The Graph started off the year with a price level of $0.35. the bull run of 2021 resulted in the cryptocurrency sky rocketing and establishing its all-time high at $2.88. The market corrections were brutal but The Graph still maintained its price above the $1 mark. However, all bullish momentum was lost soon and GRT fell sharply below $1. After struggling with the bears for a while, the market sentiment has turned bullish again.
At the time of writing, GRT stands at a price level of $1.03. The price is on a steady uptrend. GRT gained by 15% in the past twenty-four hours while the weekly performance shows a gain of 10%. The daily trading volume has surged by more than 100%. The Graph is the twenty-ninth largest cryptocurrency currently with a market capitalization of $5.10 billion.
What is The Graph?
Google makes our lives so much easier because all we have to do is to type out a query and get results. Google is able to do this through indexing. Index is a database where Google utilizes web crawlers that stores all available data on its database. Whenever a query comes in, the browser is able to retrieve data from its database employing algorithms to ranks various websites and sources.
Now, The Graph basically does what Google does but for blockchains. It is an indexing protocol for querying data from blockchains like Ethereum. Currently, the network only supports Ethereum, Interplanetary File System and POA but more blockchains will be added soon. The network claims to make querying fast and efficient.
Anyone can build an Application Programming interface (APIs) called subgraphs that can be queried through GraphQL to retrieve data from the blockchain. As anyone can create open APIs, this has resulted in increased popularity of the platform with many high-profile players joining in.
Is GRT a good investment?
Being called the Google of blockchains is not something that should be taken lightly. The Graph brings a very crucial part of the blockchain infrastructure to the market which may ensure that GRT will be a good investment in the long-term. The technical and the fundamentals of the cryptocurrency are strong; hence, a bullish future outlook can be expected.
According to Cointobuy.io, The graph has a score of 4.5 out of 10 in terms of safety but that is to be expected as cryptocurrencies are very risky Moreover, it has an expected return of +160%. Wallet Investor estimates GRT will be trading hands at $0.98 in a year’s time and reach towards $1.33 in five years’ time. Digital Coin Price’s projections are much more bullish with an estimates price of $1.56 by 2021 and $3.74 by 2026.
