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

First of all, it should be said that we are dealing with three cryptocurrencies belonging to three completely different projects with different usage profiles from each other. Regarding the price of MKR, the managing token of MakerDao, a decentralized autonomous organization that manages the supply of stable DAI coins, we see that the current value is $698.2 per token.
The change in the last 24 hours is -2.37%, the trading volume is about $70 million with a capitalization of $684 million. MKR has a circulating supply of 977,631 MKR with a maximum supply of 1,005,577 tokens. This means that 97% of the tokens have been released to the market.
The same cannot be said for GMT, the token for STEPN's decentralized mobile app for earning.
In fact, GMT tokens are highly inflationary: only 600 million GMTs have been released to the market, equivalent to 10% of the supply.
This is a common feature of the token economy of projects that aim to reward users based on their activity in the community. GMT is currently priced at $0.375 per token, down 0.84% in the last 24 hours on a trading volume of $44 million.
The market capitalization is $225 million, but since 90% of the offering has not yet been unlocked, the fully diluted market capitalization would be over $2 billion. As an example, APTOS has a similar capitalization to date.

Focus on GALA cryptocurrency

Finally, GALA, a useful token for web3 gaming center Gala games, is currently valued at $0.0395 per token, with a negative change of 2.21 percentage points in the last 24 hours and trading volume of $98 million.
GALA tokens have a capitalization of $276 million, a circulating supply of 7,542,496,572 tokens, and a maximum supply of 50,000,000 tokens.
Proportionately, just over 15% of the tokens created to support the project have been unlocked.
The situation is slightly better than with GMT, but both tokens are tokens that could increase in value a lot if the teams of the respective projects do not find a way to encourage the use of cryptocurrencies in the network.
There are some tokens with a large total supply that still manage to maintain a good price, given their role in project infrastructure development.
The best example of this is ETH, which despite its technically unlimited maximum supply has managed to compensate for the inflation associated with new coin offerings thanks to the implementation of EIP-1559. Conversely, ETH, like BTC, has reached a state of deflation in recent months.

Altcoin or BTC?

It makes no sense to conduct any technical analysis amid such a price collapse, at least until the cryptocurrency sector resumes a bull market. Choosing a position in altcoins during prolonged bearish phases can be detrimental to both USD and BTC portfolios.
So how do you know when it is the right time to position in altcoins rather than BTC?
The answer to this question is by no means simple: beating the benchmark of the cryptocurrency king is the hardest thing to try, but if you want to try, you need to look at market dominance.
Typically, so-called "alt seasons," or market periods when alternative coins perform better than BTC, occur when bitcoin's dominance begins a downward phase after a period when prices in the cryptocurrency market were rising and that same dominance increased by a few percentage points.
The reason is that liquidity in the market is first injected into BTC, causing it to rise in price along with its dominance, and then that liquidity spills over into altcoins, after which it is withdrawn from the market. In the last bull market, this happened from about January 2021 to July 2021.