Grin and Beam, two revolutionary anonymous Mimblewimble based cryptocurrencies recorded significant gains over the last 24 hours. This is coming after the Grin coin dropped massively, losing 98% of its price value during its first trading day on Jan 17.
Grin entered the trading arena on Jan 16 at about 10 pm UTC with a high price of $261 per coin against the US dollar but dropped to as low as $6.58 just before noon on Jan 17. This happened as a result of the circulation of the coin after the first Grim block was mined,
Today, however, Grin is trading 52.8% higher than the USD, with its current price hovering around $11.80 at press time. The coin now boasts of a ~$20 million market cap as opposed to the $8k it had just last week.
Beam, on the other hand, traded as low as $1.10 at the start of Sunday’s trading session. Beam later recorded gains of up to 92% during the day, which sent its price to as high as $2.02. The value of the coin at press time is $1.78 with a market cap that of ~$5.7 million.
What are Beam and Grin?
Beam and Grin are two different coins using the same protocol, with Grin being the newest to arrive. Both cryptocurrencies were built on the Mimblewimble protocol which focuses on scalability, privacy, and fungibility.
According to an interview we had with Alex Romanov, BEAM’s CTO, Beam solves the core problems that exist in Bitcoin – the blockchain size scalability, and privacy.
Similarly, Grin seeks to improve on the privacy of individuals by enhancing the level of anonymity of digital asset transactions.
The highly unstable price movement of the two coins does not imply about their future. Such volatility was also noticed in other cryptocurrencies such as Monero and Zcash which also had massive inflation ratio at their early days.