Factom saw a rise of over 50% in its price over the last 24 hours on very strong volume that now only trails Bitcoin and Ethereum. The 24 hour volume came in at a strong $2.7 million according to CoinMarketCap, ahead of competitors like MaidSafeCoin and Monero, which have also been seeing strong rallies over the last week on increased volume. Factom’s volume also overtook Litecoin’s, which as been unusually calm given all the increased price volatility among other altcoins.
Unsurprisingly, Factom has the highest trading volume from Poloniex. However, it also has a strong volume from Yuanbaohui, a Chinese exchange that allows for the trading pair of FCT/CNY.
Factom, which raised money in an unusual way by going with both a seed funding round from venture capitalists and also an initial crowdsale, has courted its fair share of controversies since launch.
Factom announced right after its fairly successful crowdsale that it has entered into partnerships with the Honduras government to store land-registry records on the Factom blockchain (hashes of records, to be precise), considered a big step in the crypto-world to gather a partnership with a government. However, it seemed like the announcement was premature, with later reports that the progress had ‘stalled’. The recent price run up comes after announcing partnerships with Chinese smart cities.
Factom’s price has fluctuated with progress since its launch. It’s latest venture capital funding valued the company at $11 million after their seed round, which was after the crowdsale that helped distribute ‘Factoids’, the native currency of the Factom blockchain.
Factom has been going up in price on strong volume since the Chinese city partnership announcement.