Groestlcoin (GRS) Posts 200% Price Surge After Being Endorsed By MasterCard, Only To Then Fall 33%
Groestlcoin (GRS) Sees 200% Price Surge After Being Endorsed By MasterCard And Then A 33% Fall
Who said that only Bitcoin can have a bull run? An old altcoin called Groestlcoin has seen a surge in its price of over 200% recently after the team announced that the cryptocurrency would launch its own Mastercard-supported debit card called PolisPay Card.
The card would be used to enable point of sale (PoS) machines to use the card and you could use it in online shopping to spend your cryptos in stores.
Groestlcoin was launched in March 2014, way before the latest hype wave that the industry has seen. It was supposed to be a P2P currency that was ASIC-resistant and it offered low fees for the users. It was reported to be one of the first tokens ever to use the Segregated Witness (SegWit) technology.
At the time of the report, even Changpeng “CZ” Zhao, the co-founder of Binance, commented on Twitter about it. He said that progress was slow but sure and that it (cryptos) could not be stopped.
Several other companies have tried to get partnerships with Visa and MasterCard and what made the price of the GRS tokens go up so quickly was the fact that most of them actually fail. Even Xapo, a major crypto vault service, had to shut down its debit card program per the request of Visa. This infused Groestlcoin with some hype that led the prices up.
At the time of this report, GRS was worth $0.49 USD, the double of its price before the announcement, $0.24 USD. As soon as the news started, the price of the token was pumped by 200% and it achieved the top price of $0.74 USD. That did not last, though.
Sometime later, the prices started to fall to around the 50 cents mark and then upward again to around 60 cents. However, they are going down now and the token is currently worth $0.49 USD, which will still a 100% increase since the announcement. However, if you bought the token when its price was skyrocketing, you have surely lost some money.
Other Altcoins Also Had A Great Day
It was only Groestlcoin that had a very good day yesterday. Some other altcoins have also seen big gains recently, which has made some people in the community very excited.
For instance, Viacoin (VIA), which was not in a good time, saw an increase of 80% in its price in just a few hours yesterday as well. Some other tokens which are faring very well this year are Cosmo (470% up this year), Enjin Coin (320% up in 2019), Inocoin (345%), Metadium (300%) and Theta (220%).
Most of these tokens had a reason for their prices to go up, too. Enjin has a partne4rship with Samsung and will be used in the Galaxy S10 wallet, for instance.
Bitcoin, during this time, has mostly stayed at a flat price. However, Bitcoin is still the dominant token in the market at the moment with 51.5% of the market cap, so not even the rise of the tokens can represent a real threat to the crypto king.
A Bullish Market Soon?
It is important not to get too overexcited with all these altcoins. Groestlcoin, for instance, spiked and then went back down, despite retaining an improvement of over 100% in its price. It is still too early to tell whether these altcoins rising in price can be a sign that the bear market is over.
They are a pretty good sign, however, so there is a chance that we will see better days in 2019.