GateToken skyrockets by 28%, hitting a peak not seen in 16 months.
GateToken (GT), the native token of GateChain founded by Gate.io, has surpassed the $1 billion market cap, securing a place among the top 100 cryptocurrencies.
In the past 24 hours, GT has experienced a 28.3% surge and is currently trading at $11, a level unseen since May 2021. The token’s market cap stands at $1.05 billion, placing it at the 96th position in the cryptocurrency market rankings.
The daily trading volume of GateToken has also seen a significant rally, increasing by 180% to reach $50 million.
Santiment data reveals that the total number of GT holders has surpassed 3,000 unique addresses, a milestone last achieved in November 2022.
However, market intelligence platform data indicates that GateToken’s Relative Strength Index (RSI) has risen from 70 to 75 in the past 24 hours. This suggests that the token may be overheated, potentially leading to profit-taking by large investors.
To maintain its bullish momentum, GT’s RSI would need to cool down below the 50 mark.
Gate.io has also experienced a slight increase in its daily trading volume, reaching nearly $3 billion, according to CoinMarketCap data.
The total assets of Gate.io currently amount to $5.27 billion. Notably, GT represents a significant portion of the exchange’s assets, accounting for approximately 20%, equivalent to $1.05 billion. Bitcoin (BTC) holds the second-largest stake in Gate.io’s portfolio, valued at $1.04 billion.
In other news, Fidelity has filed an S-1 form for an Ethereum ETF, indicating the growing interest in cryptocurrency investments.
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