Factom (FCT) Posts Hefty Gains amid Crypto Market Carnage

A round of financing through traditional channels has boosted the perceived value of the project.

Factom (FCT)is one more example of the unpredictable nature of crypto markets, rising by more than 26% in the past 24 hours despite the crash of Bitcoin (BTC). FCT prices managed a significant weekly rally, gaining more than 79% in the past seven days.

FCT reached $8.03 as of 8:00 UTC on Wednesday, with most of its volumes against BTC. The FCT rally offsets some of the losses from the fall of BTC.

While FCT is one of the older projects with a drive to build a solid product, there are other, fully speculative reasons for the rise. These include a potential Binance listing and the possibility for margin trading on Poloniex, which could encourage traders to pump the price.

Factom is one of the rare blockchain startups with a viable use case and a working product. The project uses blockchain technology to secure data, serving various industries including mortgage lending. It also has applications in the Internet of Things data security space.

The peak at $66.23 on January 9 was no small feat for an asset starting at $0.16 in October 2015. FCT has always been relatively volatile, and the current upward trajectory may be broken quickly.

As Factom continues its rise on just Bittrex and Poloniex trades, some altcoins are coming back to life. With Bitcoin’s market dominance rising above 53%, there is also a chance that altcoins can begin to regain the ground they lost in Satoshi prices. While a large part of the selling involves funds parked in stablecoins, altcoins are also starting to see some attention.

However, the end of the bear market has not been announced, and panic selling still happens easily. FCT and other assets bucking the trend remain flimsy resistance to a generally sour sentiment.

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.