Host of popular trader InvestAnswers, decentralized exchange (DEX) altcoin in a video he posted on his YouTube channel GMX highlighted his performance. The analyst shared his comments, noting that the altcoin outperformed the rest of the market.
“GMX is up 59% in the last 30 days. It should be underlined that the decentralized finance (DeFi) ecosystem Gains Network fell by 5%, PERP by 9%, DYDX by 24% and FST by 34% in the same period. GMX is 8% lower than its high in the overall chart. This performance is unbelievable when I think about the trend in the market!
I think all the developments are related to the collapse of the FTX stock market. Announced confidence in exchanges waned and people turned to DEXs. GMX also attracted the attention of users and grew.”
GMX is a perpetual futures trading company. DEX as notable. It aims to trade with low clearing fees and “zero price impact,” according to the project’s website.
DEX is currently working on Ethereum (ETH) scaling solution Arbitrum and smart contract platform Avalanche (AVAX).
GMX is trading at $52.63 at the time of writing. The 83rd-ranked crypto asset by market cap has dropped 2.3% in the last 24 hours.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.