Factom (FCT) Extends Winning Streak Even During Week of Capitulation Selling

The FCT asset is bucking the trend by holding above the $10 mark and gaining ground against Bitcoin (BTC).

Factom (FCT)gained 11% overnight, to start the trading day at $10.01, and has grown by 34% during one of the worst trading weeks this year. Despite Bitcoin’s losses, FCT continued on its upward drive, boosted by activity on Poloniex.

TheFCT market pricedepends on the exchange used, as Cryptopia prices are around $11.05, on low volumes. The Poloniex price has reached $10.28.

One of the bullish factors for FCT is the activity of the non-tradable Entry Credits (EC) digital asset. ECs have a separate marketplace, and are used to purchase the ability to make immutable records on the blockchain. The Factom project has its own EC marketplace, where the EC price is set at certain levels.

To generate ECs, FCT coins would be burned, creating scarcity over time. The need to purchase the right to post records on the blockchain is an anti-spam mechanism for the Factom project. The Factom project filters out data to store over the Bitcoin blockchain, offering a curated process that could serve users not directly aware of using cryptocurrency. The possibility to sell ECs directly in an open market means the Factom project can reach a wider user base. Additionally, ECs are not traded on exchanges and have not been rendered volatile by speculation.

Another bullish factor is the low supply of FCT, around 8.7 million coins, an amount that may suggest a higher valuation.

FCT has the advantage of only trading in BTC terms. The slide of BTC prices has lifted FCT as a potential tool for hedging losses. Even at BTC prices under $4,000, the FCT value has the chance to grow. FCT has had other phenomenal pumps against BTC, going as high as 0.013 BTC, and in dollar terms reached prices around $70 during the December and January peak.

The current price is still a fraction of the coin’s potential, but the biggest hope is for significant growth against BTC. For FCT, 400% growth against BTC has happened on numerous occasions, the memory of which further fuels the current upward trend.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.