FINTECH | CRYPTOCURRENCY
What’s noteworthy about GRT’s recent 12% climb is that the rest of the cryptocurrency market has been primarily moving sideways. What are they doing that’s different?
What Is the Graph (GRT)?
“The Graph is a decentralized protocol for indexing and querying data from blockchains, starting with Ethereum. It makes it possible to query data that is difficult to query directly.” — The Graph website.
Much of the information needed for smart contracts reside in the code of a project or NFT riding on Ethereum or another cryptocurrency project. Some data is not available by simply interacting with a smart contract. The Graph provides that link.
“Subgraphs can be composed into a global graph of all the world’s public information. This data can be transformed, organized, and shared across applications for anyone to query with just a few keystrokes. — The Graph Website.
Even those thoroughly familiar with coding find it challenging to extract the necessary information from NFTs and Application Programming Interfaces (APIs).
What is an API?
“It’s the people that are able to explain complex processes in a simple and elegant manner that truly understands. Everyone else outside of this simplicity, is sending us all into a dizzy technical spin. Thank you very much, absolutely stunning video!” — Mala Papachan.
Getting some information would require processing every transfer that was ever emitted. Then, screen the InterPlanetary File Systems (IPFS) metadata by using IPFS hash and Token IDs, which could take hours or days running decentralized applications (dApps) in your browser to disentangle the information required.
Blockchain data indexing is complex — particularly those with “uncled or ommer” blocks, chain reorganization, and finality blockchain properties.
“To date, over 3,000 subgraphs have been deployed by thousands of developers, for DApps like Uniswap, Synthetix, Aragon, AAVE, Gnosis, Balancer, Livepeer, DAOstack, Decentraland and many others. The Graph usage has been growing at over 50% MoM and hit over 7 billion queries during the month of September 2020.” — Coin Market Cap.
However, the Graph simplifies the process with decentralized protocols to enable and index performants to efficiently query blockchain information with Graph Query Language (QL).
Why does the crypto space NEED this PROTOCOL? The Graph Protocol GRT
GRT Data Current as of 19 Mar ‘22
“The live The Graph price today is $0.412230 USD with a 24-hour trading volume of $182,217,648 USD. We update our GRT to USD price in real-time. The Graph is up 0.59% in the last 24 hours. The current CoinMarketCap ranking is #56, with a live market cap of $1,943,967,799 USD. It has a circulating supply of 4,715,735,200 GRT coins and a max. supply of 10,057,044,431 GRT coins.” — Coin Market Cap.
GRT to USD Conversion Chart All-Time
Although last February marked an all-time high (ATH) of $2.88 for GRT, it seems to be crawling back to relevancy. Its current price is only 14% of its ATH. However, it is inching upward, and its November price of around $1.20 is about 42% of the ATH.
Since November, the entire cryptocurrency market has been in a virtual free-fall. This was primarily due to world events, runaway inflation, the worries over a promised Executive Order about cryptocurrency by the POTUS, a possible ban by the European Union, and BTC’s volatility.
Like it or not, the market follows Nakamoto’s brainchild. The POTUS and EU chose not to ban crypto but moved to better regulate it, which should be beneficial to investors.
Even if they choose to create a central bank digital currency (CBDC) like China’s digital Yuan, that will probably only affect stable coins, which are typically only used as conversion devices anyway.
What Does the Future Hold for this Cryptocurrency?
The future, unfortunately, cannot be foreseen despite what tarot card readers, astrologists, soothsayers, and Nostradamus.
However, they can make generalized statements using their unique knowledge of the subject, previous events, and crypto charts. It is even more challenging to drill down to a specific altcoin or token.
According to Money Control, “Understanding support and resistance are one of the most crucial parts of reading a crypto chart. Support levels in charts refer to a price level that the asset does not fall below for a fixed period. In contrast, resistance level refers to the price at which the asset is not expected to rise any higher.”
It takes a great deal of experience and knowledge to “predict” future movements based on charts. However, it is still a “guess,” but possessing that experience and knowledge can make your guess an educated one that “could” produce results.
How to Read Cryptocurrency Charts (Crypto Charts for Beginners)
MoneyZG says, “Learn how to read candlestick charts, how to use crypto charts to trade cryptocurrency and learn about reading crypto charts, using trend lines and how to time crypto trades.”
But, as the Security and Exchange Commission (SEC) is wont to point out, “Past performance is no guarantee of future returns.”
With that out of the way, here is Professor Blockchain with his “technical analysis (TA) and prediction for the future of the Graph.
The Graph (GRT) Technical Analysis Shows Why $10 Is Very Realistic for GRT By End of This Cycle!
#TheGraph #Cryptocurrency #GRT $GRT #Bitcoin
Whatever you believe about this cryptocurrency’s future, do your own research, and never invest money you cannot afford to lose or that you might need for an emergency fund.
GRT could take another nosedive, and you will want the flexibility to wait it out.
Thanks for reading, and until next time, take care.
DISCLAIMER: This article is for entertainment and informational purposes only. It should not be considered financial or legal advice. Not all information will be accurate. I am not a financial adviser, and you should consider anything I write as informational and friendly banter to show you what is possible if you invest your money in these vehicles. However, there are no guarantees. Consult a financial professional before making any significant financial decisions.
Note: This post contains affiliate links. Read my disclosure statement for additional information.
Stephen Dalton is a retired US Army First Sergeant with a degree in journalism from the University of Maryland and a Certified US English Chicago Manual of Style Editor. Also, a Top Writer in Nutrition, Travel, Fiction, Transportation, VR, NFL, Design, Creativity, and Short Story.
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