BEAM price prediction: What is Beam?
Can BEAM deliver privacy, security and growth?
Contents
The Beam blockchain ecosystem wants to focus on online privacy but, in terms of its native coin, what is BEAM? Let’s see if we can explain that, and also see if we can find out something about the Beam price prediction.
Beam explained
One of the biggest selling points behind blockchain technology and, by extension cryptocurrency, is privacy. While Web 2.0 has been characterised by internet giants being able to access a large amount of their users data, the upcoming – or ongoing, depending on who you ask – Web 3.0 era promises to give web users control of their own information. Something that cryptocurrencies were often keen to stress, at least in the early days of the rise of crypto, was that there was no way of telling what it was that you were doing. And there were no central points of authority to take your details from you without your express permission – at least in theory.
This concept, however, was never quite going to last. If nothing else, it is pretty reasonable to assume that there were times when cryptocurrency and blockchains were used for both immoral and illegal purposes. This led to a certain kind of ideological split in the crypto community. On one side, you had people who understood that certain kinds of compromises had to be made in order to grow blockchain technology and allow more people to benefit from what it had to offer. On the other side, there were those who felt that it was vitally important to maintain user’s privacy and security from the clutches of big companies and authority figures.
Anyway, one of the crypto organisations – if organisation is the right word to use – that aims to maintain a focus on security and privacy when it comes to data and information is Beam. This blockchain ecosystem makes use of a privacy protocol called Mimblewimble. If that name seems somewhat familiar, it is either because you are a fan of Harry Potter (mimblewimble is the name of a spell in the book series that leaves victims tongue-tied) or because the protocol is also used by the Litecoin cryptocurrency.
According to Beam’s whitepaper: “Confidential transactions are implemented by using cryptographic commitment scheme which has two basic properties: hiding and binding. It is similar to giving someone a closed safe box with some message inside that only you know the combination for. When the time comes you can reveal the key and the person can make sure that your commitment is valid (binding) while he can not know what it was before the key is received (hiding).”
It is hard to think of any blockchain, or blockchain-based entity, that does not have its own native token. Beam’s is the Beam coin which goes by the convenient market ticker of BEAM. This coin exists on the Beam blockchain network and is used to power the network. Although, at present, Beam is controlled by the Beam Foundation and its board of directors, it is hoped that, at some point in 2024, the coin should be left in the control of the community.
It uses a proof-of-work consensus mechanism. This means that miners solve increasingly difficult mathematical equations in order to add blocks to the blockchain and earn rewards paid out in BEAM. It is also possible to buy, sell and trade BEAM on crypto exchanges. It was first released in 2019, and went through a halving, where the amount of the coin given to miners was halved from 100 a block to 50 a block – and it will go through a halving every four years. The maximum supply of 262,800,000 should be exhausted, if everything goes to plan, in around 2152.
Beam was founded in 2018 by Israeli crypto entrepreneur Alexander Zaidelson, who left the organisation in 2020. The board of directors currently consists of crypto business founders Guy Corem and Ferdous Bai, Bitcoin trader Bo Dong, and mathematician Wilkie Trei.
Beam price history
It’s now time to take a quick look at the BEAM price history. While it is very important to note that past performance should never be taken as a predictor of future results, knowing what the coin has done in the time it has been around can help give us some very useful context if we want to interpret a Beam price prediction or make one of our own.
Beam first came onto the open market in early January 2019 opening at $0.5752. Less than a month after it came out, it shot to $3.18. That price, which it reached on 28 January 2019, still serves as an all-time high for the crypto. After that, though, it suffered the same fate as many freshly-launched cryptos and its price fell, with it spending some time below $0.50 in May 2019 before enjoying a spike to mor than $2 the following month before it dropped back down to below the dollar by the end of September. For a little bit more than the next year, it stayed at that level in one form or another.
In early 2021, though, the market went through a real boom time, and BEAM got bullish, reaching periodic highs above $1.70 on several days in April. After that, though, the downturn was made worse by the Great Crypto Day Crash of 19 May 2021, and the worst came in the middle of July, when it spent a few days below $0.40.
August was a time of recovery, with the cryptocurrency market boosted by a growing interest in non-fungible tokens (NFTs), and BEAM was able to trade in the $0.70 region before just about breaking through $0.80 in early September. There was then another dip, before the coin gained traction in early November in the wake of Bitcoin reaching its own all-time high. On 4 November, BEAM reached $0.7996, after which it went down before it shot back up to a high of $0.8683 on 21 November. After that, though, the market contracted as fears about the Omicron variant of Covid-19 took hold and the coin closed the year at $0.5785.
If 2021 was a BEAM feast – with the coin rising more than 92% from its 2020 end price of $0.30 – then 2022 looks suspiciously like a famine. A high of $0.6312 on 3 January marked the high point, and it was all downhill from there, with one notable low coming as Russia invaded Ukraine on 24 February and Beam dropped to $0.2614. While there was some return to form in March, with the end of the month featuring a mini-bull run that finished with a high of $0.4837 on 5 April, the announcement of a Chinese crypto ban meant that the price of BEAM fell to close the month at $0.2507.
