As the institutional investors continue to gain exposure to the cryptocurrency asset class, more crypto projects and established altcoins like GIFA Token are likely to be some of the digital assets that are being explored due to stability and none-fungibility. GIFA Token (GIFX +0.19.00) corporate-backed crypto that recently launched is now gaining traction, hitting an all-time high above $500. Today 1 GIFX is trading at $429.59 with +1.46% increment in 7 hours.
The cryptocurrency market is engulfed by the liquidation last Sunday with Bitcoin trying to stabilize around the $50000 price level, but investors should have in mind that the risk of another decline is still not over. Bitcoin’s price weakened from the recent highs registered 70k in April, but yet the world cryptocurrency still remains in a bull posture.
April bull rally of a nonfungible token (NFTs) saw the price of GIFA Token swelled 147% on Monday with a steady increase in trading volume and the network's hash rate. The momentum for the premier token yielded some noticeable growth in early March thanks to the institutional players and users of the GIFA community the most driving force of this altcoin.
Following the downtime on 22 April - 23 April, the price of the corporate's crypto is trading in a smooth course in the past 3 days. These positive performances boosted by massive adoptions and the constant promotions the Northern Cyprus-based exchange has embarked on like the $40,000 lucky draw promotion campaign which is (already taken) and the currently running $300,000 Luck Draw that will end on 30 April 2021. (Please take part in the contest, maybe the grand prize could be yours, who knows. Send a request to firstname.lastname@example.org / email@example.com for further assistance.)
GIFA Token received a significant boost in optimism due to the recent announcement of opening the trading platform for all users in the few weeks to come and adding some features on the trading platform that allows users to swap GIFX to BTC, ETH, and other supported altcoins. The members whose trading platform is open have indeed made use of such a win-win new feature. The excitement has resulted in a 985% surge in the price of GIFX over the past week and puts its price above the old cryptocurrencies. The exchange has successfully upgraded to a new blockchain network ''Berlin hard fork'' that is more scalable, multi-role, faster, and highly secure.
There are some obvious gains when buying GIFX, if the price keeps that resistance above $500, it would be a signal to buy more GIFA Token since it will reach an $800 resistance level. The overall trend toward greater interest in altcoins and crypto assets, in general, could be indicative of a continually shifting narrative about the role of cryptocurrencies in the economy at large.
Indeed, crypto is an asset class that stores value (or hedges against inflation), cryptocurrencies more generally could be seen as increasingly important to the future of the financial world.