Michael Abetz
ApeCoin and Green Metaverse Token hit new highs – the NFT related coins are the biggest gainers in the crypto market today and this week.
APE hit a daily high on Thursday so far of $20.22 and GMT made a new all time high of $4.17.
In the past day they have moved up around 10% and 20% respectively against Tether on Binance.
APE / USDT is also up 19% in the past week having been bullish for several days. GMT / USDT made most of its impulse move to the upside in the past 24 hours.
APE is also listed on eToro, Coinbase and most major crypto exchanges, and GMT is also listed on Bybit.
NFT Coin Bull Run
ApeCoin is the governance token of the upcoming Bored Ape metaverse ‘Otherside’ rumored to power every transaction including the buying and trading of 200,000 planned land plots in that virtual world.
Last week when APE broke out to the upside breaking the $17 level we noted it may continue to pump in the run-up the Otherside launching on April 30th.
Green Metaverse Token is earnt using a move to earn app STEPN which requires buying and holding a sneaker NFT which users virtually activate while out running or jogging. The more exercise done, the more free crypto earnt.
Last week when GMT hit $3.50 we made a GMT price prediction post tipping it to continue its bull run based on its low market capitalization of $2.1 billion and being outside the top 50 cryptos by market cap. After today’s gains it is now ranked #45 with a $2.4 billion market cap.
Both NFT coins have only 7-8 weeks of price history on crypto platforms, relatively new to the crypto markets. In that time their price charts have shown a bullish uptrend despite Bitcoin and Ethereum both trading sideways or in a slight bearish downtrend.
Currently BTC and ETH are below their $40k and $3k support levels and in the red on their weekly candles, but these altcoins related to NFTs appear to have decoupled from the price action of the two biggest cryptos.
Non-fungible tokens have been outperforming cryptos so far in 2022 and any NFT related coins are also topping the rankings of the biggest gainers in the cryptocurrency market.
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Cryptoassets are a highly volatile unregulated investment product.
This article was written for Business 2 Community by Michael Abetz.
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