GMT, OSMO, Siacoin Triumph as Broader Market Dips into Red

By Aaron Feuerstein January 08, 2024 In GMT Token, Osmosis, Siacoin
  • Over the past week, STEPN’s cryptocurrency GMT experienced significant fluctuations despite overall gains, likely boosted by contest announcements and its unique ‘move-to-earn’ fitness reward system.
  • Siacoin (SC) recently surged, gaining 54% in a month and over 40% in the past week, possibly due to broader market trends or its potential in web3, sparking debates about its future trajectory.
  • Osmosis (OSMO), a DeFi project in the Cosmos ecosystem, saw a minor decline in the past 24 hours but is up 14% from last week, potentially benefiting from the overall increased interest in crypto and the Cosmos blockchain’s growth, despite ATOM’s continued downturn.

Amid recent speculation about whether a Spot Bitcoin ETF will be approved anytime soon or not at alldepending on who you listen to – the market is trending in a choppy sideways action. Despite most major assets being in the red on the 24-hour timeline, some altcoins have managed to outperform.

GMT’s Wild Ride

STEPN (GMT) has been one of the more solid performers over the past 24 hours, gaining 4.32%. It also did well over the past week with a 14.4% increase. However, the weekly chart reveals that GMT’s journey was anything but smooth, with several swings to the upside and downside.

GMT, 7-day chart, source: CoinMarketCap

STEPN utilises GMT as a ‘move-to-earn’ incentive to promote an active, healthy lifestyle. Users get GMT as a reward for remaining physically active. The recent renewed interest in GMT and STEPN is likely due to announcements of a contest and the prices that are up for grabs.

SIACOIN Back on the Scene

Siacoin (SC) is making impressive gains after a period of sideways action and a less pronounced uptrend than other altcoins recently. Siacoin gained an impressive 54% month-on-month, with much of the gains occurring over the past week, during which Siacoin increased by over 40%.

Siacoin, 1-month chart, source: CoinMarketCap

Siacoin powers the Sia network, a decentralised cloud storage platform. Sia was launched with the goal of providing a secure, low-cost solution for cloud storage by leveraging blockchain technology.

It is not immediately clear why Siacoin (SC) is experiencing a surge in value. The reasons could be related to the overall upward trend in the market, or they might be due to the potential that investors see in Siacoin as a significant web3 project. Nevertheless, analysts are hotly debating where SC’s price could be heading next.

OSMO – a Mixed Bag

Although Osmosis (OSMO) has slightly declined in the past 24 hours, it is still up over 14% from last week.

OSMO, 7-day chart, source: CoinMarketCap

Osmosis (OSMO) is a decentralised finance (DeFi) project and a crypto token. OSMO is part of the Osmosis ecosystem, which is a decentralised exchange (DEX) specifically for tokens in the Cosmos (ATOM) ecosystem.

Similar to Siacoin, the price increase may be attributed to the rekindled interest in cryptocurrencies in general that we are starting to observe. Cosmos is a leading blockchain after all and has seen an increase in interest on the back of the Celestia (TIA) token launch. While TIA and OSMO are good examples of Cosmos projects doing well, ATOM itself, the native coin of the Cosmos blockchain has yet to see any meaningful action and is still 78% down from its all-time high.  

ATOM/USDT, source: TradingView

Aaron Feuerstein

Aaron Feuerstein

Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.

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