GateToken surges 28% reaching 16-month high

GateToken (GT), the native token of GateChain which was founded by Gate.io, has reached the leading 100 cryptos as its market cap surpassed the $1 billion mark.

GT is up by 28.3% in the past 24 hours and is trading at $11 at the time of writing — a level not seen since May 2021. The asset’s market cap is currently sitting at $1.05 billion, making it the 96th-largest cryptocurrency.

Moreover, the daily trading volume of GateToken also recorded a 180% rally, reaching $50 million.

According to data provided by Santiment, the total amount of GT holders has reached 3,427 unique addresses. Per the data provider, it’s the first time since November 2022 that the GT holders surpass that 3,000 wallet mark.

On the other hand, data from the market intelligence platform shows that GateToken’s Relative Strength Index (RSI) increased from 70 to 75 over the past 24 hours. This shows that the asset is overheated and there’s a possibility of big whales taking profit due to the low number of holders.

For GT to stay in the bullish zone, its RSI would need to cool down below the 50 mark.

According to data from CoinMarketCap (CMC), Gate.io has witnessed a slight increase in its daily trading volume, reaching almost $3 billion.

Data shows that Gate.io’s total assets are worth $5.27 billion at the time of writing. Notably, GT has the major stake in the exchange’s asset, around 20% which is worth $1.05 billion. 

Bitcoin (BTC) is the second-largest asset in Gate.io’s portfolio, worth $1.04 billion.