SKY surges strongly: Market cap enters the top 50, leading daily gains among major cryptocurrencies

In the recent broadly positive cryptocurrency market, Sky (SKY) has delivered an especially impressive performance. According to the latest market data from Gate Exchange, as of December 3, the SKY token is surging strongly upward and has become a focal point in the market. Its price has not only broken through key resistance levels, but its market cap ranking has also risen significantly, demonstrating strong short-term momentum and growth potential.

Market Performance Snapshot: Price, Market Cap, and Ranking All on the Rise

According to Gate’s market data, SKY is currently quoted at $0.057, achieving a notable 6.5% gain in the past 24 hours. This performance places it fourth among the top 100 cryptocurrency tokens by market cap in terms of gains today (December 3), trailing only PENGU, SPX, and SUI, making it one of the market’s leading assets.

Even more noteworthy is its overall market position improvement:

• Circulating Market Cap: Currently at $1.308 billion, SKY has successfully entered the top 48 on the global cryptocurrency market cap ranking, marking its entry into the mainstream mid-cap token segment.
• All-time High Comparison: SKY’s all-time high (ATH) price was $0.0956, reached at the end of 2024. The current price still has about 40% room to reach this high, leaving some upside potential for the market.

Technical Analysis and Market Sentiment

Looking at its recent trend, SKY’s rise is no accident. Reviewing November’s price data, SKY experienced a pullback from around $0.058 mid-month, dipping as low as the $0.042 range, but quickly began a solid rebound. After entering December, upward momentum clearly accelerated.

1. Breakthrough of Key Resistance: The current price of $0.057 has successfully broken through multiple local highs formed in the second half of November, indicating strong buying power and suggesting previous resistance may have turned into support.
2. Active Trading: As a top-50 market cap asset, SKY enjoys ample liquidity on major exchanges like Gate. Significant price gains are typically accompanied by increased trading volume, which attracts more short-term traders and trend investors.
3. Market Sentiment Catalyst: With overall market sentiment improving, tokens like SKY with a clear market cap ranking and price momentum are more likely to attract concentrated inflows of market capital.

Historical Perspective and Current Valuation

Despite its recent strong performance, looking at the longer term, SKY is still within a relative range of its historical price. Aside from its all-time high of $0.0956 at the end of 2024, historical yield analysis on Gate Square shows that SKY opened trading in 2025 around $0.07424, with periods of volatility and pullbacks.

The table below summarizes SKY’s recent key price milestones for reference:

From a valuation perspective, the current price is still some distance from its all-time high, but has achieved a considerable rebound from its yearly low. For investors, understanding where the price stands in its historical context is crucial.

Fundamental Outlook: Beyond the Price Chart

Behind SKY’s price performance is also a strong fundamental narrative. The protocol (formerly known as Maker) rebranded in 2024 and launched an aggressive tokenomics strategy. As previously reported, the Sky protocol began a $75 million token buyback plan in February 2025. Such buybacks, which involve purchasing tokens from the open market and then burning or locking them, directly reduce circulating supply—a key underlying mechanism for supporting token value over the long term. While short-term market fluctuations are driven by multiple factors, proactive fiscal management measures like this lay the groundwork for the ecosystem’s long-term development.

Trading SKY on Gate Exchange

For traders interested in SKY opportunities, Gate offers an ideal environment. As a leading global cryptocurrency exchange, Gate not only ensures deep liquidity and a stable trading environment for mainstream tokens like SKY, but also provides a comprehensive set of trading tools.

• Spot and Derivatives Trading: Investors can flexibly choose between spot and derivatives trading according to their strategies.
• Real-Time Data and Charts: The platform provides professional candlestick charts and real-time market data to help users conduct technical analysis.
• Security Assurance: Gate always prioritizes the security of users’ assets, providing reliable protection for trading.

Risk Warning: Cryptocurrency investment carries high volatility and high risk. Although SKY has performed strongly recently, the market can reverse quickly. Investors should conduct independent research before making decisions and allocate assets cautiously according to their risk tolerance. Do not blindly chase highs.

In summary, thanks to its strong short-term price performance, rising market ranking, and potential fundamental support, the SKY token has become a standout in the current market. Gate Exchange will continue to provide global users with secure and efficient trading services to capture market opportunities together.