So one of the big movers in the alt coins scene the last few days have been Groestlcoin (GRS). Most people saw the name and pretty much wrote it off after that but it’s gaining steam now and despite the less than English-friendly name, the price action is speaking for itself in a language anyone can understand. So let’s dive in and take a look at what is going on with this fast rising crypto.
Groestlcoin was launched in 2014, around the same time as Vertcoin, which I mention because the rise in Vertcoin is probably one of the main reasons GRS has now risen in popularity as well. Overall, there seems to be an appetite for GPU mineable coins. Even though many in the crypto sphere are talking about POS, it seems at least for now, that POW still has a lot of fans and believers that only through POW GPU mining can a coin stay decentralized.
As for the coin itself, it is a GPU mineable coin using the GRS algorithm. The developers say they have built in Asic resistance as well as multipool resistance, both of which help to keep things decentralized, which is the main purpose of the coin. Another interesting aspect of GRS is the block rewards, that is the coins given out for performing the mining duties, are reduced by 6% every week. The reason being that this keeps the value growing and can also help to reduce excess coins on the market which leads to pump and dumps.
The coin was also the first to implement Segwit as well as being part of the lightning network and also supporting atomic swaps. All of these things should help keep the transactions fast and the fees low.
As of right now, GRS is available on plenty of exchanges, including the following.
As of this writing on 10/31, GRS is hitting an all time high around the $0.78 mark, up over 100% in just the last 24 hours. So it’s about as hot as you can get. I would keep a close on eye on this one. With Vertcoin, we never saw a significant pull back in price until it hit almost $4.10. I don’t think that GRS will go quite that high without a pull back, but it has room to go up as more people jump on board in the next few days. The GPU coins are hot right now and the attention seems to be on GRS and Vertcoin. Vertcoin seems to be the front runner when it comes to this latest craze but GRS is looking to take a similar trajectory in price. As always, watch these markets carefully and make your own decisions as price predictions are almost impossible on coins with such short run ups and no historical data.
But overall, GRS seems to be filling the latest gap in crypto which is GPU mineable coins with a focus on keeping things decentralized and the mining itself easy for anyone to get in on.
– As always, the information provided is my personal opinion and investing strategy and not meant to be financial advice.