In a market that has been going south for some time now, Factom (FCT) stands out as a shining torch in the dark. For more than a month now, Factom has been on a steady bull rally, and it doesn’t seem to be easing up. In the last 24-hours, Factom has risen by over 17% and it’s gaining momentum. So, what could be behind this sustained rise in Factom?
One of the biggest reasons why Factom is gaining is because of its actual usage in the market. Factom is probably one of the cryptos with the biggest use cases in the market. When most crypto projects are gunning to get adopted by major companies, Factom already has these partnerships.
Factom is a blockchain protocol that is designed to secure any form of data using the security strengths of blockchain technology, and it hasn’t gone unnoticed. One of the partnerships that Factom has bagged so far is with Equator. This partnership between Factom and Equator, a major provider of residential loans, was covered by NASDAQ in a press release on the 13th of November.
This goes to show that it is not just some random crypto partnership. What’s even more interesting is that Factom has been recognized for its capabilities by the department of homeland security. In June this year, the DHS posted on their website that Factom had been awarded for its capability to secure IoT data. The announcement read as follows,
“The Department of Homeland Security (DHS) Science and Technology Directorate (S&T) has awarded $192,380 to Factom, Inc., a start-up based in Austin, Texas, to begin beta testing of a capability that uses blockchain technology to secure Internet of Things (IoT) data. This award is part of the fourth and final phase of S&T’s Silicon Valley Innovation Program (SVIP).”
This is an indicator that Factom’s capabilities are being recognized both in corporate circles and in government. In a market that is heavily bearish and most projects coming off as vaporware that has no real use in the market, money could be flowing into real projects like Factom. Its partnerships and level of recognition at levels where it matters most, at corporate levels, could be pulling in investors. It simply makes sense to hold Factom as a safe bet in a bearish market, with an increased risk of many projects going under. As this momentum continues to grow, FOMO buying will take over and drive up the price even more.
What makes Factom so attractive is that it takes away the volatility that comes with cryptocurrencies. That’s because the cost of protecting data using Factom is fixed. This is a major bottleneck to the adoption of most blockchains because their costs move with the volatility of the crypto market.
With its capabilities and the kind of partnerships it is getting, Factom (FCT) could be headed to the top 10. It is one of the few cryptos whose future sustainability is to a large extent guaranteed. Factom hitting highs of $100 or more is possible in the foreseeable future.