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Popular crypto analyst Michaël van de Poppe thinks that one decentralized finance (DeFi) altcoin that’s been showing strength this year is likely due for a big bounce.
Van de Poppe tells his 649,800 Twitter followers that GMX, the native asset of decentralized perpetual trading platform GMX, remains in an uptrend despite its recent corrective move from its all-time high of $85.07, which it hit on February 18th.

The trader believes that GMX will likely bounce once it hits support at around $69.
“This one is trending upwards and therefore, still in the ‘buy the dip’ approach. If it stays above $65-68, we most likely see another rally towards the all-time high and the range at $65-68 becomes a point of interest.” 
Source: Van de Poppe/Twitter
At time of writing, GMX is worth $75.15.
Next up is smart contract protocol Fantom (FTM). Van de Poppe thinks that the Ethereum (ETH) rival could witness a deeper pullback if the crypto markets continue to flash weakness.
“I’ve marked this level as point of interest on Fantom. We got there, so it should be activated. However, if markets are continuing and the trend is now lower highs, lower lows, then I’m looking at $0.36 for the next long opportunity.”
Source: Van de Poppe/Twitter
At time of writing, FTM is trading for $0.469, just above Van de Poppe’s first area of interest.
Van de Poppe is also keeping a close watch on Polygon (MATIC), which he says could be gearing up for a significant bounce.
“This one is at a point of interest and potential bounce regions. If that’s taking place, 20-25% can be established. If not, then I’ll be looking at $1 next.” 
Source: Van de Poppe/Twitter
At time of writing, MATIC is worth $1.27.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/diversepixel/Natalia Siiatovskaia
The post Trader Predicts Big Bounce for DeFi Altcoin, Updates Forecasts on Fantom and Polygon appeared first on The Daily Hodl.


Popular crypto analyst Michaël van de Poppe thinks that one decentralized finance (DeFi) altcoin that&#8217;s been showing strength this year is likely due for a big bounce. Van de Poppe tells his 649,800 Twitter followers that GMX, the native asset of decentralized perpetual trading platform GMX...

dailyhodl.com

Trader Predicts Big Bounce for DeFi Altcoin, Updates Forecasts on Fantom and Polygon

Traders are pivoting into decentralized solutions like GMX, LDO and MKR as the U.S. Securities and Exchange Commission cracks down on the crypto industry. 

cointelegraph.com

SEC enforcement action creates a silver lining for GMX, Lido (LDO) and Maker (MKR) price

BitMEX founder Arthur Hayes has reportedly seen the value of his GMX portfolio balloon by more than $8 million in a matter of months.
The blockchain-tracking Twitter account Lookonchain reports that Hayes bought 200,580 GMX between March 3rd and September 7th of last year.

He spent 3,386 Ethereum (ETH) worth $5.72 million at the time of the trades to make the GMX purchases.
With GMX trading for $70.11 at time of writing, the value of that trove is now more than $14 million. The Ethereum he spent on is only currently worth about $5.6 million.
GMX is a decentralized exchange (DEX) that 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 scaling solution Arbitrum and the smart contract platform Avalanche (AVAX).
Hayes has previously referred to GMX as a “super-powered” crypto asset.
“If you want to start down the path towards finding the right asset to both participate in the upside and earn income while you wait for the return of the bull market, pull up a site like Token Terminal and look at which protocols generate actual revenue. It is then up to you to investigate which protocols have appealing tokenomics.”
Lookonchain notes that Hayes is currently the largest individual holding address of GMX.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney
The post BitMEX Founder Arthur Hayes Makes Massive $8,000,000 Profit Buying Up GMX: On-Chain Data appeared first on The Daily Hodl.


BitMEX founder Arthur Hayes has reportedly seen the value of his GMX portfolio balloon by more than $8 million in a matter of months. The blockchain-tracking Twitter account Lookonchain reports that Hayes bought 200,580 GMX between March 3rd and September 7th of last year. He spent 3,386 Ethereum...

BitMEX Founder Arthur Hayes Makes Massive $8,000,000 Profit Buying Up GMX: On-Chain Data

A crypto strategist says he’s keeping a close watch on three decentralized finance (DeFi) altcoins that he believes are showing strength amid the market consolidation.
Pseudonymous analyst Altcoin Sherpa tells his 190,400 Twitter followers that decentralized exchanges DYDX (dYdX), GMX (GMX) and Injective (INJ) are “holding up very well” as the crypto rally takes a breather.

