- The Graph’s GRT token has more than doubled in the past few weeks.
- It has rallied because of the ongoing Bitcoin and altcoins surge.
- The developers hinted of a major news that will happen on Tuesday.
The Graph (GRT) crypto price has been in a strong bullish trend recently, helped by the resurgence of the industry. The GRT token surged to a high of $0.1630 on Tuesday morning, the highest point since April 18th. It has surged by over 110% from the lowest point in October.
The Graph is a leading player in the blockchain industry. It is widely used by developers in the sector who rely on its advanced features to query data while ensuring reliable time and fast syncing speeds. Developers use their subgraph features to save time and money. They usually pay for their queries using the GRT token.
GRT price has done well in the past few weeks. The most obvious reasons for the rally is that Bitcoin has jumped to over $35,000. It has more than doubled from last year’s low of $15,000. In most periods, altcoins like The Graph and Chainlink do well when Bitcoin is rising.
The ongoing Bitcoin rally has triggered more development activity in the blockchain industry. As a result, the network is seeing more interest from developers who want to take part in the ongoing crypto bull run.
GRT price has also risen as the volume in the ecosystem has jumped in the past few weeks. Data by CoinMarketCap shows that the volume of the token soared by over 120% to $303 million in the past 24 hours.
Most importantly, the network is benefiting from the ongoing demand for Artificial Intelligence (AI). On Monday, Elon Musk unveiled Grok, an AI platform that aims to disrupt the popularity of ChatGPT. And last week, Palantir Technologies published strong financial results.
Meanwhile, The Graph’s team hinted that it will have a big announcement on Tuesday, November 7th. In a Tweet, the developers said that the network was entering a new era. It is unclear what the news will be.
Looking forward, there is a likelihood that the GRT token price will rise after the latest news and then retreat. This situation is known as buying the rumor and selling the news. In other words, the token has risen because of the upcoming news event and then it will pullback when the news happens. If this happens, it will likely retest the key support level at $0.1200.
