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GRT is one of the best performers amongst the top 100 cryptocurrencies by market cap today.
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The coin rallied after The Graph Network launched on Arbitrum.
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The broader crypto market has added $200 billion to its market cap in the last 24 hours.
GRT soars after The Graph’s launch on Arbitrum
GRT, the native token of The Graph Network, is one of the best performers amongst the top 100 cryptocurrencies by market cap today.
The rally comes after The Graph team announced on Tuesday that The Graph Network can now be accessed via Arbitrum.
The Graph is scaling on L2. Starting today, you can access The Graph Network on @arbitrum! ????????
Operating the protocol on Arbitrum One means lower gas fees, faster transactions & easier participation in The Graph Network ????
Wondering how to get started & what’s next? ???? pic.twitter.com/MM1ZucQ0Es
— The Graph (@graphprotocol) February 14, 2023
According to the The Graph team, operating the protocol on Arbitrum One means lower gas fees, faster transactions and easier participation in The Graph Network.
This latest cryptocurrency news has led GRT, the native coin of The Graph network, to rally by 16% in the last 24 hours. At press time, the price of The Graph stands at $0.1701 and could rally higher over the next few hours.
The broader cryptocurrency market has also recovered from its earlier slump. The total cryptocurrency market cap now stands at $1.03 trillion, up by more than 2% in the last 24 hours.
Bitcoin and Ether are trading in the green zone once again after underperforming earlier this week.
Key levels to watch
The GRT/USD 4-hour chart has turned bullish as GRT has been performing well over the last 24 hours. The technical indicators show that GRT could rally even higher over the next few hours or days.
The MACD line crossed into the positive zone a few hours ago, indicating a strong bullish momentum for GRT. the 14-day relative strength index of 63.77 also shows that GRT could be heading into the overbought region in the near term.
If the positive momentum is maintained, GRT could rally toward the first major resistance level at $0.18875 before the end of the day.
However, GRT would need the support of the broader crypto market to cross the $0.20 resistance level for the second time this month.
Where to buy The Graph now
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GRT, a stablecoin token backed by gold, has experienced significant growth following the launch of its new DeFi product, The Graph, on Arbitrum.
Since the launch of The Graph on December 14, the GRT token price has seen a rapid appreciation of over 16%, peaking at over $8. The sharp rally was in response to the platform’s launch on the Arbitrum Layer-2 protocol, bringing a host of new decentralized finance solutions that are available in GRT.
The Graph allows users to build and publish decentralized applications (DApps) on the Ethereum blockchain. The platform launched onto Arbitrum, a Layer-2 infrastructure on top of Ethereum, meaning users can now take advantage of faster, cheaper and more secure transactions for DApps.
The integration of The Graph on Arbitrum also enables users to access a suite of DeFi solutions, such as decentralized exchanges (DEXs), non-custodial wallets and staking. With the GRT stablecoin conforming to Basel guidelines, the new partnerships are expected to increase transparency and reduce risk for traders and day traders.
The current climate of rising DeFi and stablecoin use is also likely to be a major factor for GRT’s stellar performance. As Ethereum gas fees remain high, more and more traders are exploring Layer-2 solutions, driving more people towards platforms such as The Graph and Arbitrum.
The positive response to The Graph’s launch on Arbitrum is only the latest boost for GRT and its users. In August the platform announced a liquidity mining program and automated market maker, boosting the token price by over 22%.
With the use of decentralized finance and stablecoins continuing to rise, GRT’s response to this could indicate that the token price is set to remain buoyant in the near future.
