As the market gears for the end of the year, many are hoping for the Santa Claus rally to take the tokens to soaring heights of green. At present, however, this is not the case. Bitcoin has seen a moment of increase to pull away from $3200 USD figures. In day-on-day trading, it has seen fractional growth of 0.38% at the time of press. Time will tell whether the kingpin cryptocurrency will see the increase that might turn the market around.
Looking at the charts, we can see how the token has moved over the last two weeks dropping slowly in price to around $3200 USD picking up again to around $3400 USD and then dropping off again. The market cap has been slightly more volatile with high movement and deep drops.
Looking at the altcoins – Factom is one of the big gainers in the market at the moment and has seen a 28.28% increase in day-on-day trading. At present, Factom is trading for $9.93 USD.
Factom had a spike at the beginning of the month, and saw valuation of around $17 USD and has seen a dip over the past two weeks, bearing a price of around $7 USD, and then to pull back up in the past day.
What is Factom?
The Factom development team have found three key areas on the Bitcoin network and have set out to sort them out. The project is looking to resolve the issues of the glacial speed at which it takes Bitcoin to transact, the ever-increasing cost of transacting in Bitcoin and the congestion that occurs owing to the cryptocurrency’s scaling problems.
Businesses are particularly aided on this network and the nature of the protocol lends itself to those which see important data moved from person to person often. Medical documents, for example, require accuracy and reliability and the information must be stored in like.
The network has another sneaky way to reduce cost because the documents and data which is stored using Factom can be audited effortlessly. It cuts costs and efforts of security trying to store data accurately. Two major concerns for online storing of important documents are the security – the document could be prone to hacking – and the cost – it is an expensive endeavor to store things safely online. Factom is looking to change that culture.