GateToken Defies Crypto Downturn

GateToken, the proprietary gate.io cryptocurrency exchange token, has taken full advantage of the high volatility in the crypto market through its sharp and rapid price surge and widespread adoption. At the current time, GT is at the 59th position with a market cap ranking and it has experienced a 5.93% increase during the last 24 hours, reaching the level of $21.11.

The market cap of the coin has now reached a peak of $1.87 billion, which marks the raised interest and confidence of the investors in the Gate.io system. The volume of trade during the last 24 hours has been $40.06 million which represents a healthy combination with good liquidity and active trading. This volume is equal to 2.13% of the market cap of the token, which shows the equilibrium between the trading volume and the general worth of the virtual currency.

The FDV of GT ($6.33 billion) which is calculated based on the market value of all outstanding shares looks very optimistic. The mentioned value of $6.33 billion is reached on the basis of a total supply of 300 million GT tokens, out of which only 88.72 million are currently in circulation. The uncertainty surrounding the so-called maximum supply has been the main topic of the discussion in the crypto community and it is related to the rareness of the token and consequently to the potential increase of the value of the token.

The critical element that supports GT’s growth is its usability throughout the gate.io platform. The token reveals the users with numerous opportunities, such as the discount on trading fees, the access to token sales restricted only to them, the participation in platform governance among others. Thanks to these functionalities, 4,260 holders have joined the GT family, thus securing the strong development of the GT community.

GateToken’s recent performance has been closely connected to a few factors, one of them being the increase in the overall growth of the Gate.io exchange, the deflationary characteristic of the coin, and also the fact that the token is built into the GateChain blockchain. Since the introduction of the platform, the GT parameter with its high processing speed, low transaction fee, and complete security has led to the questioning of whether it worth to trade or invest in it.

A burning process of tokens that is in charge of regular supply cuts is generating a decreased supply effect that might potentially support the price of the token in time. In this way, it is the same process as of those that unfortunately Binance’s BNB token has lately used successfully.

Staying a step ahead of the cryptocurrency market is the fact that GateToken is now one of the 60 top cryptocurrencies. Which clearly shows that gate Tokens is a project token exchange, and the success of the token mainly depends on the success of Gate.io as well as the broader market trend.

Investors will pay attention to GT in the coming months since they may able to get an idea of the overall health of the crypto exchange sector by analyzing the coin’s price action and its adoption metrics. With its recent good performance and diversified utility, GateToken has been able to have a place as a significant actor in the growing world of digital assets.