This year has been a tough sail for GMX since May 2022, when the Terra/Luna implosion caused a cascade of bankruptcies, layoffs, and liquidations. Subsequently, the chain of unfortunate market and geopolitical events like the Russian invasion of Ukraine, U.S. inflation, and 3AC and Celsius insolvency, has also contributed to the downward pressure on the price of GMX.
With the recent massive downfall of the crypto market caused by FTX contagion, is it possible for GMX to reclaim its all-time high in 2023? Continue with the article to learn about GMX price analysis and prediction by Coinpaper.
Read also: GMX or Mycelium? Choosing the best platform for derivatives trading on Arbitrum
What is GMX?
GMX is a decentralized spot and perpetual exchange on Arbitrum One and Avalanche blockchains that enables users to trade BTC, ETH and other cryptocurrencies directly from their crypto wallets. Trading in GMX is supported by a unique multi-asset pool that allows liquidity providers to earn a commission from market making, leverage trading, and swap fees. GMX token is a utility and governance token of the GMX DEX that entitles holders to 30% of all generated protocol fees, esGMX emissions, and voting on the improvement proposals.
GMX (GMX) price
Currently, GMX Price is USD. GMX has a circulating supply of coins and a total supply of . If you are looking to buy or sell GMX, Binance is currently the most active exchange.
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GMX price prediction 2023
The current market sentiment is full of fear, uncertainty, and doubt (commonly known by the acronym FUD), as fears of FTX contagion mount. At the moment, it’s difficult to assess exactly how much damage has FTX collapse has done to the crypto industry, since some affected crypto companies may be already secretly insolvent due to highly leveraged positions, as we have seen in the aftermath of Terra's implosion.
According to our estimates, it will take months for the full scale of FTX bankruptcy to become clear, so the turning point for the crypto market won’t come before late Q1 to early Q2 2023, although for now, it seems that the industry has absorbed most of the damage.
Another market factor that should be taken into consideration is how successful will be the U.S. Federal Reserve’s efforts to curb inflation. For now, there is reason to believe that Fed is making some progress in its attempts to cool the overheating economy — on November 30, Federal Reserve Chair Jerome Powell announced it’s time to slow the pace of coming rate hikes, which immediately triggered a positive reaction from both crypto and equity markets.
Given the above information, one can easily guess that there will be a considerable divergence between bullish and bearish GMX 2023 price predictions due to multiple unknown factors. For this reason, we estimate that the bullish scenario will see GMX price at $65.18 to $71.98. On the flip side, a fading interest in the new meme coin may push the price of GMX to $33.47-$29.56 lows.
GMX price prediction 2024
In 2024, the global macroeconomic backdrop is likely to be more favorable to the crypto market, adding value to GMX (GMX) and other cryptos. However, the possibility of black swan events similar to the collapse of FTX cannot be completely ignored.
Keeping this in mind, we foresee the price of GMX to climb as high as $86.23, with the more distant prospect of reaching $91.83 in 2024. The bearish scenario is likely to see GMX (GMX) trading between $73.21 and $68.49 in 2024.
GMX price prediction 2025
Since it’s practically impossible to foresee what market factors will influence cryptocurrency prices in 2025, this part of our GMX (GMX) price analysis and prediction is based on pure speculation and observation of GMX historical price movements.
Our GMX 2025 price forecast expects GMX to rally towards $101.92 and reach $115.9 by the end of the year. The bearish scenario would see GMX at $68.39 to $53.36.
GMX (GMX) price prediction 2026
Looking ahead four years, to 2026, Coinpaper's price prediction for GMX is neutral. In 2026, we expect GMX to reach at least $131.16 before climbing higher to $145.28. In case of a bearish scenario, GMX may fall to $87.94.
Is GMX (GMX) a good investment?
Over the past year, GMX netted its investors returns of over 150%, continuously climbing higher despite the bear market. For that reason, many believe it to be a profitable investment, as GMX is likely to continue its expansion. However, at this stage of project development, it's impossible to know whether its recent outstanding performance is sustainable in the long run. Therefore, investors should exercise caution when buying GMX with expectations of high profits.
Bottom line
Are you ready to invest in GMX? Very few if any analysts forecast its value going down to zero, although you can’t be sure these days, so make sure you always do your own research before making investment decisions. And keep in mind that cryptocurrency prices can be extremely volatile, so trading crypto always involves a high degree of risk.
You can buy GMX from many crypto exchanges, including Binance
Disclaimer: Coinpaper does not recommend that any cryptocurrency should be bought, sold, or held by you. Always conduct your own research and consult your financial advisor before investing in any digital asset.
FAQs
Who created GMX?
GMX was created by a group of anonymous developers and is governed by its own decentralized anonymous organization, GMX DAO.
What was the all-time high for GMX (GMX) ?
The all-time high price of GMX is $ on 2022-01-16
