Chromia price prediction: What is Chromia (CHR)?
Can chromia continue its upward momentum in the market?
The Chromia network aims to combine level 1 and level 2 scaling in a bid to become the key place for people to put out their decentralised applications, but what is chromia (CHR)? Let’s take a look at that and, perhaps more importantly, examine the chromia price prediction, too.
Chromia is a blockchain platform used to both build and utilise decentralised applications DApps. The blockchain lets people, in effect, use a range of different blockchains for their DApp, allowing them to, at least in theory, work quicker and more efficiently.
Chromia claims to be scalable and cost-effective, which is important because being scalable – in other words, being able to keep performing without slowing down as the system grows and more people use it – is critical to how a DApp can perform.
In its whitepaper, Chromia says it wants to address some of the problems users may have when it comes to making and using DApps on other networks, such as bad user experience, high fees, frustrating developer experience and poor security.
A major differentiator for Chromia is its replacement of miners with “providers”. As the whitepaper says: “Providers own nodes that produce blocks. It has been suggested that the four largest mining pools of both bitcoin (BTC) and ethereum (ETH) could exert significant control over those networks if they colluded.
“We aim to ensure that the minimum number of node providers whose collusion would be required to exert such control on Chromia exceeds this number significantly.
“It can therefore be said that the Chromia model does not tend towards centralisation any more than the oldest and most trusted public blockchains.”
Something that makes Chromia, which can operate as a blockchain in and of itself but can also serve as a layer 2 solution, allowing people to move transactions to be completed on it to Ethereum, a bit different from other platforms is that it enables massively multiplayer online games (MMOGs). One of the biggest games on the system is My Neighbour Alice, while it also plays host to the likes of decentralised finance trading platform Hedget and government land registry initiative LAC PropertyChain.
The chroma cryptocurrency (CHR) is the native token of the Chromia network and can be used to compensate DApp creators, as well as helping power the network. It can be staked in return for voting rights, and can also be bought, sold and traded on crypto exchanges.
Chromia was created by blockchain company ChromaWay, which was founded in 2014 by Ukrainian programmer Alex Mizrahi, along with Swedish programmers Henrik Hjelte and Or Perelman. The Chromia platform itself came out in 2019.
CHR price history
Now, let’s explore the price history of CHR. While past performance is not an indicator of future results, knowing how the token has behaved in the past can be very useful, so far as it helps bring context if we want to either interpret or make our own chromia price prediction.
CHR first came onto the open market in May 2019, and it was worth a little over $0.02. In truth, the token did not perform in a terribly interesting manner for the first two years or so of its existence. That is not to say that it stagnated because there were peaks and troughs, but it rarely even threatened the $0.10 mark, with a brief foray above $0.08 in August 2020 a highlight. It was not until early 2021, when the cryptocurrency market went through a majorly bullish phase, that it started to make headlines.
In March 2021, CHR was caught up in the rising tides of the crypto market and it went from $0.07199 on 6 March to $0.5636 on 12 March – a rise of not too far off 700% in the course of less than a week. The time period after that was characterised by peaks and troughs and, while the overall direction of travel was downwards, people who had got on board at the start of the year could still look to make a decent profit.
The Great Crypto Day Crash of 19 May had an impact on the price of the token, though, with an opening price that day of $0.294 falling to $0.183 by the close of play, a loss of more than 35%. While there was some recovery for CHR, the market was weak enough that it ended up spending the summer in a bad place, with a good chunk of June and July below $0.20.
There was some recovery towards the end of July and, boosted by a market recovery at least partially triggered by a growing interest in non-fungible tokens (NFTs), August saw the token consistently trade at pre-crash levels, closing the month at around $0.435. September saw the market cool down somewhat, and CHR ended up being worth $0.2897 by the month’s end. October saw consolidation, finishing at $0.4375.
While November saw the market boom, thanks in part to bitcoin reaching new heights, CHR investors may well have been very pleasantly surprised with the token’s performance that month. On 5 November it broke through the dollar barrier for the first time, hitting an intraday high of $1.03 before settling down to close the day at $0.9149. There was another supra dollar foray later in the month, though, and that culminated in it reaching an intraday high of $1.50 on 20 November. The token then fell back down to close the month at $0.9466 and, with December a time of market concerns surrounding the omicron variant of Covid-19, it closed the year at $0.8094.
