The Graph's Cryptocurrency Price Surges Over 4% in 24 Hours
Cryptocurrency enthusiasts, take note! The Graph (GRT) saw its price increase by 4.38% over the past 24 hours, rising to $0.23. This is a surprising shift considering the coin has experienced a 9% loss in the past week, dropping from $0.25 to its current price.
What is The Graph?
For those unfamiliar, The Graph is a cryptocurrency known as GRT/USD. It's used to index blockchain data and is part of the decentralized finance (DeFi) sector.
Price and Volatility
The Graph's price movement can be represented with something called Bollinger Bands. Imagine these bands as the outer edges of a rubber band stretching or compressing based on how much the price is bouncing up or down. The wider these bands, or the larger the gray area, the more volatile the price is.
- Past 24 Hours: The price moved up to $0.23.
- Past Week: The coin fell from $0.25 to $0.23.
All-Time High and Market Cap
While the current price is $0.23, it's worth noting that The Graph once reached an all-time high of $2.84. Currently, its market capitalization is approximately $2.15 billion, ranking it #50 among cryptocurrencies.
Trading Volume and Supply
Over the past week, the trading volume for The Graph has dropped by 19%, but the circulating supply increased by 0.68%. This brings the circulating supply to 9.55 billion GRT, making up around 88.51% of its maximum supply, which is 10.79 billion GRT.
In simple terms, think of supply as the number of coins currently in use. The more coins in use, the more it can affect the price, especially if the demand changes.
Conclusion
If you're keeping an eye on cryptocurrencies, The Graph's sudden price increase is significant, especially given its recent downward trend. It's essential to stay informed about such movements, as they can offer opportunities or warn of potential risks in the volatile world of cryptocurrency.
Stay tuned for more updates!
