There is no such thing as a boring day in the cryptocurrency industry. Even though it would seem some days are less exciting, there is always something brewing behind the scenes these days. The Factom price is firing on all cylinders right now, even though it remains to be seen when the correction kicks in. There is some good news which warrants cautious optimism.
Can the Factom Price Upswing Sustain Itself?
Every time a cryptocurrency or tokens notes some strong gains, one has to wonder how long this run will last. As history has proven multiple times already, it seems evident no positive market trend will go by unpunished. It seems unlikely the current FCT price run will continue for very long, although one has to acknowledge there is a reason why this excitement takes place right now. After all, Factom is all about blockchain use cases, rather than hype and speculation.
Over the past 24 hours, there has been a Factom price increase of over 17% in both USD and BTC value. That is a remarkable turn of events, even though Factom value surges are nothing new under the sun either. This token has seen some very interesting price fluctuations in recent weeks, although it seemingly can’t sustain any of them when Bitcoin turns bearish again.
On social media, the reason for this Factom value surge quickly becomes apparent. It appears one of the many companies exploring Factom’s blockchain technology effectively relied on this blockchain during a recent court case in China. That further confirms Factom is doing a lot of things right in this regard, although it is not necessarily the mainstream use case most investors have been looking for. Even so, a major feather in the cap for this particular token.
Douyin, also know as #TikTok outside of China uses #Factom in Chinese court case, #blockchain now classed as evidence. Where can you invest in Factom? The answer is @ffwdinnovations #FFWD https://t.co/beh64Dkoyy
— Atom Ant (@atomantshow) January 18, 2019
The Bagman is highlighting the implications of this court case-related story. It is evident storing court case evidence on a blockchain is not something that happens every day. More importantly, this evidence was also actively used during the trial, which makes this development all the more significant. A very promising development for the blockchain industry as a whole, although one has to wonder if this will be a one-time event.
Anyone wondering why $fct #factom is flying? The court case a while back used factom blockchain to prove up some evidence and it was officially used. It’s just been confirmed the company was tiktok, google them largest ever start up company market cap $75 bill its ongoing also
— The🅱️agman (@ivelostthelot) January 22, 2019
It is evident none of the other currencies on the market today come even close to what Factom is doing. In fact, it seems the token may continue to soar, especially now that some recently pumped altcoins are making their way down once again. How long this Factom run can continue, is a different question, a sit seems nearly half of its gains have already been wiped out in the process. Even so, the overall trend remains extremely positive.
State of the Top 💯 #Cryptocurrencies – last 24h
⬆️ 47% up
🔹 average: 3.32%
🔹 median : 1.01%
🔹 volume : $7.31 b
🔹 most: #Factom $FCT 34.2893%
🔻 53% down
🔸 average: -2.26%
🔸 median : -0.65%
🔸 volume : $6.8 b
🔸 most: #TenX $PAY -17.0702% pic.twitter.com/9MbiOb1hPN
— Crypto Gulp (@CryptoGulp) January 22, 2019
All things considered, there is a good chance this Factom trend may continue for some to come. The only worrisome aspect is how there isn’t all that much trading volume to take note of right now. Just $2.14m in trades is pretty bleak for a currency noting such strong gains, although it may be a matter of time until that figure changes in a positive manner. For now, traders should avoid chasing the top, as that will only incur financial losses in most cases.
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