STEPN (GMT) Holds Gains While Many Top Coins Taste Declines

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The GMT’s price has been in a strong upward trend in the past seven days despite other major coins nosediving. It experienced a 13% 7-day growth and a 24-hour gain of 0.53% this morning. Meanwhile, several top coins like FEI USD, Basic Attention Token (BAT), and Ravencoin have seen their prices plummet badly.

STEPN (GMT) remains a major move-to-earn crypto project in the market despite fierce competition from the likes of SWEATCOIN. With a market cap of over $400 million, GMT is the 87th largest cryptocurrency by market capitalization on Coinmarketcap. 

Related Reading: BIS Announces Successful Completion Of CBDC For Cross-border Transactions

STEPN Pumps Thanks To GigaSpace Partnership The coin’s price has risen significantly over the past few days after it announced its partnership with GigaSpace metaverse. The partnership will see both companies building a STEPN virtual city for community members. 

STEPN users can buy STEPN items, organize community events, and engage with others in the metaverse. It’ll have a sports theme and have buildings and amenities, including stadiums, shopping malls, and communal space.

After the announcement on GigaSpace’s official Twitter handle, the coin price doubled within 24 hours. This was followed by a steady weekly rise from $0.59 on the 21st to $0.73 yesterday. Meanwhile, other top coins were all down between -5% and -10%.

Surviving Amidst Competitors And General Bearish Sentiments STEPN (GMT) has enjoyed a good run since its inception in 2021. Over 4.72 million people have downloaded the app, attracting $5 million in financing and one million active daily users. But in recent weeks, the GMT price exhibited a significant negative trend as Stepn activity showed symptoms of slowing. Sweatcoin’s rise in popularity coincided with its decline.

On September 13th, Sweatcoin released its own cryptocurrency, SWEAT. CoinMarketCap reported that the price of SWEAT increased by over 30% in the 24 hours following the launch. As a result, it’s likely that the introduction triggered the GMT price struggle as investors rushed to purchase SWEAT.

GMT had also struggled alongside the entire crypto market. On April 29, 2022, it climbed to an all-time high of $3.80. But by the middle of June 2022, it dropped to its all-time low of$0.58, plummeting even more sharply than GST, its sister token.

GMT’s price is currently trading around $0.6701. | Source: GMTUSD price chart from TradingView.com GMT Price Predictions Despite these bearish sentiments, GMT has managed to hold onto its position this week. It closed with a 10% increase two days back at $0.684746. 

The trading volume over the last 24 hours totaled $265,743,486, with a current price of $0.6719. STEPN lost 0.39% in the past day, ranking #87 on CoinMarketCap with a $400,997,811 market cap. There are a total of 600,000,000 GMT coins in circulation and a maximum of 6,000,000,000 GMT coins available.

Related Reading: Is Short Bitcoin ETF Exposure Gearing Up For A Squeeze?

STEPN may find support at $0.5964 after bouncing to $0.8070, which is now its resistance. If the GMT price manages a strong breach over $0.8070, it might go to $0.9215 or $1.1170. 

Featured image from Pixabay and chart from TradingView.com

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What happens to Bitcoin in an event of Internet cables being shutdown?

I read this comment online and genuinely I don't have a clear answer, any thoughts?

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When they turned on money printer due to coof back in March 2020, I said inflation. When the printer was still on a few months later I said oh theyre gonna make a war. After inflation war always follows its an easy method to destroy demand and get away with it.Bitcoin will stop next week due to War between NATO vs Russia officially being declared. Fiber cables and all sats are first to go.Internet will be gone, back to isdn speeds.

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What happens to Bitcoin in an event of Internet cables being shutdown? (x-post from /r/Bitcoin)

https://www.reddit.com/r/Bitcoin/comments/xqsbfk/what_happens_to_bitcoin_in_an_event_of_internet/

Black market economy without cash?

So, it's Friday night and all the 20 somethings are meeting their raw milk plug to drink some tasty raw milk before the club.

There's no cash any longer. Bad for the uh...global whatever supremacy something. All you have are JP morgan bucks on your phone app and all of your purchases are subject to warrantless wiretap. Bitcoin is traceable and monero (I believe) doesn't actually work on a phone because you need to basically host your own node or its not really anon.

Are people going to switch to constitutional currency and gold in this event? serious speculation only

Why Single-Digit Gains Is The Best Case Scenario For Bitcoin This September

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Bitcoin gains for the month of September have been less than encouraging for investors. The month has historically been bearish for the digital asset, which makes it no surprise when multiple dips had begun to rock it. Now, as the month draws to a close, it continues to follow the trend for most of the month. This means that it is likely not to be any significant recovery, and single-digit gains may be the best it can do.

September Proves To Be Deadly The month of September has not been kind to the digital assets that currently play in the crypto market. From the beginning of the month to the present day, the crypto market has been wracked by dips and crashes, which has left most assets barely holding their heads above others.

For Bitcoin, the effects of the September trend have been quite pronounced. Data shows that for the entirety of the month, the digital asset has only seen low single-digit gains. At this point, the gains of the cryptocurrency sit at 1%, but with the price continuing to succumb to the bear trend, it is possible that bitcoin may dip below this level.

BTC suffers in September | Source: Arcane ResearchBitcoin is also not the only cryptocurrency to suffer such dreary fates. Other indexes, such as the Large and Small Cap Indexes, have all come out even worse. The Small Cap index was slightly below bitcoin in the fact that it was down -1% for the month of September, while the Large Cap Index had seen losses of -2%.

The Mid Cap Index was the only one to see some form of encouraging return. It did about 300% better than bitcoin, with gains of 4% this month, making it the best performer so far.

Bitcoin Doesn’t Get Better September has been historically bearish, and the events that took place this month did nothing but drive that point further home. With the CPI data release and the FOMC meeting ending with another hike in interest rates, the short-term future does not look too bright for bitcoin.

BTC remains volatile | Source: BTCUSD on TradingView.comThe present single-digit gains that the digital asset is seeing have been much more than anticipated. Even with this, the likelihood that the price of the digital asset would close in the red remains quite high, especially given the sell-offs that have been rocking the market.

Presently, bitcoin is barely holding above $19,000 but is seeing significant resistance at this point. The BTC dominance over the past week has been up, which could lead to a rise in the value. However, even with this, it is unlikely that bitcoin finishes the month with anything more than single-digit gains, if at all.

Featured image from Analytics Insight, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…