Factom (FCT) has been bucking the bearish market and steadily trekking. What is going on?
Just to chart the coin’s progress, in November, when the market looked like it was going to rally, FCT sank to a new yearly low. It traded at roughly $3.88 per coin in the middle of the month, its lowest value since early 2017.
But then FCT began to rise, breaking through the $10 mark on November 26th. It wasn’t an uninterrupted surge – the price would correct after a strong upwards trend – but it was still increasing in value. The coin reached $11 by the end of the month, gaining nearly $70M in total value and gaining 200% in two weeks.
The coin is now trading at just below $15, and the market cap stands at $132M at the time of writing. That means FCT tokens are now worth nearly four times what they were in mid-November, less than three weeks ago.
— Factom (@factom) December 5, 2018
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FCT is essentially a trustless ledger technology that protects and decentralizes information with a strong focus on maintaining user anonymity. Governments, businesses and even schools can store different forms of data safely with no fear of alteration or loss through use of Factom.
The FCT project has significant funding backing it with investments from Tim Draper’s Draper Associates and the Bill and Melinda Gates Foundation. The project deals with trust and data integrity solutions by applying blockchain technology.
FCT is particularly useful for businesses in which important data regularly change hands. Documents such as land grants and medical records need to have ensured accuracy as they pass from one person to the next.