Cryptoanalysis: MKR, STEPN and GALA

In this article, we will look together at the price analysis and future forecast for the crypto assets Maker (MKR), Stepn (GMT) and Gala (GALA).

What opportunities does the cryptocurrency market hold for us today?

Price analysis of crypto assets Maker (MKR), Stepn (GMT) and Gala (GALA)

First of all, it is necessary to mention that we are up against three cryptoassets that belong 3 completely different projectswith different use cases from each other.

With regard to the prices of MKR, the governing token of the decentralized autonomous organization MakerDao that manages the issuance of the DAI stablecoin, we can see that the current value is $698.2 per token.

The change in the last 24 hours is -2.37%, with volumes around $70 million, while the capitalization is $684 million.

MKR’s circulating supply is 977,631 MKR while its max supply is 1,005,577 tokens.

This means 97% of tokens are already issued in the market.

The same cannot be said for GMT, a sign of the decentralized move-to-earn STEPN application.

The GMT token actually is highly inflationary: only 600 million GMT, equivalent to 10% of the supply, have been issued in the market.

This is a common feature within tokenomics of projects that aim to reward users based on their activity in the community.

GMT’s current price is $0.375 per token, down 0.84% ​​in the last 24 hours with volumes in the $44 million range.

The market cap represents $225 million, but since 90% of the offering has yet to be unlocked, the fully diluted capitalization comes to over $2 billion. As an example, to date APTOS has a capital letter of that magnitude.

Focus on the GALA crypto

Finally, GALA, a utility icon for the web3 game hub “Gala Game,” has a current price of $0.0395 per token, with a negative change of 2.21% points in the last 24 hours and volumes of $98 million.

The capitalization of the GALA token is $276 million, with a circulating supply of 7,542,496,572 tokens, while the maximum supply is 50,000,000 tokens.

In relation to this, just over 15% of the tokens that will be created to support the project have already been unlocked.

The situation is slightly better with GMT, although both represent tokens that can be difficult to value. Unless the teams of the respective projects find a way to incentivize the use of cryptocurrencies in the network.

There are tokens with high total supplies that have nevertheless managed to maintain a good price given their usefulness in developing the infrastructure of their projects.

The best example is that ETHas despite technically infinite max supplyhave done, through implementation of EIP-1559, to counteract inflation arising from the issuance of new coins. In fact, in recent months ETH has reached a state of deflation, just as is the case with BTC.

Will the MKR metaverse crypto be able to return to all-time highs? What will happen to the Stepn and Gala projects and their respective GMT and GALA tokens?

Let’s take a look at some market predictions to see where the tokens we just analyzed are headed.

Probably the odds for a return to historic highs are more favorable in MKR than in GMT and GALA.

We explained the reason above and it has to do with difficulty valuing metaverse and play-to-earn tokens considering the poor tokenomics.

However, this does not mean that GMT and GALA are doomed, while MKR can boast an early return to the bull phase.

As we all know, anything can happen in the world of cryptocurrencies: innovations and news move very fast, so future project updates, supply burns and user incentives can all be game changers.

On the technical analysis front, all 3 tokens are well below their respective all-time highs, with pullbacks ranging from -89%in the case of MKR, to -91% for GMT and -95% to the GALA.

This is a common feature in the bear market for tokens that do not have a strong use case.

Altcoins or BTC?

Doing any kind of technical analysis in the face of price collapses like this is futile, at least until there is a bullish market return across the entire cryptocurrency sector.

Choose to open positions in altcoins during extended bearish phases can be detrimental to one’s portfolio, both for USD and BTC counterparts.

How to know when is the right time to be invested in altcoins instead of BTC?

The answer is by no means simple: beating the benchmark of the king of cryptocurrencies is the hardest thing to try, and if proof is needed, just take a look at market dominance.

Usually, so-called “alt-seasons”, or market periods where alternative coins outperform BTC, occur when Bitcoin’s dominance begins a downward phase, after a period where crypto market prices have been rising and the same dominance has increased by several percentage points.

The reason is that liquidity in the market first injected into BTCthat makes it happen price increase along with dominanceand then that liquidity is poured into altcoins, before being taken off the market.

In the last bull market, this situation occurred roughly from January 2021 to July 2021