Things got worse in May, when the depegging of the UST stablecoin and the collapse of the associated LUNA cryptocurrency saw the market crash, and BEAM sank to an all-time low of $0.09506 on 12 May. There was some recovery to $0.1643 at the end of the month, but plans for a return to growth were put on hold in June when the cancellation of withdrawals on the Celsius crypto lending platform confirmed that the market was a bear one. By the end of the month, BEAM had struggled to $0.119.
There was some better news in the middle of the next month, when the coin shot to a high of $0.3139 on 13 July. The coin then fell, but was still worth about $0.202 on 14 July 2022. At that time, there were 118,613,560 BEAM in circulation out of a maximum supply of 262,800,000. This gave the coin a market cap of about $24m, making it the 516th largest cryptocurrency by that measurement.
Beam price prediction
Let’s now take a look at the Beam price prediction. It is important to remember that, with cryptocurrency being as volatile as it is, price forecasts are very often wrong. In addition, an algorithm is used to make long-term crypto price predictions, which means that they can change at any moment.
First, CryptoPredictions.com has a Beam price prediction for 2022 that says the coin should reach $0.3179 by the end of the year before it rises to $0.3433 in July 2023. A year from then, BEAM should be trading at $0.4497, before it continues its climb to reach $0.4527 in July 2025. The same month in 2026 will, the site suggest, see the crypto reach $0.5267 before it closes the year at $0.5542.
Next, TradingBeasts suggests a Beam coin price prediction that sees it reach $0.3393 at the end of 2022. In July 2023, Beam should be down slightly to trade at $0.3209, but 12 months on from then it should have recovered to stand at a little under $0.418. The site’s Beam price prediction for 2025 sees it start the year at about $0.4574, before dropping to just under $0.405 in July and recovering to a little below $0.4328 by the end of the year.
Meanwhile, PricePrediction is very upbeat when it comes to a long-term Beam crypto price prediction. The site predicts the coin will reach $0.14 this year, $0.20 next year and $0.30 the year after that. In 2025, BEAM should be worth $0.42, before it continues its rise to reach $0.63 in 2026 and $0.93 in 2027. The coin should break through the $1 barrier in 2028 to reach $1.35 and should close the decade at $1.97. The site has a Beam price prediction for 2030 of $2.86, while it should trade at $4.15 in 2031.
Finally, Gov Capital has a far gloomier and much more bearish outlook when it comes to a Beam crypto price prediction. The site indicates that, by 25 September 2022, the coin’s price will drop so far as to be effectively worthless, making it a de facto dead coin. There will be little cause for hope of a recovery in the medium-term, either, because the site says that it will still be worth $0 on 14 July 2023.
Final thoughts
Before we finish, some final points. First, BEAM has been around for quite a while, but has yet to achieve the high levels that some other, newer cryptocurrencies have. It remains to be seen what BEAM can do to grow its profile, if indeed it can. Linked to that is the second point, which is that Beam wants to help keep people’s information and transaction history private. In fairness, there are other blockchains that aim to do the same thing so, again, it is hard to see just how Beam can get to the head of that particular market.
Third, it does seem rather incongruous that a crypto platform that talks about anonymity is run by a board of named directors. Yes, there are plans to move control of the system over to users, but, as is common with most things, it might be best to wait for that to actually happen rather than assume it will happen and get disappointed.
Finally, it might be a bit of a worry that the best the coin ever performed was not long after its launch. Investors may wonder why, when the market was in a so-called crypto winter, characterised by low prices and sluggish growth, the coin was able to perform better than, for instance, early 2021, when the market boomed. As always with crypto, it makes sense to think and be cautious if you want to invest in BEAM.
FAQs
How many Beam are there?
On 14 July 2022, there were 118,613,560 BEAM in circulation out of a maximum supply of 262,800,000.
Is Beam a good investment?
It can be argued, at least by proponents of buying during dips, that now might be a good time to invest in BEAM. That said, some caution is needed. We have seen the price of BEAM go down quite a bit over the last 12 months. Remember, cryptocurrencies can be highly volatile and prices can go down as well as up. You will need to do your own research and never invest more than you can afford to lose.
Will Beam go up?
Supporters of buying during the dip might well tell you that cryptos like BEAM, which has lost value over the last 12 months, are worth looking into. On the other hand, it has been in a bearish place for some time now. Regardless, cryptocurrencies can be highly volatile and prices can go down as well as up. Take the time to conduct your own research and never invest more money than you can afford to lose.
Should I invest in Beam?
This is something that you will have to figure out for yourself. Before you do so, you will need to research the matter, bearing in mind that prices can go down just as easily as they can go up and you should only invest as much money as you are prepared to lose.
