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Filecoin (FIL), The Graph (GRT) on Bullish Run, Here's Reason Why

Mon, 07/03/2023 - 14:06
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Tomiwabold Olajide
As Bitcoin continues to trade sideways, altcoins have made moves in last 24 hours
Filecoin (FIL), The Graph (GRT) on Bullish Run, Here's Reason Why
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According to CoinMarketCap data, Filecoin and The Graph are among the top gainers among the biggest 100 cryptocurrencies by market capitalization.

The Graph (GRT) is topping the chart for gainers, currently up 25%. Filecoin sits in the fourth spot among gainers, currently up 15%.

At the time of writing, FIL was up 15% in the last 24 hours to $4.69. The token is up 15.6% on the weekly time frame. Volumes for Filecoin have ramped up a whopping 212% in the last 24 hours, with $484 million worth of trading.

Likewise, The Graph (GRT) was up 21.66% in the last 24 hours to $0.132. The GRT token is up 19.73% in the past week. The last 24 hours also saw a massive 375% rise in trading volumes for the token, with $249 million worth traded. This comes as traders jump into the recent volatility to make gains.

As Bitcoin continues to trade sideways, altcoins have made moves in the last 24 hours. Crypto trader Rager highlights that Bitcoin remains in a sideways move and that some altcoins have better setups for trades at the moment.  He said this could change at any moment with fundamentals or news, and added, "Take what the market gives you during sideways price action."

After an impressive run buoyed by Blackrock's spot ETF filing, Bitcoin continues to trade between the $30,000 and $31,000 price range.

Another potential catalyst

The weekend saw a "rate limit controversy" sparked by Twitter's decision to impose reading limits on users while citing "extreme levels of data scraping and system manipulation."

This might have brought attention back to decentralized data storage protocols such as Filecoin and The Graph, whose prices have been on the rise for the last 24 hours.

Polygon Integrates into The Graph Network, Setting Huge Milestone

The Graph is an indexing protocol for querying data on networks. Anyone can build and publish open APIs, called subgraphs, that applications can query using GraphQL to retrieve blockchain data.

Filecoin describes itself as an open-source and decentralized storage system. On the Filecoin platform, developers have the opportunity to create cloud file storage services.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.