Gate Token (GT) Becomes the Top-Performing Altcoin, Market Cap Nears $2B

Gate (GT), the native token of the GateChain, the public blockchain of the Gate.io exchange, has become the top-performing altcoin in the last 24 hours.

Gate (GT) token, the native cryptocurrency of Gate.io exchange's public blockchain GateChain, has emerged as the best-performing altcoin over the last 24 hours.

The cryptocurrency attained this feat as the Gate token price surged by 10%, crossing the $15 mark.

GT’s rally to $15 marks a new all-time high for the altcoin, which has seen its price increase by almost 200% this year. But the burning question remains whether the token can continue its momentum as a top-performing altcoin.

Gate Token Not Overbought Yet, Market Cap Nears $2 billion

GT's position as the top-performing altcoin came amidst a strong buying pressure. According to the daily chart, the Money Flow Index (MFI) has surged to 66.95. The MFI is a technical indicator that combines both price and volume to identify overbought or oversold conditions.

An MFI reading above 80 is usually considered overbought, while a reading below 20 is considered oversold. However, the indicator also tells us if there is a good level of buying or selling pressure around a cryptocurrency.

When the reading goes up, it indicates buying pressure, but a decline indicates selling pressure. Hence, the current reading shows a good buying pressure, and if it continues, we might see the Gate token price rally higher.

In a related development, the altcoin's rally to a new all-time high also comes as another exchange-linked token, Bitget Token (BGB), also surged. This trend shows that exchange tokens are seeing a good level of demand in the broader market.

Following this price increase, Gate’s market cap is now seen hovering around the $2 billion mark. Market cap is calculated by multiplying the price with the circulating supply, and the 10% price surge played a key role in the market cap growth.

If the price continues to rally, the GT altcoin market cap could be set to cross $1.90 billion before the end of the short term.

GT Price Prediction: Bears Are Out of the Way

On the other hand, a look at the Bull Bear Power (BBP) reading shows that the indicator continues to rise. The BBP measures the strength of buyers (bulls) compared to that of sellers (bears).

When the indicator's reading is positive, bulls are in control. Conversely, a negative BBP reading shows that bears have the upper hand. At the time of writing, the BBP is reading 3.32, indicating that the altcoin’s value might continue to rise.

If the trend continues, we might see GT’s price rally above $16. In the event of an extreme bullish market condition, the altcoin might climb to $20. However, a rise in profit-taking could change things, and the value could drop to $12.39.