486, the current price is $0.6719. STEPN is down 0.39% over the past day and is ranked 87th on CoinMarketCap with a market cap of $400,997,811. There are 600,000,000 GMT coins in circulation and a maximum of 6,000,000,000 GMT coins can be used.

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STEPN may find support at $0.5964 after rallying to the current resistance at $0.8070. If the GMT price manages to break above $0.8070, a move to $0.9215 or $1.1170 is likely.

Featured image from Pixabay and chart from TradingView.com



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