“DYDX, GMX and INJ: red days in a bull environment clarifies a lot – which alts are strong, which ones are dumping, etc. Perp dexes aren’t moving in this red day; they’re holding up very well. There is a lot of strength with these.” 
At time of writing, DYDX is trading at $3.24, up over 34% in the past day. GMX is worth $59.02 and IN is trading at $3.31, up 2% and 19%, respectively.
As for Bitcoin (BTC), the trader says the king crypto could be following its late 2018 to early 2019 setup. Altcoin Sherpa says that in 2018, Bitcoin rallied hard after a multi-month downtrend.
“[In] 2018 I think we saw very clear signs of a prolonged downtrend, followed by an accumulation cycle, followed by a strong move from $3,000-$14,000.” 
Source: Altcoin Sherpa/Twitter
He says BTC is currently exhibiting similar behaviors.
“[In] 2023 I think we’re seeing some sort of version of 2018 going into 2019 with this current rally, but everything is on a shortened time cycle. This is true for a few reasons, the primary being that 2022 was a slaughterhouse and didn’t look like 2018.” 
Source: Altcoin Sherpa/Twitter
The analyst sees Bitcoin rallying to $25,000, adding that he has certain targets as high as $30,000.
At time of writing, Bitcoin is worth $23,131.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney
The post Analyst Says Three DeFi Altcoins Are Flashing Strength Amid Crypto Pullback, Updates Outlook on Bitcoin appeared first on The Daily Hodl.


A crypto strategist says he&#8217;s keeping a close watch on three decentralized finance (DeFi) altcoins that he believes are showing strength amid the market consolidation. Pseudonymous analyst Altcoin Sherpa tells his 190,400 Twitter followers that decentralized exchanges DYDX (dYdX), GMX (GMX)...

Analyst Says Three DeFi Altcoins Are Flashing Strength Amid Crypto Pullback, Updates Outlook on Bitcoin

GMX, the perpetual trading decentralized exchange (DEX) allowing up to 50X leverage, now generates more trading fees than the BNB Smart Chain (BSC) and Bitcoin.
GMX Is The Third Most Active Platform
According to statistics, GMX’s 1-day fee on January 19 was around $589,000, while BSC and Bitcoin on-chain fees, over the same period, stood at $524,232 and $328,935, respectively. 

Ethereum and Uniswap are the only two major protocols more active than the perpetual trading decentralized exchange, per the above data. During this time, the total Gas fees accrued in Ethereum exceeded $5 million. In Uniswap, it was over $2.1 million, roughly 4x GMX’s and BSC’s daily fees.

GMX supports trading various coins, including BTC, ETH, and AVAX. As of writing, GMX had $96,802,651,673 in total trading volume with open interest, that is, the number of opened positions, long and short, of $207,102,720. Meanwhile, over 208,000 active traders were using the platform to trade on Arbitrum and Avalanche. GMX launched on Arbitrum and Avalanche, considering their scalability and low fees versus Ethereum.

Arbitrum is Ethereum’s layer-2 platform permitting scalable and low-fee trading fees. On the other hand, Avalanche is scalable and boasts the fastest settlement time in crypto. By launching on these two platforms, GMX says it allows users to save on costs by entering and exiting positions with minimal spread and zero price impact. 
Traders take the profits of selling positions in USDC and the quote token when they go long. GMX prices are based on Chainlink’s decentralized oracles to prevent price manipulations.  
Trading Fees As A Measure Of Activity
Trading fees generated by a dApp or on a blockchain are a crucial activity indicator. Despite the tendency of users to opt for protocols offering near-zero fees, the decentralized nature of blockchains means validators or entities securing core infrastructures must be compensated. 
In decentralized finance dApps like Uniswap and GMX, trading fees generated from swapping activities are distributed to liquidity providers (LPs). There are also governance tokens that are distributed. Anyone can be an LP.

In September 2020, Uniswap distributed UNI to users who had, in one way or another, used the protocol to swap tokens before the airdrop distributing date. Currently, UNI trades at $6.1.

Interestingly for GMX, the 1-day trading fee of $589,000 posted on January 19 exceeds the total average amount accrued over the past trading week of $565,682. The same trend can be observed in the top-5 most active platforms. Making extensions on this could point to renewed interest from users and traders using the protocol in one way or another.
In GMX, it could mean more traders are posting traders, aiming to clip the market and turn in a profit. Coincidentally, the upswing in trading fees is recorded when the cryptocurrency market appears to be bottoming up after losses. At least, this was the trend in 2022. 



GMX, the perpetual trading decentralized exchange (DEX) allowing up to 50X leverage, now generates more trading fees than the BNB Smart Chain (BSC) and Bitcoin. GMX Is The Third Most Active Platform According to statistics, GMX&#8217;s 1-day fee on January 19 was around $589,000, while BSC and Bi...

GMX price	$72.43
Low - High 24H	$66.08 - $72.55
Market cap	$621.34M
Volume 24H	$60.27M
All time high	$85.95 -15.72% March 18th 2023
All time low	$11.53 528.02% June 15th 2022
Genesis date	N/A

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