Cryptex Finance price prediction: What is Cryptex Finance (CTX)?
What’s next for the Cryptex Finance token?
- Cryptex Finance explained
- Cryptex Finance price history
- Cryptex Finance price prediction
- Final comments
Cryptex Finance is responsible for a token that is designed to reflect the overall size of the crypto market. As well as that, though, it also has its own, eponymous cryptocurrency.
So, what is Cryptex Finance (CTX)? Let’s take a look at that, and let’s see what we can find out about the Cryptex Finance price prediction, too.
Cryptex Finance explained
In the world of cryptocurrency, one of the most important statistics is the overall market capitalisation of cryptocurrency. In short, this figure basically tells us how big the whole of crypto is in financial terms.
One particular organisation decided the idea of a crypto that was, ultimately, linked to the total market cap of cryptocurrency itself was a good idea. The name of the token is the Total Crypto Market Cap Token (TCAP), and the organisation behind it is called Cryptex Finance.
However, TCAP is run by a decentralised autonomous organisation (DAO), which has its own native token, called CTX. The Cryptex Finance token allows people to make and vote on governance proposals, and also allows them to delegate their votes in return for rewards. Both cryptos were launched in 2021, with CTX appearing on the market in June that year.
Cryptex Finance was founded by Ethereum developer Preston Van Loon, investment manager Joe Sticco – who also serves as the organisation’s CEO – and smart contract developer Cristian Espinoza.
There are a couple of important things to point out about the Cryptex Finance cryptocurrency. Firstly, it is based on the Ethereum blockchain, which means that it is, technically speaking, a token rather than a coin. That said, you will see and hear references to the Cryptex Finance coin – it essentially means the same thing.
Secondly, Cryptex Finance (the organisation and/or the cryptocurrency) should not be confused with CryptEx (CRX), which is a token working with security on the Binance Smart Chain, nor with the Cryptex cryptocurrency exchange.
Cryptex Finance price history
Now, let’s take a look at the Cryptex Finance price history. While past performance should never be taken as an indicator of future results, knowing what the token has done in the past can help us if we are looking to make a Cryptex Finance price prediction.
When CTX started trading, the market was still recovering from the shock of the great crypto day crash of 19 May 2021. Pretty much all cryptocurrencies were down at that time, as wary investors avoided the market, at least when compared to the boom that had characterised the first few months of the year.
This might have seemed like a less than opportune moment for a new cryptocurrency to come out, but CTX became available in June that year and, on 19 June, it was worth around $3.83. The market conditions were such that, unfortunately for early backers, it pretty much immediately dipped down to reach what still serves as the token’s all-time low – $2.29 – on 26 June.
After this, there was some recovery, with the new crypto boosted by a slow return to form in the market overall. August 2021 saw CTX operate in the general vicinity of between $6 and $7 for the most part, until things started to happen at the end of the month. As the cryptocurrency market boomed, so did the token’s value, and on 1 September 2021 it spiked, going from an opening of $7.39 to $44.99 – a rise of more than 500% – over the course of a few hours.
This mooning was never going to last too long, and CTX closed the day at $8.41, down more than 80% from its intraday peak. The token continued to grow, however, reaching a peak of $45 on 13 September 2021, before sinking down to close the month at $29.20. While this was down quite a bit from where it had been, it still represented a monthly rise of nearly 300%.
October 2021 saw the token take something of a downturn, closing the month at $24.52. November saw stagnation, although there was another freakish occurrence when, on 16 November 2021, it reached an all-time high of $65.15 before dropping down to close the day at $15.78.
By the end of the month, the market was slowing down as a result of concerns about the Omicron variant of Covid-19, and it closed at $17.26. December was another month of loss, and CTX closed 2021 at $12.26.
In 2022, the cryptocurrency market has taken a series of hits, and CTX has not really been an exception. It closed January at $8.06 and made an incredibly small recovery in February to finish the month at $8.08. March saw things get worse, with CTX closing at $7.13, and there were more losses in April, when it ended up at $4.97.
While the crypto market took a hit in May thanks to the depegging of the TerraUSD stablecoin and the collapse of the associated LUNA putting the market into turmoil, CTX did not perform all that badly. While it sunk to depths of $2.81, it was able to recover some of its position and, by 1 June 2022, it was worth a little over $4.20.
Further crashes saw the token sink to lows of $3.75 by 30 June. However, by 1 August 2022 the token was trading at $4.28, having largely traded sideways around the $4 mark since early July.
At that time, there were 3.35 million CTX in circulation out of a total supply of 10 million. This gave it a market cap of $14m, making it the 696th largest crypto by that metric.
Cryptex Finance price prediction
With all that out of the way, let’s take a look at the Cryptex Finance price prediction. Keep in mind that price forecasts, especially for something as volatile as crypto, are often wrong. Also, you should remember that longer-term crypto price forecasts are often made using an algorithm, which means that they can change at short notice.
First, PricePrediction.net has a Cryptex Finance coin price prediction that says that it could go down to $4.21 in September this year before hitting $4.60 in December. The token should break through the $10 barrier in April 2025. The site makes a Cryptex Finance price prediction for 2030 that sees it come in at $79.83 before it hits $118.26 in 2031.
Next, CoinArbitrageBot makes a Cryptex Finance price prediction for 2022 that sees it reach $10.38, with a forecast of $18.46 in 2023 and $29.87 in 2024. The site has a Cryptex Finance price prediction for 2025 that sees it worth a little over $48.33.
Meanwhile, Gov Capital is extremely bearish with its CTX price prediction. It says the token should reach about $1.72 at the end of 2022, before it continues on a downhill trajectory to become a dead coin by the end of January 2023.
Finally, WalletInvestor is also bearish in its Cryptex Finance crypto price prediction, forecasting that the token will drop to $0.29 by August 2023.
A couple of final things to talk about before we finish.
Firstly, it is important to note that Cryptex Finance (the organisation) does not appear to see Cryptex Finance (the cryptocurrency) as its most important product. Rather, the organisation’s website is focused on TCAP, with CTX, at best, mentioned in passing. This does not mean that CTX is a bad investment necessarily, but it does suggest that TCAP seems to be of more importance for Cryptex Finance.
Secondly, although it has been around for nearly a year at the time of writing, CTX does not seem to have captured the imagination of the crypto world at large. The token is comfortably out of the top 500 cryptos, and has some way to go before it can get there. It is hard to say what might give CTX the impetus to get bigger and become more of a headline name in the world of cryptocurrency.
As ever with crypto, it makes sense to take a good, close look at things and exercise due caution.
As of 1 August 2022, there were 3.35 million CTX in circulation out of a total supply of 10 million.
It might be. There are some upbeat forecasts but, on the other hand, there are some more pessimistic ones out there too.
If you are thinking of investing in CTX, you will definitely need to carry out your own research before jumping in.
It could do, although when that will happen, how far up CTX will go, and how fast it will potentially rise are all unknown at this stage.
It is important to remember that cryptocurrencies can be highly volatile, so the price of CTX can go down just as easily as it can go up.
This is something that you will have to answer for yourself. Before you do so, though, you will need to do your own research, remember that prices can go down as well as up, and never invest more money than you can afford to lose.