While most eyes in the cryptocurrency world are on Bitcoin and Bitcoin Cash, there is a lot of exciting action taking place further down the rankings. In the case of Factom, its price is rising quite rapidly over the past few days. This is a very impressive trend, especially when considering how Bitcoin is not doing all that great. Even so, it seems Factom should remain above $6 for quite some time if everything goes according to plan.
Factom Price Continues to Surprise
It is very interesting to see how things are evolving in the cryptocurrency world. After the recent market onslaught, few people expected things to look even remotely promising for the altcoins. Especially those outside the top 20 tend to get battered a lot harder compared to the rest. This time around is a bit different, as Factom shows now is the time to secure strong gains.
Over the past 24 hours, the Factom price has risen to over $6 again. That is a very positive trend, all things considered. How long this trend will remain in place, is anybody’s guess. A 26% gain in USD and BTC value cannot go by without punishment whatsoever, and it seems to be a matter of time until this FCT value comes down crashing.
One positive development potentially warranting some Factom price momentum is how there is an upcoming presentation for the Azure blockchain group in Zurich. That should bring some more attention to Factom itself, although that does not necessarily warrant a steep price increase. Even so, hype has a bigger impact on the price compared to actual developments, as it always has been.
— Niels Klomp (@niels_klomp) November 16, 2018
Dakota Hensley is one of those hopeful cryptocurrency speculators who hope this Factom price trend will remain in place. It should be evident this will not be the case whatsoever, primarily because there is nothing to be overly excited about at this time. After all, the number of real-life use cases for Factom is still somewhat limited, and that does not impact the actual token in a positive manner.
— Dakota Hensley (@DakotaAHensley) November 16, 2018
For Felicia Parsons, the current Factom price momentum seemingly makes a lot of sense. She is convinced Factom belongs in the top 100 ranked by market cap. There is something to say for such a positive trend first and foremost, although it may not necessarily reflect the true value of FCT. In fact, some will undoubtedly argue FCT is vastly overbought and overvalued right now, given the overall market circumstances.
Factom making its way back into the top 100 where it belongs #factom
— Felicia Parsons (@Felicia42316615) November 16, 2018
As is always the case, one has to wonder how long the positive momentum can last. In the case of Factom, the ump may very well dry up all of a sudden, as there is nearly no volume to sustain it. Additionally, a lot of holders will take profits at this time, simply because a 25% gain is too good to pass up on. When that happens, the Factom market cap will – most likely – drop below $50m again fairly soon.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.