This week saw a very big surge of a very unknown cryptocurrency. Groestlecoin managed to surge by 206% against the dollar for only a few hours. This resulted in the unknown cryptocurrency heavily outperforming the entire market.
2 days later, Groеstlecoin has retracted by a small margin but is still up the whooping 172% against bitcoin. As for bitcoin, the price is currently stabilized between $3800 and $4000. Many experts tend to believe that the $4000 wall will be crossed soon.
The huge surge however, does have a very clear reason behind it. Just before the surge began, the team behind Groestlecoin officially released their crypto-supported MasterCard debit card. This new card enables users to transact at points of sale (PoS) which accept MasterCard. In this case, since MasterCard is supported by almost all retailers globally, the new crypto card just got access to a lot of PoSs.
Groestlecoin and MasterCard are just a small step
This concept of a crypto-based debit card has been floating around for years. The last few years alone saw a lot of crypto debit card projects rejected by credit card companies. Back in January 2018, a major crypto vault service provider was forced to shut down its crypto debit card system due to Visa’s request.
The program known as Xapo Card received instructions by Visa to cancel all of its Visa-related programs immediately. This resulted in all cards related to the Xapo Cards Program being deactivated.
The CEO of Binance, Changpeng Zhao was quick to comment on the development. This is definitely progress, but it’s slow and still in its earliest stages. After the announcement from Groestlecoin, the price saw a monumental leap and rose from $0.238 to $0.73 which is a 206% increase.
Progress. Slowly but surely.
What can't be stopped will spread! https://t.co/3Z0YZDDF0b
— CZ Binance (@cz_binance) March 12, 2019
Many crypto traders and investors tend to believe that alternative cryptocurrencies will inevitably decline in price. This development will inevitably fuel the price trend of bitcoin. That being said, most traders rightfully chose to remain cautious. The majority of traders are learning towards a bearish movement if the price of bitcoin cannot cross the $4000 wall soon.
Investors are beginning to show concerns as the $4000 wall hasn’t been crossed in over a month. A surge like the one by Groestlecoin is bound to open the investors’ ears, but there must be many more events like this in order for the trust in crypto to go back up enough for a stable price increase.
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