As a seasoned researcher who has weathered numerous market cycles, I must admit that the current situation of GRT mirrors the broader bearish sentiment permeating the crypto world. With over two decades of experience in the tech and finance industry under my belt, I’ve seen my fair share of market volatility, but the resilience of The Graph dev team continues to amaze me.
Currently, GRT’s circumstances seem to echo the general pessimism prevailing in the broader market. Today, we see a decrease in the overall market capitalization as the major cryptocurrencies have retreated to levels deemed sustainable by investors. Among these, GRT is one of the altcoins that has been significantly affected by the bearish trend.
Based on CoinGecko’s data, the value of this token has decreased by approximately 12% since last week, reflecting significant losses in a persistent bearish market. However, there are exciting developments being worked on by The Graph team that could potentially reverse its current poor performance within the market.
More Web3 Data To Be Serviced By The Graph
In a recent blog post, The Graph outlined their strategy to add innovative tools for indexers, enhancing the platform’s data management abilities even more. These new tools, Firehose and Substreams, are designed to foster growth within the platform’s ecosystem. This upgrade forms part of their New Era blueprint, a clear roadmap unveiled at the end of 2023, offering developers, users, and investors a transparent glimpse into The Graph’s future direction.
The two innovative tools offer varying degrees of live data feeds for indexers. Essentially, the “Firehose” delivers real-time data that boosts the swiftness and interactivity of blockchain data retrieval. This feature expedites data access for applications, thereby minimizing delay and enhancing overall user experience.
Alternatively, Substreams offers a more precise approach, empowering developers to select only the necessary data for their apps. This streamlines data acquisition as the system no longer needs to search extensively through databases to find the required information.
Two powerful tools will cater to the platform’s data servicing niche, offering developers the convenience to opt for either a continuous flow of data or a targeted access to specific data sets. This enhancement is expected to significantly boost the platform’s efforts in expanding its artificial intelligence capabilities. In May last year, the platform unveiled Agentc, a tool resembling ChatGPT, which was developed using The Graph’s Uniswap data as its foundation.
More Pain Ahead?
Ahead for investors lies further discomfort in the GRT market as bears exert a tight grip, suggesting a potential decline in the near future. Meanwhile, major cryptocurrencies are finding it difficult to maintain stable positions, which could lead to a drop in the altcoin market during the early days of the month.
As an analyst, I’m observing that the stronghold of GRT in the market persists under current conditions favorable for selling. A breach at the $0.1715 mark could escalate the situation significantly, potentially leading to a fire sale scenario. In such a case, GRT bulls would be wise to defend this line, as any further gains by the bears might trigger a reversal back to the levels seen in mid-February.
Read More
Sorry. No data so far.
2024-08-02 12:41