The Graph (GRT) soared by over 70% in February after renewed interest in the cryptocurrency market saw billions of dollars poured into the digital asset.
With the lowest daily volume of around $49 million rising to a high of $1.1 billion, GRT increased by about 72% after opening on Feb. 1 with a trading price of $0.08881, and closing the month at $0.1528 on Feb. 28.
Within the period, GRT rose to a monthly high price of $0.2286 on Feb. 7 after testing a monthly low price of $0.0838 on the opening day.
Over $500m added to GRT’s market cap
GRT began the first day of the second month of the year with a market value of approximately $818 million, far below the market capitalization of around $2 billion recorded on the same day in 2022.
Despite this, the token rose to a new value of $1.4 billion on the last day of February. Overall, about $530 million was added to the cryptocurrency’s market value which has seen it maintain its spot in the top 50 digital assets by all-time market capitalization.
The rise of ChatGPT and the creation of rivals such as Bard by Google, not to mention the proposed creation of competitors from Tesla mogul Elon Musk and Chinese tech giant Alibaba, have turned investors to cryptocurrencies like GRT and others.
As a result, the buying and selling activities of GRT holders have led the coin to soar above the $1 billion milestone. As of March 1, the market capitalization for top AI and big data tokens was $5.7 billion. With GRT’s market value in perspective, the token controls around 25% of this sector.
Aside from that, GRTs market capitalization is twice more than second-place SingularityNET (AGIX) which commanded a market capitalization of $642 million, as of writing.
Other big data and AI tokens below GRT include, but are not limited to, Render Token (RNDR), Oasis Network (ROSE), Fetch.ai (FET), Injective (INJ), Ocean Protocol (OCEAN), Covalent (CQT), and Singularity DAO (SDAO).
GRT has more than doubled in price this year
Although there is positive market sentiment industry-wide, GRT has been one of the best-performing digital assets in 2023. Long-term holders of the token have seen more than a 170% increase in their portfolios year-to-date (YTD).
As the leader in indexing protocols that are highly involved in the querying of data for networks such as InterPlanetary File System (IPFS) and Ethereum, The Graph continues to power several applications in the DeFi and wider Web3 ecosystem.
With the advancement in big data technology that will power most of the applications in the emerging Web3 sector, many analysts believe GRT is one of the tokens novices and experienced investors should consider adding to their portfolio of investments due to its potential in a highly saturated market.