FINTECH | CRYPTOCURRENCY
What’s remarkable about GRT’s recent 12% surge is that the rest of the cryptocurrency market has mostly moved sideways. What are they doing 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 necessary for smart contracts resides in the code of a project or NFT on Ethereum or another cryptocurrency project. Some data is not available by simply interacting with a smart contract. The chart provides this link.
“Sub-graphs can be composed into a global graph of all public information in the world. This data can be transformed, organized and shared between applications so that anyone can query it with a few keystrokes. — The Graph website.
Even those who are well acquainted with coding find it difficult to extract the necessary information from NFTs and Application Programming Interfaces (APIs).
What is an API?
“It’s the people who can explain complex processes in a simple and elegant way who really get it. Everyone outside of this simplicity sends us all into a dizzying technical spin. Thank you very much, absolutely wonderful video!” — Mala Papachan.
To obtain information, it would be necessary to process each transfer sent. Then filter the Interplanetary File Systems (IPFS) metadata using IPFS hash and Token IDwhich can take hours or days in a row decentralized applications (dApps) in your browser to sort out the required information.
Indexing blockchain data is complex – especially those with “uncle or ommer” blocks, chain reorganization and properties of the chain of finality blocks.
“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 more. Graph usage grew by over 50% MoM and reached 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 performers to efficiently query blockchain information with Graphical Query Language (QL).
Why does the crypto space NEED this PROTOCOL? The GRT graph protocol
Current GRT data as of 19 March 22
“The live Graph’s price today is $0.412230 with a 24-hour trading volume of 182,217,648 USD. We update our GRT price in USD in real time. The graph is up 0.59% in the last 24 hours. The flow CoinMarketCap ranking is #56with a live market capitalization of US$1,943,967,799. It has a circulating supply of 4,715,735,200 GRT coins and a max. supply of 10,057,044,431 GRT parts. — Coin Market Cap.
All time GRT to USD conversion chart
Although last February marked an all-time high (ATH) from $2.88 for GRT, it seems to come down to relevance. Its current price is only 14% of its ATH. However, it is progressing little by little and its November price of around $1.20 is about 42% of the ATH.
Since November, the entire cryptocurrency market has been in virtual free fall. This was mainly due to world events, runaway inflation, concerns over a promised executive order on cryptocurrency by POTUS, a possible ban by the European Union, and the volatility of BTC.
Like it or not, the market follows Nakamoto’s brainchild. POTUS and the EU chose not to ban crypto but decided to better regulate it, which should benefit investors.
Even if they choose to create a central bank digital currency (CBDC) like the Chinese digital yuan, it will likely only affect stablecoins, which are generally only used as conversion devices anyway.
What future for this crypto-currency?
The future, unfortunately, cannot be predicted despite what tarot card readers, astrologers, fortune tellers and Nostradamus.
However, they can make general statements using their unique knowledge of the subject, previous events, and crypto charts. It is even harder to mine a specific altcoin or token.
According to Money Control, “Understanding support and resistance is one of the most crucial parts of reading a crypto chart. Support levels in charts refer to a price level below which the asset does not fall for a specified period. In contrast, the resistance level refers to the price at which the asset is not expected to rise further.
It takes a lot of experience and knowledge to “to predict” future moves based on charts. However, it is still a “to guess,” but having that experience and knowledge can make your guess an educated guess that “could” produce results.
How to Read Cryptocurrency Charts (Crypto Charts for Beginners)
SilverZG said, “Learn to read candlestick charts, use crypto charts to trade cryptocurrency, and learn how to read crypto charts, use trendlines, and time crypto trades.”
But, as the Security and Exchange Commission (SEC) points out, “Past performance does not guarantee 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.
Technical analysis of the chart (GRT) shows why $10 is very realistic for GRT at the end of this cycle!
Whatever you think about the future of this cryptocurrency, do your own research and never invest money that you can’t afford to lose or that you might need for an emergency fund.
GRT could take another dip, and you’ll want the flexibility to wait.
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 take everything I write as an informative and friendly joke 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 major financial decisions.
Note: This post contains affiliate links. Read my disclosure statement for more information.
Stephen Dalton is a retired U.S. Army first sergeant, a journalism graduate from the University of Maryland, and a certified editor of the Chicago Manual of Style in American English. Also, a leading writer on nutrition, travel, fiction, transportation, virtual reality, NFL, design, creativity, and news.
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