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The GMT price went parabolic on Thursday morning as investors cheered the latest integration in Coinbase. The Green Metaverse Token jumped to an all-time high of $4.65, which was about 130% above the lowest level this month. It has jumped by almost 40,000% from the lowest point this year, bringing its total market cap to over $2.3 billion, making it the 53rd biggest coin globally.
STEPN has been the best performing cryptocurrency in the world this year. Its price has gone parabolic as investors cheer the growth of its gaming and NFT ecosystem. Investors believe that more people will use its ecosystem in order to gain rewards and exercise. At its current $2.3 billion market cap, the network is slightly below that of Peloton, the company that is well-known for its exercise bikes and treadmills. Peloton has a market cap of over $6 billion.
The GMT price has also rallied because of its growing integrations. It is already being offered by exchanges like Binance and FTX. In a statement on Wednesday, Coinbase announced that it will add GMT in its platform and add the experimental label. As a result, people will be able to trade the coin starting later on Thursday.
Historically, cryptocurrency prices tend to jump after being integrated by a leading exchange like Binance and Coinbase. The expectation is that demand will keep rising, considering that these companies have millions of users. However, the initial pump is usually hard to sustain. For example, Shiba Inu price recently jumped after it was added in Robinhood. Recently, it has retreated from that high. Therefore, I have a feeling that more upside for the Green Metaverse Token has been capped.
The four-hour chart shows that the STEPN price rose to an all-time high after its integration with Coinbase. It is now trading at $3.87, which is an important level since it was the highest level since April 29th. The coin remains above the 25-period and 50-period moving averages. It has also formed what looks like a small bullish pennant pattern.
Therefore, there is a possibility that the coin will retest its highest level this week as Coinbase customers buy. However, the coin will likely start retreating in the near term as investors take profit.
This post was last modified on Apr 28, 2022, 08:51 BST 08:51