After a massive fall on Thursday, the cryptocurrency showed recovery on Friday. As of writing, the global crypto market cap had recorded a growth of 14.5 per cent to reach US$ 1.31 trillion, according to CoinMarketCap data.
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The price of Bitcoin was up by 12.7 per cent, and Ethereum (ETH) registered a growth of 15 per cent over the previous day at 2 AM EST.
Amid the rising crypto market, the STEPN (GMT) crypto was among the top gainers as its price was up by 70 per cent in the last 24 hours and trading at US$ 1.61 per token. Meanwhile, the trading volume climbed 25 per cent to approximately US$ 2.6 billion.
Why is GMT crypto rising?
The Green Metaverse Token (GMT) is the governance token of STEPN, a crypto-based lifestyle application in which users get paid in cryptocurrency for walking, jogging, and running. Notably, STEPN is based on the dual-token model and has a utility token named GST.
The rise in the price of the GMT token could be due to an overall recovery in the market. On May 12, the market crashed severely, and the price of almost all the cryptocurrencies had dipped massively.
Does Green Metaverse Token have a future?
As per CoinMarketCap data, there were 19,421 cryptocurrencies worldwide at the time of writing. However, not every cryptocurrency is relevant, and many are considered worthless as they don’t have any long-term value.
Recently, many cryptocurrencies started strong but later vanished due to irrelevant use cases and low trading volume. Hence, investors need to research the digital asset they want to invest in.
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The GMT crypto was established recently, and it became quite popular within no time. Green Metaverse Token ranks 59 out of 19,421 cryptocurrencies, and its market capitalization is US$ 938.1 million.
STEPN is different from most cryptocurrencies as it promotes a healthy lifestyle, and users can earn in crypto just by working out. The cryptocurrency is based on the move-to-earn crypto, and as people become more aware of the importance of fitness, lifestyle apps like STEPN could gain prominence in the future.
Bottom line
The only drawback with the GMT crypto is that it is relatively new and has a very limited track record. Some analysts believe that new cryptocurrencies have a higher risk of a massive fall due to volatility.
Also, due to competitors and a potential threat of innovative projects related to fitness, STEPN will have to continue attracting new users to survive.
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