ssv.network price prediction: What is ssv.network (SSV)?

Can SSV maintain its recent price performance?

SSV                                 
SSV has outperformed the market this year – Credit: ssv.network
                                

Contents

It is a token that has significantly outperformed the market in 2022, but what is ssv.network (SSV)? Let’s see if we can explain things, and take a look at some of the ssv.network price predictions that are being made, too. 

ssv.network explained

One of the more notable things about the world of blockchain technology in general and cryptocurrency in particular is that it depends on people to work it. What makes these people a bit different from regular company employees is that, a lot of the time, they are regular, everyday people who just happen to have an interest in computing and, in particular, blockchain technology. 

People who operate computers, or nodes, on a particular blockchain network are usually rewarded for doing so by being paid in the native token of the system on which they operate. While you usually need a certain level of expertise – or, at least, a pretty powerful computer – in order to be a node, once you’ve done that, you are in. It is, when you think about it, pretty democratic. There is no interview process or people you have to impress, as long as you can do things properly and without making mistakes, you can earn whichever crypto you want, pretty much.

There are, however, two issues. That is, what happens if and when someone wants to stake their crypto? Quite often, it can be pretty difficult to serve as a node on a network and get involved in staking your coins and tokens in order to, potentially, earn more money. Also, what about if you want to use your computer to help run a computer on a blockchain-based network but are unable to do it full-time? Again, it can be hard to share responsibilities and pay on a crypto system. 

There is a potential solution and that comes in the shape of the ssv.network. This system – with SSV standing for secret shared validators – enables people to share the workload and, potentially, stake their crypto, too. As the whitepaper says: “In order for a validator to earn ETH rewards by signing data transactions, it must remain online and available. In the current Ethereum staking ecosystem, due to strict protocol rules, a validator must run on one node only and this presents a single point of failure.

“By splitting the validator key into multiple KeyShares and distributing those KeyShares to multiple nodes, if one node goes offline for routine maintenance or because of a problem, fault tolerance is achieved and the other nodes holding the rest of the KeyShares will respond to keep the validator operating. This results in a slashing-free, decentralised staking environment.”

Every blockchain-based network needs to have its own native cryptocurrency, and the ssv.network has the conveniently named, if frustratingly punctuated ssv.network token, also known by its ticker handle of SSV. People who hold the token are able to take part in votes on how the system operates going forward, while SSV can also be used to pay for transactions on the system. As well as that, it can be bought, sold and traded on exchanges. 

In order to work, the ssv.network relies on three different types of users. Firstly, there are operators. These users manage the protocol, own the physical computers the system needs and maintain the overall health of the network. Then, there are stakers, who are people and organisations who hold the cryptocurrency Ether (ETH), and help make things work quicker. Finally, there are  the people who hold the SSV token. They are able to, as we have said, vote on changes to the network, as well as setting network fees and operating the system’s treasury.

The ssv.network token holders make up a decentralised autonomous organisation, or DAO, which is responsible for running the platform as a whole. Because it is a DAO, there are no specific people in charge of the network. While this is not too uncommon for crypto platforms, it might be something that puts people off investing.

Finally, one very important point. Because SSV operates on the Ethereum blockchain, it is a token rather than a coin. You might see references to things like the SSV coin or an ssv.network coin price prediction but, technically speaking, they are wrong.

ssv.network price history

Now, let’s cast our eyes over the SSV 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 want to either interpret an ssv.network price prediction or else make one of our own.

When SSV first came onto the open market, following a transition from its original incarnation as Blox (CDT), in October 2021, it was worth about $15. While its price dropped to below $8 in the days following its launch, a growing market, boosted by Bitcoin reaching an all-time high, saw it trade at $16.89 on 3 November. After that, though, things went down and, with concerns about the Omicron variant of Covid-19 running high, the token closed the year at $6.69.

While 2022 has so far been a pretty poor year for cryptocurrency as a whole, SSV has been one of the select tokens that has seen its price go up over the course of the year. The first sign of positivity came on New Year’s Day itself, when the token reached a high of $14.46.

Although things went downhill after that, things picked back up again in late March, with the token reaching an all-time high of $21.52 on 31 March. After that, though, there was another fallback, with things getting worse in May as the UST stablecoin got depegged and its associated LUNA cryptocurrency collapsed, and SSV dropped to a low of $6.24.

