TWT, the native token for Trust Wallet, has been on a massive bull run over the past few weeks. At the time of writing, TWT was trading at $2.27 after a 7.5% gain in 24 hours. The token is also up 92% over the past week.
TWT price analysis
TWT has been one of the greatest gainers over the past week. The token has been performing contrary to the rest of the market, which is still being battered by the demise of the FTX cryptocurrency exchange.
Amid the recent price rally, TWT has already reached a new all-time high. The token reached an all-time high of $2.71 before retreating slightly to the current levels. The current buyer support could see the token creating new record highs again.
In the last 24 hours, TWT has moved between the $1.83 and $2.71 levels, indicating high volatility. The TWT rally is attracting much attention, as seen in the token’s trading volumes of over $820 million in the last 24 hours.
Following the recent gains, the TWT market cap is also rising, and it currently stands at $933 billion, according to CoinGecko, ranking it as the 45th largest cryptocurrency by this metric. As the price continues to gain as the rest of the market struggles, it is likely that TWT will continue to rise in the market cap ranks.
The Relative Strength Index (RSI) movement shows a massive drop in buying pressure. After a new all-time high was hit, traders have been selling the token, explaining the drop from $2.71 to the current price. The RSI at 39 shows that the token is heading toward an oversold level, hinting that the trend will reverse. If TWT breaks past $2.71 again, the next target price will be $3.
Growing demand for self-custody wallets
TWT has been gaining amid a growing demand for wallet storage following the collapse of FTX. The FTX exchange has already filed for Chapter 11 bankruptcy in the United States, with billions of user funds still locked in the exchange.
The demise of FTX is not the first failure of a crypto firm this year. Users suffered similar losses after Celsius and Voyager collapsed, raising concerns about the security of funds stored on exchanges. Users are now rushing to withdraw their tokens from exchanges to store them in wallets such as Trust.
Trust is a wallet created by the Binance exchange. Unlike storing funds on exchanges, wallets allow a user to be in full control of their funds. The main risk of storing crypto on wallets is forgetting the private key or phishing campaigns.
Trust Wallet supports 8 million crypto assets, including non-fungible tokens. It does not only support funds from Binance but also other exchanges. TWT is the native token for the Trust Wallet, with the growing use of this wallet translating to significant gains for the token. Therefore, it is likely that TWT will continue rallying.