One Altcoin Significantly Outperforms Bitcoin and Crypto Markets Amid Collapsing Trust, Analyst Says

[ad_1]

A popular crypto trader analyzes how a decentralized exchange (DEX) altcoin has outperformed the vast majority of the crypto market over the past month.

In a new YouTube video, the anonymous host of InvestAnswers tells his 444,000 subscribers that GMX has significantly outperformed Bitcoin and the altcoin market as a whole despite the ongoing crypto bear market.

“The token is up 59% in the past 30 days, and over the same period, GNS [decentralized finance (DeFi) ecosystem Gains Network] is up 5%, PERP [futures DEX Perpetual Protocol] down 9%, DYDX down 24%, FST [FutureSwap] down 34%, all significantly underperformed.

And GMX is only about 8% off an all-time high, and that’s pretty incredible given the nature of the market today.

And all of that, I think, can all be attributed to the erosion of trust in centralized exchanges after the collapse of FTX. GMX continued to attract unique users and increase volume and open interest. »

Source: InvestAnswers

GMX specializes in perpetual futures and aims to provide low swap fees and zero price impact trading, according to the project’s website.

The DEX is currently live on Ethereum (ETH) scaling solution Arbitrum and smart contract platform Avalanche (AVAX).

GMX is changing hands at $52.63 at the time of writing. The 83rd-ranked crypto asset by market capitalization is down 2.3% in the past 24 hours.

I

Don’t miss a beat Subscribe to receive crypto email alerts straight to your inbox Check price action Follow us on Twitter, Facebook and Telegram Surf The Daily Hodl Mix Check the latest headlines Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.

Feature image: Shutterstock/Yurchanka Siarhei

[ad_2]