Grass token is one of the main cryptocurrencies of the Grass Network. It is a decentralized network that aims to improve the scalability, security, and transaction efficiency of decentralized applications and exchanges. With the US Election this week and Trump being the new president, the crypto coin had a huge surge in the market. With a growth rate of 11.19% in the last 24 hours, the coin is currently ranked above #3K range by CoinMarketCap. In this article, we will discuss this sudden price hike and the various factors that resulted in it.
GRASS Token Current Market Standing
The GRASS token is currently trading at $1.81 in the market with a price increase of 11.19% in the last 24 hours. The GRASS token’s ongoing rally began on the 29th of this October and is still on tow even now. At that time, the coin’s value was at $0.8668, and now it has increased by a lot. This will likely increase in the coming days as Trump was elected as the President today.
With a weekly and monthly increase rate of 100.96% and 116.56%, the coin is doing extremely well in the market. In such a short period after its launch, the coin has managed to amass a huge community as well as a huge profit for a wide range of holders. The coin is currently ranked #2754 by CoinMarketCap.
Factors Affecting the GRASS Token’s Price
In the previous section, we looked into the coin’s current status in the crypto market. Now, let’s look into the various factors that may have influenced its price in the market.
- Supply: The supply of a coin is one of the major factors that can determine the price of a coin in the market. If a crypto asset is limited in quantity, then it is likely to have a huge amount associated with its price tag, and vice versa.
- Demand: As crypto coins have increased in price over the past few years, the crypto market as a whole has gained the attraction of a lot of people. As the world is slowly transitioning from traditional banking to decentralized ones, crypto assets are slowly and steadily growing in the market. This will increase the demand for these coins among investors and can lead to their price increase in the coming years.
- Competition: Competition is one of the factors that can greatly impact the price of a coin in the market. As more and more coins are introduced into the market with each passing year. The demand for some coins can decrease significantly, and this can negatively affect the coin’s standing in the market.
Now that the major factors are out of the way, let’s look into the main reason behind the coin’s sudden spike in the market, the US Presidential Election and Trump’s Triumph.
US Election & The GRASS Rally: How Long Will This Hike Last?
The market is more volatile than ever as the US Election just got over with being Trump victorious. As Trump was an active crypto supporter, we can expect the price of various coins to skyrocket in the coming days. The GRASS token is also one such coin.
When the election commenced, the coin’s market value was at $1.62. As the results were coming in favor of Trump, its price skyrocketed instantly, with various people making large profits from it. Now, the coin is currently trading at $1.79 with a bullish trend.
Although the trend is gradually waning, the coin still has potential in the market. As the election concludes, many people have already started selling their tokens in hopes of high profits. This will likely result in the coin gradually losing its value. If you’re currently looking to invest in the coin, it will be wise for you to conduct thorough research on the market trends before proceeding to do so.
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