The Graph (GRT) has dropped by 17.6% this week to $0.2634, underperforming the broader cryptocurrency market. Bitcoin (BTC) declined by 2.0% to $98,024, and Ethereum (ETH) pulled back by 7.3% to $3,700. GRT’s steep decline follows a rapid rise earlier in December, with the altcoin returning below its trend resistance at $0.2870 after peaking at $0.3488 on December 5.
A broader market pullback contributed to GRT’s 30.0% slide to $0.2368, driven by heightened selling pressure. The introduction of Alphabet’s next-generation chip, Willow, served as a formal trigger for the correction. Although concerns about potential threats to Bitcoin’s blockchain have surfaced, these speculations are premature. Willow would require a millionfold increase in processing speed to challenge Bitcoin’s security, underscoring the limited immediate impact of this technological advancement. Nonetheless, market sentiment remains fragile, amplifying the downside pressure across cryptocurrencies.
