Astar price prediction: Will it live up to bullish forecasts?
The five-month old ASTR token has fallen 57% in the 30 days leading up to 24 May
- What is Astar (ASTR)?
- ASTR coin performance: What’s next for multi-chain crypto?
- Astar price prediction: Forecasts bullish on ASTR
Astar, a multichain smart contract platform, launched in January 2022, but it has failed to gain traction among investors in recent weeks.
Dropping 19.4% in the 14 days leading up to the 24 May, the native token ASTR has been swept up in the bearish sentiment currently pervading the crypto sector.
With its claim to be “the top parachain in the Polkadot ecosystem in total value locked and most Ethereum assets transferred over”, the Astar Network, according to its website, connects the Polkadot ecosystem to Cosmos, Ethereum and other significant layer-one blockchains.
With a self-proclaimed $1bn in total value locked and more than 500,000 community members, the project, despite its recent lacklustre performance, appears to be an impressive one. But what is the effect of this on an Astar price prediction?
Before looking at any forecasts, let’s consider at how the protocol works and who founded Astar.
What is Astar (ASTR)?
Claiming to be a “gateway into a multichain future”, the project is backed by a number of notable supporters including Binance Labs and Coinbase Ventures.
A main feature of the network’s offering is a range of programmes designed to support decentralised applications (DApps) throughout the process of developing their application. The ecosystem, through programmes like the Astar builders programme provides financial incentives, incubation programmes and tech support, to help support developers and incentivise projects to build on the Astar blockchain.
According to the protocol’s official documentation: “Astar Network is a scalable and interoperable infrastructure for Web 3.0. Since Astar Network is built with Parity’s Substrate framework, it can be a future Polkadot parachain that also acts as a scalable smart contract platform. The Polkadot Relaychain, by design, does not support smart contracts. This allows Astar the opportunity to fill in this gap. Scalability is obviously one of the most crucial demands DApp developers have. Ideally, the developers can build whatever applications on [the] Astar Network without having to consider its scalability.”
The native token ASTR possesses a variety of functions including as a utility token, as a governance token and as a staking token.
Astar was founded by Sota Watanabe. Based in Singapore, Watanbe studied for a degree in economics at Keio University, which is in Toyko, Japan.
Watanabe worked in a variety of different roles, including a marketing specialist at Chronicled (a San Francisco based IT company that offered end-to-end smart supply chain solutions), as well as a task force member for the Japanese government. He was also a director at Japan Blockchain Association, according to his LinkedIn, and founded Next Web Capital, an investment firm for crypto start-ups.
Before considering an Astar price prediction, let’s see how the coin has performed recently.
ASTR coin performance: What’s next for multi-chain crypto?
According to CoinMarketCap, the token dropped immediately after launch, from $0.278 on 18 January 2022 to a close of $0.1798 that same day before heading down to a low of $0.0854 on 25 January.
The token subsequently saw a slight uptrend, rising to a daily high of $0.1494 by 23 February. Despite dropping to $0.1276 on 25 February, the token then rallied and hit a high of $0.1659 three days later.
On 7 March, the token fell to a daily low of $0.09729 from which it surged to an intraday high of $0.2774 on 2 April. Despite correcting to a daily low of $0.1997 on 4 April, the token surged to its all-time high of $0.3353 on 10 April 2022.
ASTR has since suffered a steady downtrend ever since, falling to a low of $0.1312 on 1 May, and further still to $0.04194 on 12 May.
The token has made somewhat of a recovery since, standing at $0.08094 as of 18:21 BST (UTC +1) on 24 May 2022.
According to CoinGecko, ASTR has gained 39.5% in the 24 hours between 23-24 May.
The project has a market cap of $275m, according to CoinMarketCap, which also ranks it as 227th among all cryptocurrencies. There is a total supply of seven billion ASTR and a circulating supply of 3.41 billion.
How does this information impact an Astar coin price prediction?
Astar price prediction: Forecasts bullish on ASTR
While price forecasts are important when it comes to attempting to work out whether a crypto is a good proposition, it is critical to keep in mind that price predictions, especially long-term ones, can be wildly inaccurate. This is due to the inherent volatility of the market. Inevitably the newer the token, the less price prediction platforms have to go on, making it even more possible that they are inaccurate.
With this in mind, let’s look at the ASTR price predictions.
DigitalCoinPrice forecasts the Astar price prediction for 2022 to be $0.11 before rising to $0.12 in 2023.
The platform’s Astar price prediction for 2025 stands at $0.17 while for 2026, it predicts the token will go down to $0.15. In 2027, the price forecast for ASTR stands at $0.21 while the Astar price prediction for 2030 is $0.38.
PricePrediction in a bullish forecast sees ASTR going up to $0.13 by May 2023, $0.18 by May 2024 and $0.27 by 2025. In 2030 the platform suggest the token could go up to $1.68.
Gov Capital in an optimistic forecast, outlines that the Astar crypto price prediction for 2023 could be $0.2007. The platform foresees the coin could go up to $0.529 by 2027.
How many Astar are there?
There is a total supply of 7,000,000,000 ASTR and its circulating supply is 3.41 billion.
Is Astar a good investment?
Potentially. Astar price predictions outlined by online forecast websites suggest on the whole the token will go up in the short and long term.
Remember, however, investing in crypto is highly risky and you should never put in more than you can afford to lose.
Will Astar go up?
It could go up, as the online forecasters suggest, but it is just as likely that it could also go down.
Always remember, crypto is highly volatile, and gains are generally followed by losses. Never invest any money that you cannot afford to lose.
Should I invest in Astar?
Investing is a highly personal endeavour and dependent on your individual investment goals and attitude to risk – so the answer to this question rests enitrely with you. Remember to do your research and stay up-to-date with any developments in the Astar ecoystem.