Groestlcoin (GRS) Makes Record Volumes as Price Peaks in Hours
The GRS rally follows the announcement of a fully functioning debit card to use the coin for everyday spending.
Groestlcoin (GRS) achieved an all-time high in trading volumes while spiking more than 167% in a single day. GRS boomed forward from lows of $0.25 to above $0.73, on volumes above $573 million. GRS has also returned near peak Bitcoin (BTC) prices, rising above 0.00015 BTC, on track to repeat previous near-peak levels, or even break the record if the rally continues.
GRS reached peaks above $2 in December 2017, mostly due to the dollar-equivalent price when BTC prices were near $20,000. Since then, GRS has been volatile and has repeated peak positions against BTC. GRS touched recent lows under $0.20, and after months of stagnant prices, the recovery arrived hard and fast. GRS is yet another asset showing that an altcoin season was still possible, with separate assets staging strong rallies. That being said, GRS is still highly dependent on BTC speculation.
The reason behind the rise of GRS is the recent launch of a debit card, backed by MasterCard and compatible with the PolisPay wallet. The card allows users to load up balances from their PolisPay wallet, then use the card in all locations that accept MasterCard, as well as ATMs.
The Groestlcoin project has aimed to create a digital asset for fast, private transactions with low fees. The new card launch will further spread the popularity of the project. Groestlcoin also aims to be democratic, by being permanently ASIC-resistant, allowing for GPU mining.
The current price rally, however, is seen as overly-exaggerated, and potentially short-lived. Extreme optimists see GRS going to a higher valuation if the markets recover. GRS has managed to enter the top 100 of coins by market capitalization, and is seen favorably for its small circulating supply of around 72 million coins. However, prices of $5 or even $10 are seen as highly improbable during the most recent rally.
Polis, the project behind PolisPay, had a much smaller rally, as POLIS, the native digital asset, only appreciated by 23% in the past 24 hours.