So far, 2022 has been a time of some ups and more downs for CHR. It rallied to hit highs of $0.9662 on 2 January before falling, only to rise again to $0.945 on 18 January. It was then time for chromia to fall in line with the market, entering a bearish phase which reached its nadir following Russia’s invasion of Ukraine on 24 February, when it fell to $0.3148.
Despite it making some gains, by the middle of March it may well have looked like things were looking bleak as it traded at an intraday low of $0.3388 on 14 March but, by 29 March, it had been on an upward journey and was trading at a little under $0.55.
By 2 April, the coin met a 2-month high of $0.678. April brought some substantial price decreases, moving roughly in line with broader crypto market sentiment. However, there was a marked upturn towards the end of the month and as of 29 April and at the time of writing, the token was trading at $0.4178.
At the same time, there were over 567 million CHR circulating out of a maximum supply of 1 billion (57%). CHR had a market cap of around $237m, making it the 178th largest cryptocurrency by that measure.
Chromia price prediction
With that all said and done, it’s time to take a look at the chromia price prediction. It is very important to note that price predictions, especially when it comes to something as volatile as cryptocurrency, are very often wrong. Also, it is important to note that longer-term crypto price forecasts are often made using an algorithm, which can change at any moment.
Firstly, CoinArbitrageBot is pretty upbeat in its chromia coin price prediction, suggesting it will get to a little under $0.57 this year before rising to $0.92 in 2023. In 2024, the site says that CHR should be worth a little under $1.50 before it makes a chromia price prediction for 2025 of around $2.42.
Meanwhile, Gov.capital has a chromia price prediction for 2022 which sees it dip to around $0.363 by end of May before rising up to break the $0.50 barrier in July. On 29 April 2023, the site’s CHR price prediction is that it will be worth around $1.30, while a year from then the token should be worth $2.45. On 29 April 2025, the site says CHR will be worth about $3.89 before it rises to about $5.62 on the same date in 2026, while 12 months on from that it should trade at an average of a little under $7.68.
Next, TechNewsLeader has another optimistic chromia crypto price prediction, although it is fairly bearish for this year, with a forecast of $0.51, before it moves up to $0.75 in 2023 and $1.08 in 2024. In 2025, the site says that chromia can get to $1.61 before hitting $2.23 in 2026 and $3.27 in 2027. In 2028, the token can reach $4.49 before closing the decade at $6.64. There is a chromia price prediction for 2030, which sees it trade at $9.38 before it rises above the $10 mark to hit $13.89 in 2031.
Finally, WalletInvestor has a CHR price prediction that sees it rise to $1 in August 2023, while the site argues that the token can get to $2.54 in April 2027.
A few final things to point out before we wrap up our Chromia review. Firstly, Chromia is one of many blockchain platforms to allow people to build DApps. While it is notable that it can exist in its own right and as a layer 2 scaling solution on Ethereum, it will be interesting to see what, if anything, it will do in the future to help it stand out.
Secondly, it feels like a bit of a jack of all trades, so far as it offers a lot of things without necessarily specialising in anything. While its commitment to gaming is admirable, there are other networks out there that do something similar, so it can be hard to see what kind of target market Chromia is truly targeting.
Finally, the fact is that, while CHR has been on a bit of an upswing lately, it has some way to go before it can reach the heights it enjoyed as recently as November. Like pretty much every other crypto, you will want to do your own research if you are thinking of taking things a bit further with CHR.
How many chromia are there?
On 29 April 2022, there were over 567 million CHR circulating out of a maximum supply of 1 billion (57%).
Is chromia a good investment?
It could be. The coin is trading above where it was 12 months prior to the time of writing (38%), but it was on an upward swing, which could bode well for the future. Ultimately, though, you will have to do your own research and make sure to never invest more than you can afford to lose.
Will chromia go up?
It might do. At the time of writing, CHR appeared to be going through something of a bullish phase and, while cryptocurrency price forecasts are often wrong, predictions suggested its price could rise. That said, cryptocurrencies can be very volatile and prices can go down as well as up.
Should I invest in chromia?
This is a question that only you can answer. Before you do, you will have to do your own research, remember prices can go down as well as up, and never invest more than you can afford to lose.