Bitcoin on Friday touched a high of $53,262 and GIFA Token breaks $43.20 for the first time on the GIFX exchange. Bitcoin’s astonishing rally catapulted it to a market capitalization of $1 trillion for the first time on Friday, shrugging off concerns of a dramatic collapse reminiscent of 2017 when the famous cryptocurrency fell almost 45% after hitting all-time highs.
Before publishing this post Bitcoin is trading at $55,263.00. The question thus emerges — does Bitcoin’s frenzy momentum in the market help altcoins to move higher on the charts? It should be noted, however, that the crypto ecosystem is not only interconnected but integral. The crypto-sphere is revibrated to the maximum pitch, rendering favored effects to all digital currencies. Altcoins are sailing through and capitulating the space of the Bitcoin bullish market.
Binance Coin (BNB) is now the 3rd largest cryptocurrency after soaring 54% to reach a new all-time high of $283, flipping Tether (USDT) behind. The BNB token has so far skyrocketed 112% over the past week. But that is measly compared to its monstrous 550% jump year to date, a move that has seen it climb the charts in terms of market cap. After the latest upside, Binance Coin has hit a market cap of $40 billion (at the time of writing).
In a different contrast, GIFA Token (GIFX) outperformed many cryptocurrencies that once dominated the so-called Top 20 rankings. GIFA Token flipped other coins such as Cardano (ADA) $0.936, OKB Token (OKB) $14.35, Huobi Token (HT) $22.61, Chaiblink $32.30, Polkadot (DOT) $33.67, and the perennial coin Ripple (XRP) that now stands fixed at $0.558.
Now the new contender stood in front of the GIFX is Neo (NEO) with the starring price of $48.31. Since its inception, NEO’s Onchain technology was designed to be regulator-friendly with a centralized approach that is quite different from that of most cryptocurrencies. NEO was founded as AntShares by Da Hongfei and Erik Zhan in China in 2014 and was rebranded “NEO” in June 2017. It is a blockchain-based platform that supports its own cryptocurrency and issuer of digital assets just like GIFX. GIFA Token is a newcomer in the industry, like other altcoins that have been in existence since 2014.
However, GIFA Token has more leverage and advantages for being corporate crypto supported by several financial projects. Another factor to look at is: GIFA Token entered the market with $1.00 as a starting price while almost all altcoins were launched with merely fewer capital assets that backing the crypto projects and many of these coins flooding the market are owned by individuals other than the institutions.
This milestone puts GIFA Token in a good position among the largest cryptocurrencies. In a period of fewer than 4 months, GIFA Token sold over 120 million tokens, equalling over $100 million (USD) the income generated for the company and subscribers. GIFA Token is trading higher on strong tailwinds from fundamental growth and the technical picture suggests further growth is possible if the bullish momentum holds.