While things started to improve, the recovery was cut off when the cancellation of withdrawals on the Celsius crypto lending platform confirmed crypto was in a bear market and the token dropped to an all-time low of $3.68 on 18 June. After that, though, there has been some steady recovery and on 10 August it went above $10 for the first time since 11 May.

On 13 August it reached a high of $13.01. Although it has gone down since then, on 15 August 2022 it was trading at about $10.75. This means that, over the course of 2022 to date, the SSV price has gone up by around 60%. When we consider that the crypto market as a whole has dropped nearly 50% since 1 January, this does suggest SSV is one of the year’s success stories.

At the time of writing (15 August 2022), there were 10 million SSV in circulation out of a total supply of 11,012,871. This gave it a market cap of around $107.7m, making it the 260th largest crypto by that metric. 

ssv.network price predictions

With that all said and done, let’s now take a look at some of the ssv.network price predictions that are out there. It is very important to remember that price predictions, especially when it comes to something as potentially volatile as cryptocurrency, are very often wrong. We also need to point out that long-term price predictions are often made using an algorithm, which means that they can change at any time. 

Firstly, CoinArbitrageBot is pretty bullish when it comes to making an SSV price prediction. The site says that the token can reach a little under $12.74 by the end of 2022, before shooting up to hit $23.70 in 2023. In 2024, the site says that SSV should be worth somewhere around $38.35, and it goes on to make an ssv.network price prediction for 2025 of $62.05. 

Next, Gov Capital makes an ssv.network crypto price prediction for 2022 that sees the token close the year down quite considerably from recent levels to around $6.33. The bad news will not be over, though, and the token should, if the forecast holds true, spend much of March and April 2023 hovering around the $5 mark. By 15 August next year, SSV should be down to about $2.33. The downward spiral will not have ended there because, by 23 January 2024, the token should have fallen so low as to be all but worthless, making it a de facto dead coin. 

Meanwhile, PricePrediction makes an ssv.network token price prediction that forecasts the crypto will hit $15.37 this year, $22.77 next year and $33.08 the year after that. By 2025, the site says, SSV should be worth $49.96 before it reaches $73.29 the following year. In 2027, the site says, the token can break through the $100 barrier to reach $107.52, before it reaches $162.39 in 2028 and closes the decade at $233.67. The site then makes an ssv.network price prediction for 2030 of $342.82, before it potentially reaches $498.09 in 2031. 

Finally, WalletInvestor is also bullish in terms of its SSV token price prediction, saying that, by the middle of August 2023, the crypto’s price could have fallen down to a little under $5.46.

Final thoughts

Before we finish, some final points. First, it is important to note that the work that ssv.network carries out – that is, creating a way for people to operate nodes – is somewhat niche. This means that, while it does have its followers, one does have to wonder whether it might have reached its level in terms of a wider uptake.

Second, while it is not uncommon for a crypto to be run by an anonymous DAO, this perceived lack of accountability could, potentially, discourage investors who want someone they can hold responsible.

Finally, the truth about the ssv.network is that its technical documentation involves a lot of highly technical jargon. It is entirely possible that, faced with references to “active-active redundancy” and “slashing-free, decentralised staking environments”, many people who are not already experts in blockchain technology will, instead, decide to move over to something that is a little easier to comprehend. This, in turn, will stop SSV reaching the heights that, potentially, it might be capable of reaching.

As ever with crypto, you should act with due care and consideration if you want to invest in SSV.

FAQs

How many ssv.network are there?

On 15 August 2022, there were 10 million SSV in circulation out of a total supply of 11,012,871.

Is ssv.network a good investment?

It might be. The token has performed well during a bad time for cryptocurrency, which might be worth noting. That said, it is hard to say whether it can maintain its recent growth, so you will have to do your own research before investing.

Will ssv.network go up?

It might do, although we do not know how much it will go up or how fast it might grow. It is important to remember, too, that cryptocurrencies can be incredibly volatile and prices can go down just as easily as they can go up.

Should I invest in ssv.network?

This is a question that you will have to answer for yourself. Before you do so, 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. 

Further reading

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