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Tag: GMX

  • Uniswap versus GMX token? Two DEX contenders, but which one is better?

    Uniswap versus GMX token? Two DEX contenders, but which one is better?

    • Uniswap and GMX are DEX cryptocurrencies

    • DEX tokens were boosted by the FTX collapse

    • UNI could be preferable in the long term

    Decentralised exchanges, or simply DEX, were the talk of the town after the collapse of FTX. As investors’ concerns grew, centralised exchanges such as Binance saw increased fund outflows, benefiting DEX platforms. Uniswap and GMX were among those to benefit from the investor exodus, boosting the native tokens. But which of the two tokens should you scoop?

    Uniswap

    Uniswap is the largest DEX and is based on the Ethereum network. The blockchain is fully decentralised, implying that no single entity owns or operates it. Being decentralised also means that users have control over their funds. This is opposed to centralised exchanges where users have to share their private keys. Uniswap uses an automated liquidity protocol trading model.

    The Uniswap platform is also open source – developers can copy the code to build their own decentralised exchanges. Users can also list tokens on Uniswap for free. The platform is compatible with the ERC20 tokens. 

    The price of the Uniswap token is $5.31, compared to an all-time high of $45. Any dip buyer investor would find it attractive. However, UNI is largely bearish despite the recent recoveries.

    Where to buy UNI

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy UNI with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy UNI with Bitstamp today

    GMX

    GMX is another DEX token that has been popular recently after getting listed on Binance. The platform has also been attracting investors exiting from centralised exchanges. So what is GMX?

    GMX is a decentralised exchange that supports spot swaps and perpetual futures. The platform first launched via the Arbitrum One network when it went live in September 2021. Users enjoy up to 50 times leverage on the exchange. Unlike the centralised exchanges, users keep custody of their assets through a crypto wallet.

    The DEX is known for zero-price impact trades and low swap charges. Analysts have lauded the platform for giving investors unmatched trading fees of up to 30%.

    GMX trades at $46 in a market correction after tapping $60 in a bullish market. The latest high was near GMX’s ATH of $66.

    Where to buy GMX

    Final verdict

    Uniswap is a more established network. UNI suits investors looking for a token of a platform that has outlived several crypto seasons. Dip buyers may also consider UNI a more suitable token as the price is deeply low. On the other hand, GMX ranks ahead in investor earnings through trading fees. The token could be a better option for short-term investors but not dip buyers.

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  • GMX token (GMX/USD) benefits from FTX collapse and breaks from consolidation

    GMX token (GMX/USD) benefits from FTX collapse and breaks from consolidation

    • GMX token has more than doubled in price

    • The DEX has witnessed increased activity in November

    • GMX broke from consolidation and is a buy on a retracement

    GMX token (GMX/USD) has doubled in price. Trading at just $25 on November 10, the cryptocurrency touched a high of $59 on December 2. The gains come amid an influx of investors post-FTX collapse. As of press time, GMX was trading at $56.

    The collapse of the FTX exchange fueled demand for decentralised exchanges or DEX. Among the DEXs that became popular were GMX and Uniswap. Both platforms saw increased investors’ interest, fueling gains in the native tokens. Yet, on November 28, GMX saw $1.15 million in daily trading fees. The fees surpassed those earned by Uniswap for the first time in history. That underlined that investors look at the lesser-known DEX as a serious rival to Uniswap.

    Market analyst Zen commented on the recent performance of GMX compared to Uniswap. The market analyst says GMX’s performance stems from investors receiving favourable trading fees of about 30%. Users on Uniswap do not get shares from the protocol’s trading fees. Zen says that GMX is a buy-and-hold in the bear market. He also lauds the platform as being the second-highest platform consistently after Uniswap.

    GMX technical outlook as price aims for the stars

    GMX/USD Chart by TradingView

    Technically, GMX broke above a resistance at $49. The cryptocurrency has also been trading on an ascending channel, now invalidated as the price broke out on the upper band.

    An RSI reading of 70 suggests that GMX is entering overbought levels. The cryptocurrency is also facing minor resistance, and a correction could occur before the next bull leg.

    When to buy GMX?

    A breakout at the crucial resistance and strong fundamentals supports buying GMX. However, from the price action and indicators, GMX could be due for a correction. 

    A potential price retracement towards $49 is on the horizon. Investors should take advantage of a correction and buy lower. 

    Where to buy GMX

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