GMT Token Surges by 40% as Market Conditions Shift – BitRss

Recent unexpected events have caused the price of the GMT token to surge by 40% today, capturing significant attention in the market. This rise is particularly surprising given the token’s prolonged decline and consolidation over the years. Interestingly, as the broader cryptocurrency market experiences downturns, the increase in GMT’s value has sparked heightened interest among traders. What factors have contributed to the sudden appreciation of GMT, the native token of the FSL ecosystem?

Increased Trading Volume and Open Positions

The price of STEPN GMT began to rise about a month ago but subsequently retreated, hitting a low of $0.129. However, a recovery that began three days ago coincided with increased trading activity and demand for the token. The 24-hour trading volume reached $1.92 billion, reflecting a 228.37% increase, while reports from Coinglass indicated a 63% rise in open positions.

Consequently, the price of the GMT token has risen by 40% in the last 24 hours, with a weekly increase of 60%. This surge has elevated its market capitalization to $621.89 million. Although there is no clear reason for this rise, liquidations in short positions in December suggest that traders are be…