Cryptocurrency upstart The Graph (CCC:GRT) has soared more than 50% in the past 24 hours, fueled by positive network growth and increased interest in cryptocurrencies among retail investors.
GRT is an Ethereum (CCC:ETH) token used to power The Graph, a decentralized protocol for indexing and querying blockchains. In plain English, you can think of The Graph as a search engine for blockchain transactions. Instead of going to a website and reading an entire page to get information, you can quickly pull just the data shards you need from The Graph’s network, using less computing power to get specific results back faster.
As with other cryptocurrencies, its namesake coin is a way to incentivize users to add their computers to the company’s network. According to FXStreet, The Graph has seen a surge in new addresses on its network this week, “a bullish signal for both the project and the token’s future value.” Those analysts have a The Graph (GRT) price prediction of $5 given network growth and bullish trends; it currently trades at $2.63.
The big news in GRT this week was a Tuesday, Feb. 9 announcement that the company would be launching a software development company, Edge & Node, to continue developing its blockchain protocol. The token has also been the subject of serious social media speculation this week.
At the end of last month, The Graph said it was looking to expand its blockchain protocol to include Bitcoin (CCC:BTC) and other cryptocurrencies. GRT launched its token on Dec. 17 at a price of $0.026 and immediately notched monster gains, suggesting a large degree of interest from investors in this space.
On the date of publication, Vivian Medithi did not have (either directly or indirectly) any positions in the securities mentioned in this article.
