The price of Factom had an amazing rally in the last 6 weeks of last year. After a peak in December the price of Factom declined only to settle 50% above last October’s price. Is Factom a rising star in the cryptocurrency space in 2019 and also beyond?
When it comes to prices we saw a phenomenal rise similar to the ones in 2017 during the ICO craze: from $4.3 early November to 18.5 mid December. Today, Factom trades at $6.
So do we believe this is an absolute must-buy cryptocurrency?
First, what is Factom? Factom is a blockchain innovations company, established in 2014. The founders recognized Bitcoin’s limitations to be a practical blockchain for Enterprise data solutions. Generally, distributed records, information and documents have been difficult to protect, challenging to synchronize, and impossible to truly verify because of the manual effort involved. In response to these challenges, the startup built the Factom blockchain as open source, reaching full decentralization in May 2018.
Factom aims to become the industry leading provider of blockchain data provenance solutions at all levels. They specialize in scalable blockchain solutions with a predictable cost model to handle enterprise data and volume. They have clients such as the U.S. Department of Homeland Security and the Bill and Melinda Gates Foundation, Factom is the recognized leader in providing blockchain solutions in order to preserve, ensure and validate digital assets.
As expected in November Factom announced some important partnerships which suggest increased adoption, as seen on their Twitter feed.
One of them is that Yooya, one of China’s largest independent business-to-business online video networks, would leverage the Factom Harmony platform through Wancloud, Factom’s re-seller in China. This will deliver immutable recording and validation of the performance of online video content in China.
Moreover, two weeks earlier in November, it announced a partnership with Equator which is a provider of residential loan default software and marketing solutions for many of the country’s top servicers, real estate agents and vendors. It would integrate the Factom Harmony blockchain-as-a-service platform into their own solution. Factom’s Harmony provides Equator customers the opportunity to incorporate the recordation of data, documents and key audit events onto Factom’s blockchain solution. Factom’s Harmony provides options for individual loans to be tracked as individual chains of data on the blockchain.
Presumably, there is a link with this adoption and the price rise of Factom.
When it comes to the price of Factom it is important to always check the relative strength of a cryptocurrency price, not primarily its absolute value. As seen on chart below it is clear how Factom crashed against Bitcoin starting summer 2017. The decline continued until November. We consider the green the ‘line in the sand’.
We want to see Factom to Bitcoin rise above the green bar in 2019 to qualify as a real rising star!