Why The Graph Cryptocurrency Is Skyrocketing Today, Outperforming Bitcoin, All Other Coins – Benzinga

A new cryptocurrency, The Graph (GRT), soared79.92% more than any other coin in the 24 hours to press time to $2.43 on Friday.What Happened: GRT has spiked 176.7% on a seven-day trailing basis. The token of the entity that helps decentralized applications discover and organize blockchain data has reached a market capitalization of $3.04 billion.

The token was launched on Dec. 17 at a price of $0.26, which means the Graph has risen 834.62% since it made its debut.

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Why It Matters: The price movement in the Graph is partly driven by a social media buzz on Reddit and Stocktwits. GRT.X was the top trending ticker on Stocktwits early Thursday at one point, ahead of Sundial Growers Inc. (NASDAQ: SNDL),Tilray Inc.(NASDAQ: TLRY), andAphria Inc.(NASDAQ: APHA).

The Graph has left behind major cryptocurrencies as of press time. Bitcoin (BTC) traded 5.04% at $46,998.37, while Ethereum (ETH) traded 1.45% higher at $1,749.99.

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Why The Graph Cryptocurrency Is Skyrocketing Today, Outperforming Bitcoin, All Other Coins - Benzinga