One Altcoin Is Significantly Outperforming Bitcoin and Crypto Markets Amid Collapse in Trust, Says Analyst
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 aims to provide 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 Arbitrum 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.
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Featured Image: Shutterstock/Yurchanka Siarhei