Hi everyone. Today I saw Gifto’s (GTO) price exploding as a result of it being announced for Binance’s next trading competition (another possible reason for Gifto’s price increase is the announcement that it will be featured on Kyber Network’s decentralized exchange, and is available for use in the beta version of their exchange). I wanted to publish some raw data of the past effects of Binance trading competitions on cryptocurrency price. Usually, but not always, there is a large price bump on the day of the trading competition announcement. The price bumps happened with: ENJ, BCPT, ARN, BTS, MANA, WAVES, TRIG, and GTO. The price bumps are then usually followed by a price decrease during and/or after the competition ends. Check out the data for yourself.
So if you are considering buying Gifto today, be careful. There is a good chance the price increase was caused by the announcement of Binance’s trading competition. Could GTO’s price continue increasing? Yes. GTO is a strong cryptocurrency with a bright future, but be wary of GTO’s sharp price increase today, as past data shows that there may be a downward correction soon.