Ankr price prediction: Will it be ANKR away?

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Ankr, a multifaceted DeFi platform launched in 2017, has secured investment from Binance Labs

Representation of an ANKR coin resting on a computer keyboard                                 
ANKR has proved itself to be a crypto with real utility – Photo: Shutterstock
                                

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In the first quarter of 2021, investors warmed considerably to Ankr. The platform’s native coin, ANKR, rose by over 2,340% in the first three months of the year, spiking at an all-time high of $0.2252. However, like many other cryptos, ANKR suffered in 2022’s bear market.

The token’s fortunes might be about to change – having recently secured funding from Binance Labs, there has been a substantial price rally and is up by over 40% in a recent 24-hour trading window.

The platform was founded in November 2017 by two former college roommates at UC Berkeley in California. Chandler Song, CEO of Ankr, was previously an engineer at Amazon Web Services, while Ryan Fang was previously an investment banker. The third co-founder, Stanley Wu, is chief technology officer at Ankr and a former senior software engineer at Amazon.

The Ankr platform claims to provide users with a unique range of features, so what is the latest ANKR price prediction?

Ankr overview

Described on its website as the “only platform that combines node infrastructure, staking and DeFi to make developing and earning easy”, the Ankr ecosystem is a decentralised finance (DeFi) platform with a range of features that Ankr claims make a transition to Web3 easier, more democratic and more efficient.

On the Ankr platform, users can deploy nodes on proof-of-stake blockchains with greater ease and at lower cost, the company claims. 

Another important dimension to Ankr’s offering is its cloud computing system. Ankr utilises excess capacity for cloud computing from a decentralised network of machines, which are not, at that point, in use. Ankr then connects users who require cloud computing infrastructure with these resources. Cloud computing providers who offer up their surplus resources are compensated in ANKR, the native token of Ankr.

Exploiting the possibilities of blockchain technology in order to open up access to cloud computing infrastructure is at the heart of the crypto project’s proposition. The unique way in which users can stake their coins is also an important feature. Ankr’s StakeFi product means that users can stake coins to earn rewards with as little 0.5 ETH.

Normally, on Ethereum’s beacon chain, users must stake as much as 32 ETH in order to get involved. This lowered threshold, made possible by exploiting synthetic derivatives, opens up access significantly.

From the Ankr whitepaper

The whitepaper states: “We strive to build a resource-efficient blockchain framework that truly enables decentralised cloud computing and provides user-friendly infrastructure for business applications. 

“Collaborating with industry partners, Ankr Network will also propose and contribute to several example child chains that address distinct business scenarios, including real estate, financial products, automobile, art collection, wine and others.”    

The document goes on to say: “We believe with native oracle services and a resource-efficient consensus, the Ankr blockchain will be an ideal platform for existing businesses to build their blockchain applications.” 

What does this mean for the ANKR price prediction? Before we look at some expert opinions, let’s look at the coin’s past performance.

ANKR past performance

From spring 2019 to the beginning of 2021, the ANKR coin faltered. The ANKR price dropped from $0.01125 on 9 March 2019 to $0.003113 on 14 September 2019, lurching even lower to $0.002972 on 28 June 2020. ANKR then experienced a slight price rise to $0.01654 on 10 August 2020, before dipping again to $0.009081 on 27 December.

In 2021, however, the ANKR cryptocurrency saw a meteoric rise. By 28 March 2021, the coin price reached an all-time high of $0.2252 in April before dipping to $0.05537 on 20 July 2021. The price rose again on 26 November to a high of $0.1746, settling at a price of $0.1013 on 15 December 2021. 

The long-running bear market saw ANKR sink to lows of $0.02318 in mid-June 2022.

However, the Ankr protocol has introduced plenty of new innovations to encourage the global uptake of the Web3 movement. Introduced as Anchor 2.0, the network is described in the whitepaper as the new “Decentralized marketplace for Web3 infrastructure”.

On 11 August, ANKR opened at $0.03526. ANKR has been known for supporting the BNB Chain by introducing BNB Liquid Staking, and helping develop Binance’s Erigon upgrade. Ankr has now received a strategic investment from Binance’s venture capital arm – Binance Labs. The network announced the following on Twitter:

As of 12 August and at the time of writing, the token is trading at $0.04858. The market cap stands at around $467m, making it the 93rd-largest crypto by that metric, according to data provided by CoinMarketCap.

Expert opinion

It is important when looking at predictions to remember that while they can be helpful as an indicator of which direction the price may move in, they should be viewed as possibilities rather than absolutes.

This is especially the case when looking at long-term forecasts, as these can sometimes be completely off the mark. That is due to both the inherent volatility of the crypto market, and external conditions that affect future prices.

Gov Capital takes a bullish stance, with an ANKR price prediction for 2022 reaching the $0.06 level in December. The maximum price prediction provided by the site is $0.97, expected in August 2027.

WalletInvestor, in a less optimistic ANKR coin price prediction, thinks the coin descend to $0.02 in a year’s time, suggesting it is a “bad long-term (one-year) investment”.

DigitalCoinPrice suggests that ANKR could be worth up to $0.0675 in December this year. The site forecasts an average value of $0.0694 in 2023 and $0.0706 in 2024. The website’s ANKR price prediction for 2025 stands at $0.0936, but down the following year to $0.0863. In 2030 the coin is expected to reach an average price of $0.22. The furthest ANKR crypto price prediction the site will make is December 2031, suggesting the coin will be worth $0.26.

Another long-term projection can be found from PricePrediction, which makes an ANKR price prediction for 2030 of $0.81, increasing to $1.18 the following year.

FAQs

Is Ankr a good investment?

It may well be. It has proven itself to be innovative and potentially exciting. If Web3 takes off, the prospects for DeFi platforms like Ankr appear to be promising. It has lots of features and appears to be constantly expanding its offering. 

Saying this, it is important to remember that the crypto market is highly volatile, and the price of all tokens and coins can go down as well as up. 

Will Ankr go up?

A large proportion of analysts think that the coin will go up.

However, it is worth remembering that forecasts, especially long-term ones, are better viewed as indicators rather than absolutes.

Should I invest in Ankr?

Investing is a highly personal endeavour. Do your own research and try to keep up-to-date with any developments within the Ankr ecosystem that could boost its future prospects.

Remember, investing can be risky, and it is important never to invest more money than you can afford to lose.

Further reading

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
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