iExec RLC price prediction: Can profit be made in the cloud?
iExec RLC has few blockchain competitors. Can the native token break out this year?
- iExec: A brief overview
- RLC token: Key facts and figures
- RLC token: Latest price action
- Forecaster price targets
- Assessing the competition
iExec: A brief overview
iExec RLC is a decentralised cloud computing platform that connects resource providers with users, and is powered by the ERC-20 RLC token.
A proof-of-contribution (PoCo) consensus method is used for the off-chain computing aspects (on the Ethereum sidechain) of the iExec platform. PoCo consensus parameters are designed to ensure that all the processing power that contributes to the decentralised storage network is behaving in good faith.
The size and geographical spread of iExec’s decentralised network is not actually clear. Unlike some competitors, iExec uses a private pool of workers rather than a public marketplace of nodes.
However, this is set to change. The 2022 road map outlines an intention to integrate public worker pools later this year, “giving individuals the opportunity to contribute their computing power (secure computation using TEE-enabled machines) to execute oracle tasks on both iExec and community-developed applications and products”.
So what is iExec RLC (RLC) looking like as an investment opportunity? Do forecasters have a bullish outlook for the iExec RLC price prediction?
Stay with us as we tackle these questions and look at iExec RLC price predictions for 2022 and beyond.
RLC token: Key facts and figures
iExec executed an initial coin offering (ICO) to launch the RLC token in April 2017, around a year before ICOs hit the mainstream. At launch, 69% of the maximum supply of 87 million was sold to the public, raising more than $12.15m, making it the sixth-largest ICO at the time.
Founders and investors retained 17.2% of the supply, with the rest put aside for marketing, contingency and other operational purposes.
In terms of utility, RLC is the exchange mechanism used on dApps built using iExec protocols. RLC is also used for distributing rewards to workers and dataset providers of the PoCo consensus protocol.
The coin is currently valued at $1.03, and the current circulating supply of RLC is 81 million, so the market capitalisation stands at $83m. A recent rise in trading volume saw a 24-hour reading of $136m, almost double the market cap.
Binance, as the main provider of liquidity, offers a range of trading pairs. The RLC/USDT, RLC/BTC and RLC/USD pairs all have high liquidity ratings, although at 594/1000 according to CoinMarketCap’s assessment, the primary trading pair RLC/ETH is slightly less liquid. Coinbase, Bithumb, Huobi Global and Gate.io also provide exchange options.
Binance’s reserves also account for two of the top five token addresses, with the other three likely being company addresses. A total of 20,464 unique addresses hold RLC, the top 100 of which hold 83.24% of the supply.
RLC token: Latest price action
Looking at recent RLC price movements yields few surprises. When the crypto market went bullish in the first half of 2021, RLC followed suit. An all-time high of $16.50 was seen on 10 May 2021 following a 75% daily value surge.
Despite numerous daily surges in Q4 2021, including 54% on 2 November and 40% on 3 December, RLC traded relatively flat throughout the rest of 2021, only to hit a downturn in the new year, when Bitcoin’s drastic drop in value sent the altcoin market into a bearish trend.
Over the past 12 months, RLC is down 70% in value, and down over 93% from its all-time high. The token is clearly suffering from a dip. Some recent price surges do show promise, but the sustainability of such rallies will depend on improving market conditions.
While current low prices could present a buy-in opportunity for investors, Currency.com recommends extensive independent analysis before placing a trade. Be sure never to invest more money than you can afford to lose.
Forecaster price targets
iExec RLC price prediction targets at WalletInvestor present a 12-month forecast of $0.15. Sentiment remains bearish for the time being.
In some forward-looking coverage, PricePrediction.net’s iExec RLC price prediction for 2030 averages $16.83. The iExec RLC price prediction for 2025 is $2.70 on average.
According to Gov Capital, RLC could hit $3.69 over the next 12 months, climbing to $19.00 over five years. The site believes the $10 barrier could be breached in Q3 2025.
Assessing DigitalCoinPrice’s comparatively bearish RLC price prediction, we can see price targets of $1.35 for 2022, $1.89 for 2025 and $4.24 for 2029. Of the 26 metrics used in the analysis, five point to a sell strategy, 10 suggest holding and 11 recommend buying.
Though handy as a guide, these forecaster predictions should not be used as financial advice, nor should you base your investment strategy on them.
Assessing the competition
With the iExec RLC coin price prediction out of the way, let’s look at some possible contenders. Few blockchain projects have a similar offering to iExec: while decentralised storage options are increasing in number and popularity, decentralised cloud computing is still somewhat niche.
The Ankr Network (ANKR) is one such platform. ANKR has a market cap of $305m, highly liquid trading pairs across the major exchanges and the expertise of former Amazon Web Services engineers. The network consists of more than 30 staking nodes.
Storj, with a $262m market cap, plenty of liquidity across the major exchanges and a huge network of over 13,000 nodes spanning the globe, is a true leader in the field of decentralised storage. Larger still is Filecoin (FIL), a $2.2bn platform.
Potential investors are advised to read up on the competition and make some comparisons as part of their due diligence.
There are currently almost 81 million RLC tokens in circulation.
That is something which should be determined on an individual basis after researching the project, including reading the associated whitepapers and doing a background check on the team.
iExec could be ahead of its time in regard to decentralised cloud computing, as there are few competitors. But investment opportunities must always be weighed up against the concurrent risks.
Digital forecasters predict sluggish growth throughout 2022, but with higher gains in the long run.
However, these forecasters use automated systems to determine their iExec RLC price prediction targets. They should not be used as genuine financial advice.
Currency.com does not act as a financial advisor, and the information provided in this article is presented on a neutral basis. Your investment decisions are up to you. Remember that cryptocurrencies are highly volatile, and you should never invest more than you can afford to lose.