BTCST price prediction: Hope for the staking token
BTCST’s price increased by 50% in a recent seven-day period and this trend is expected continue
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Bitcoin has been lagging behind when it comes to utility, other than as a store of value. However, the Bitcoin Standard Hashrate Token is connecting the largest cryptocurrency with decentralised finance (DeFi) opportunities. Stakers of the token will receive rewards in the form of BTC.
After a long-term bearish trend, BTCST is showing signs of recovery and forecasters think it can turn this into a major bullish breakout.
What is BTCST?
Reaping the rewards from Bitcoin mining is not without its barriers. Miners require expensive equipment, such as graphics cards, that have been facing supply issues and a substantial amount of electricity – the price of which is expected to rise substantially this year after the World Bank forecast a 50.5% increase in global energy prices for 2022.
The Bitcoin Standard Hashrate Token is attempting to solve these barriers by making the process more accessible. BTCST acts as a bridge that is bringing Bitcoin and its mining rewards into the world of DeFi.
Every BTCST token is collateralised with 0.1 terahash per second of mining power and stakers of the BTCST token will gain access to these mining rewards. The more BTCST staked, the larger amount of BTC gained.
This is giving token holders exposure to Bitcoin mining. The Bitcoin Standard Hashrate Token’s whitepaper says: “Holding the token is legally and functionally equivalent to owning the underlying mining power.”
How does it work?
BTCST acquires the mining power needed for its tokens from a centralised organisation and then uses a decentralised distribution method. The project is partnering with a “reputable mining pool” to do this. It says this centralisation stage is “necessary to ensure feasibility and accountability”.
As the daily mining rewards are collected, a portion is sold on the market to cover associated costs like energy usage. The rest is then sent to stakers and holders of BTCST.
The project has received backing from Binance and four other partners. It also has a strong team behind it. The whitepaper says: “The program team consists of mining veterans with four years’ of experience constructing and managing mining sites in Yunnan, Sichuan, Xinjiang and Inner Mongolia provinces of China.”
The chief executive officer of the Standard Hashrate Group, the developers of the BTCST, is Alex Zhao.
BTCST’s price history
BTCST launched in January 2021 on the Binance Launchpool. Then, just two months later, it underwent a redenomination of its token supply. Taking place on the 17 March, BTCST’s supply increased by ten fold. One token would be recalibrated into ten BTCST tokens.
According to CoinMarketCap, BTCST opened on 19 March at $51.43. It saw an initial dip below this, but soon recovered.
Its first rally took place in April after the launch of τBitcoin. This was the synthetic version of the largest cryptocurrency that is pegged to its price using the Tau protocol. Bitcoin is rewarded to stakers of BTCST. It can then be converted to BTCB, the Binance Smart Chain version of Bitcoin, on the platform’s swap feature.
τBitcoin went live on 2 April and four days later BTCST reached $68.03. Its price continued climbing throughout the month and peaked at its all-time high of $92.75 on 13 April. However, the token soon fell from this level. Towards the end of May, it had fallen below the $40 mark and in July BTCST was trading under $20, falling a low of around $12.04.
Its next rally came towards the end of the year. BTCST rocketed from its opening price of $20.98 on 6 October to a high of $86.91 the following day. While there was no apparent reason for this jump, it did follow a similar price action to Bitcoin.
BTCST then saw a bearish trend that has plagued the cryptocurrency since the beginning of this year. The token opened 2022 at $22.47, but quickly fell to a low of $13.33 on 24 January. While it climed back up to $19.08 on 10 February, it came down to a low of $12.23 on 24 February. From there it jumped to $26.13 on 1 March, but it again fell back after a fornight to a daily low of $14 on 14 March. Despite some gains, BTCST was back at the $14 mark, closing at $14.03 on 6 May – from where it fell to $5.70 on 12 May and closed the month back up a little at $7.89.
Following the crypto crash in June 2022, the token stooped its all-time low of $4.58 on 18 June. It has recovered slightly since then along with a spike in the total value locked into the platform of $44.76m, according to DeFi Llama. At the time of writing, on 13 July, it was trading at $8.44 and was up 56% on the previous seven days.
BTCST price prediction
When it comes to a BTCST coin price prediction, there is a consensus among forecasters that it will see a strong rise.
CaptainAltcoin’s Bitcoin Standard Hashrate price prediction for 2022 says it will fall to $6.09 in the short term. But the site said: “In the long-term (8-10 years), it could jump to $50.77 or even higher.”
DigitalCoinPrice thinks the bitcoin mining token will see a gradual price increase. It is anticipated to climb from $11.28 this year to $16.86 in 2025. Its Bitcoin Standard Hashrate price prediction 2030 says it could average out at a new high of $40.26.
TechNewsLeader is one of the most ambitious. Its Bitcoin Standard Hashrate price prediction for 2025 expects it to hit a maximum price of $32.87. By the beginning of the next decade, the token is thought to reach a staggering $232.18.
A similar forecast is given by PricePrediction which suggests the cryptocurrency has the potential to eventually race past $200. Its BTCST token price prediction forecasts it will reach $25.88 in 2025 and $184.72. in 2030.
FAQs
What is BTCST?
BTCST is connecting Bitcoin with the world of DeFi. Every token is backed by 0.1 terhash per second of mining power. This means stakers of BTCST will receive mining rewards in BTC.
How and where to buy BTCST?
BTCST is available on numerous exchanges, including Binance and Gate.io.
