The value of Grams cryptocurrency has tripled in the last one month. Even after a 3 fold increase, it looks good for more.
According to the CEO of Blockchain Technologies Consulting, Darren Franceschini, the success of the cryptocurrency is actually a double-edged sword. It also clearly indicates that companies can raise a significant amount of money through ICOs. This will attract more companies to the ICO market. This will saturate the market in the future. With the amount of money being raised increasing, larger companies will tap into the market eliminating liquidity.
In the last few months, however, the interest in cryptocurrencies and ICO has decreased considerably. This has happened owing to the steep fall in the price of major cryptocurrencies like Bitcoin. Bitcoin has gone from trading around $ 19,000 all the way down to $ 8100 currently. This is the reason why many of the investors are scared of investing in Bitcoin. It went to as low as $ 5500.
Ever since hitting, the price of Bitcoin has gained in moderate amounts. Currently, however, it seems like the cryptocurrency has finally bottomed out. If indeed, it has bottomed out it will start rising soon enough. This is the reason why investors and traders alike are looking to find out if there is any technical pattern which can indicate whether it is formed a low already or whether it will stagnate more.
Some of the other cryptocurrencies have also increased in value. Bitcoin Cash has gained a total of 5% in the last 7 days. Similarly, Litecoin has gained around 4% in the last 7 days. As a result, the price movement in other cryptocurrencies is also looking up.
In the month of February, Grams was worth around $ 0.38. Currently, Grams is worth around $ 1.33. It remains to be seen whether it will rise more or whether it will fall again to the previous levels. One thing however which is pretty clear is that the barriers to the upper limit while raising money through an ICO have been broken by Telegram. Not only, they have raised a significant amount of money but also they have created value for the investors by tripling the cryptocurrency. As a result, many other companies will also be keen to raise a significant amount of money from the ICO market.
For the investors, it has been a great ride as they have got a substantial return within a short period of time which was not possible in the other asset classes.