Cryptocurrency enthusiasts who have been keeping an eye on the market may have noticed the Factoids token is doing quite well. With a price increase of over 16% in the past 24 hours, there seems to be a growing interest in the Factom token. All of the trading volume is coming from the Bitcoin markets, though, as there is no exchange offering fiat currency trading for FCT.
Factom Becomes More Popular
Unlike most other projects and currencies in the cryptocurrency world, Factom is doing something different. The company is focusing their attention on using blockchain technology to solve real life problems. So far, Factom has been getting some positive attention, and partnerships have been formed. The company also received US$199k to develop a security solution for the Internet Of Things.
Some people may be wondering what the purpose of Factoids is, then, as it is a currency only to be used within the Factom ecosystem itself. Factoids can be used to purchase Entry Credits to make use of the protocol. All “used” Entry Credits will be burned- or taken out of circulation – to ensure there is no unlimited hyperinflation.
Factoids can be traded against other cryptocurrencies, such as Bitcoin. Poloniex and Bittrex are the two primary sources for trading volume in this market. In fact, the trading volume on the FCT-BTC market has gone up over the past few days. By the look of things, we might see over 1 million FCT being traded throughout the day, as we are already at 804,404.87 so far.
There has been an intriguing price increase of the Factoid token over the past week. Whereas the value per token sat at 0.00149 Bitcoin on June 25th a price point of 0.002416 BTC was reached this morning. Ever since that time, prices have started to drop again, though. At the date of writing, one Factoid was worth 0.00241 Bitcoin.
It is hard to say where this new demand for Factoids is coming from all of a sudden. Perhaps there is an increased interest in the Factom problem, resulting in growing demand for tokens. Or perhaps this is just another day in alternative cryptocurrency trading that will make no sense whatsoever. All in all, there are exciting times for Factom and Factoid owners.
If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
