A popular crypto trader is analyzing how one decentralized exchange (DEX) altcoin has outperformed the vast majority of the crypto market in 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 at large despite the ongoing crypto bear market.
"The token is up 59% over the last 30 days, and in 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 have underperformed considerably.
And GMX is only about 8% away from an all-time high, and this is pretty incredible considering the nature of the market right now.
And all of this, I think, all of this can be attributed to the erosion of trust in centralized exchanges after the FTX collapse. GMX has continued to attract unique users and increase volume and open interest.”
GMX specializes in perpetual futures and zielt ze bidden low swap fees and “zero price impact” trading, according to the project’s website.
The DEX is currently live on the Ethereum (ETH) scaling solution Schiedsrichter and the smart contract platform Avalanche (AVAX).
GMX is changing hands at $52.63 at time of writing. The 83rd-ranked crypto asset by market cap is down 2.3% in the past 24 hours.
I
Verpasst kee Beat - abonnéieren fir Krypto E-Mail Alarmer direkt an Är Inbox geliwwert ze kréien
kontrolléieren Präis Action
Follegt eis op Twitter, Facebook an Hëllefe profitéieren
Surfen Den Daily Hodl Mix
Disclaimer: Meenungen ausgedréckt am The Daily Hodl sinn net Investitiounsberodung. D'Investisseure sollten hir Due Diligence maachen ier se héich riskéiert Investitiounen an Bitcoin, cryptocurrency oder digital Verméige maachen. Gitt u Berodung datt Är Transferen an Trades op Ären eegene Risiko sinn, an all Verloscht déi Dir leet, ass Är Verantwortung. Den Daily Hodl empfeelt net de Kaf oder de Verkaf vu Krypto-Währungen oder digital Verméigen, an och ass den Daily Hodl keen Investitiounsberoder. W.e.g. notéiert datt den Daily Hodl am Partnermarketing matmaacht.
Featured Image: Shutterstock / Yurchanka Siarhei
Source: https://dailyhodl.com/2022/12/15/one-altcoin-is-significantly-outperforming-bitcoin-and-crypto-markets-amid-collapse-in-trust-says-analyst/