GRT’s current situation mirrors the bearishness the broader market is experiencing. Today, the entire market cap shows a percentage slip, as a consequence of the most important cryptocurrencies returning to levels that investors can sustain. On the altcoin side, GRT is considered one of the tokens that were hit hard by the bears.
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Based on CoinGecko, the token is down nearly 12% since last week, showing exaggerated losses within the face of continuous downward pressure. Although the token’s performance throughout the market leaves much to be desired, The Graph devs are brewing something across the corner that may turn the tide.
GRT down within the last 24 hours. Source: Coingecko
More Web3 Data To Be Serviced By The Graph
The Graph recently released a blog post about their plans to introduce recent tools for indexers, further build up the platform’s capability to handle data. They’re introducing two specialized tools to assist grow the platform’s ecosystem namely Firehose and Substreams. The upgrade is an element of their Recent Era roadmap, a path that was laid in late 2023, providing developers, users, and investors a transparent take a look at where The Graph is headed.
The 2 recent tools provide different levels of knowledge stream to indexers. Firehose will provide real-time data which boosts “the immediacy and responsiveness of blockchain data access.” It’ll help apps access data quickly, reducing latency thus improving user experience.
GRTUSD trading at $0.16 on the day by day chart: TradingView.com
However, Substreams is more accurate, giving developers the power to choose and select the information needed for his or her applications. This may improve data retrieval as their systems won’t must scour the database for its specific data needs.
The 2 tools will serve the platform’s data servicing area of interest, providing developers the flexibleness of selecting whether or not they desire a real-time stream of knowledge or a select, more specialized access to specified data sets. This improvement would largely profit the platform’s push to grow its artificial intelligence base. Last May, the platform announced the deployment of Agentc, a “ChatGPT-like tool” built on top of The Graph’s Uniswap data.
More Pain Ahead?
More pain across the corner awaits investors with the bears having a chokehold of the GRT market. With the most important cryptocurrencies also struggling to maintain their ground inside more suitable levels, the altcoin market will fall more throughout the early weeks of the month.
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The grip GRT bears have in the marketplace will last so long as market conditions proceed to favor selling. A breakthrough on $0.1715 line will make the situation much worse which could turn the situation right into a firesale. GRT bulls should then try and hold on to this line as any further gains by the bears will mean a possible reversion back to mid-February levels.
Featured image from Asia Crypto Today, chart from TradingView