ZRX price prediction: Will ZRX coin go up?
ZRX is the Ethereum token that is used to power the 0x protocol. What are the 0x coin price predictions for 2022?
- A quick introduction
- From the 0x whitepaper
- The story so far
- ZRX price prediction: What the experts say
ZRX, also known as the 0x coin, is fast becoming an important player in the world of decentralised finance (DeFi). In this article, we will look at its performance and what might happen in the future.
However, several key changes in the macroeconomic environment have sent the token to multi-year lows, with 0x trading as low as $0.22 in mid-June. The token is currently trading at $0.31, trading up over 3% in a recent 24-hour trading window.
Before we look into what people are saying the ZRX price prediction will be for 2022 and beyond, let us take a look at what the token actually is.
A quick introduction
The ZRX coin is part of the DeFi world and is linked to the 0x protocol. The 0x protocol was created by ZeroEx, a company set up in 2017 by Will Warren, a former technical adviser to Basic Attention Token, and Amir Bandeali, a former trader.
The idea behind the protocol was to create a space where any sort of asset – whether crypto coins, crypto tokens, fiat currency, commodities, stocks, or even online gaming items – could be tokenised and traded on the blockchain.
Initially, the plan was to create a standard way of trading Ethereum. Instead, the scheme became a decentralised exchange that allowed users to trade independently.
The ZRX token is used to help reward people called ‘relayers’, who make the connections that enable trades to take place. However, it is not just by serving as a relayer that you can earn tokens – they are also available to trade on several exchanges, both centralised and decentralised.
Owning ZRX coin gives you voting rights on the protocol, and token holders can stake ZRX to earn liquidity rewards. There is a fixed cap of one billion ZRX tokens, of which 847,496,054.80 (or roughly 85%) are in circulation. It operates on a proof-of-work (PoW) basis by the relayers, but is not mineable in the traditional sense.
You might see or hear about ‘0x coin’. This is the same thing as ZRX coin, which has this alternative name because of its association with the 0x protocol. We will mostly be calling it ZRX coin here.
The ZRX coin launched in 2017 after an initial coin offering (ICO) raised $24m from a range of sources, including Pantera Capital, FPG Capital and Polychain Capital. Interestingly, Polychain’s Olaf Carlson-Wee and Joey Krug from Augur both serve as advisers to 0x.
From the 0x whitepaper
The 0x: An Open Protocol for Decentralized Exchange on the Ethereum Blockchain document is 16 pages long and was published on 21 February 2017.
The whitepaper describes the platform as “a protocol that facilitates low friction peer-to-peer exchange of ERC20 tokens on the Ethereum blockchain”, where the protocol is “intended to serve as an open standard and common building block, driving interoperability among decentralised applications (dApps) that incorporate exchange functionality”.
“Trades are executed by a system of Ethereum smart contracts that are publicly accessible, free to use and that any dApp can hook into. dApps built on top of the protocol can access public liquidity pools, or create their own liquidity pool and charge transaction fees on the resulting volume.”
The whitepaper goes on to say: “The protocol is unopinionated: It does not impose costs on its users or arbitrarily extract value from one group of users to benefit another. Decentralised governance is used to continuously and securely integrate updates into the base protocol without disrupting dApps or end-users.”
The story so far
While the past ZRX price is no indication of how the token will perform in the future, a look at the history of the ZRX coin does give us some context on which to base a ZRX coin price prediction.
The coin entered the general market in 2017 and soon broke through $0.20. It hovered around the $0.20 mark for much of the rest of 2017, but in 2018 it got caught up in that year’s crypto boom, reaching an all-time high of $2.53 on 9 January, according to data from CoinMarketCap. The market soon corrected itself and it dropped back below $1 by close of play on 21 February 2018.
Then followed a series of peaks and troughs before the price settled between $0.20 and $0.40 for the next two years.
Things really started to change in the first few months of 2021. The crypto boom at that time also affected ZRX, which started on 4 February 2021 at $0.76 and closed the following day at $1.60, more than doubling in the space of 48 hours.
A 14 February intraday high of $2.01 was the best performance in that particular run, and the coin spent most of March below $1.50, rallying at the end of the month to hit an intraday high on 1 April 2021 of $2.09.
April saw another boom time for ZRX, and it reached an intraday high of $2.33 on 13 April 2021. The bears then seemed to take over and the coin dropped to an intraday low of $1.32 on 23 April. However, what looked like a recovery was on the way and it reached an intraday high of $2.18 on 7 May 2021.
What happened in the great crypto day crash of 19 May 2021 will have thrown many people. ZRX started trading at $1.60 before dropping to an intraday low of $0.829, a fall of roughly 50%. While there was some recovery, and it ended the day at $1.01, it was obvious that ZRX was not getting back to where it was just over a month earlier any time soon.
The coin dropped to a low of $0.54 on 20 July and has bounced around since then. On 28 October 2021, ZRX was trading at roughly $0.96. In November there was a slight recovery, and by 29 November 2021 the coin was trading at around $1.20.
The fourth quarter of 2021 was a difficult period for cryptocurrencies across the board, and 0x fell from $1.15 on 1 December to $0.80 on 31 December 2021. There was a very slight recovery in the New Year and it met a four-week high of $0.94 on 3 January 2022. However, after the brief peak, the coin continued on a general downtrend, and by 24 January 2022 the coin was worth $0.50.
There was a marginal recovery to a high of $0.72 on 10 February, but the peak was brief and the coin continued on a general downtrend. On 8 March 2022, the coin was trading at $0.47, the lowest price recorded in over a year.
However, there was plenty of positive price movement in the following days and weeks. On 10 March, 0x announced the successful implementation of a new NFT swap standard on Polygon, Avalanche, Fantom etc. The 0x Protocol v4 will open up the protocol to new and more diverse opportunities for NFT marketplaces and dApps.
On 17 March, 0x announced a new milestone had been met by the team:
The steep uptrend continued, and on 3 April 2022, the coin reached a three-month high of around $0.96.
A slight market correction followed, and on 20 April, the coin was trading at $0.73. Later that day, 0x announced the following on Twitter:
The price then surged to well over the dollar mark, and on 21 April 2022, the coin hit a trading high of $1.18, representing an upswing of over 50% over a three-day period.
The token closed the month of April at $0.76. After a flash crash in mid-May, the token saw lows of $0.30, but made some headway in the following weeks, closing on 31 May at $0.42. However, another crash saw the total value of the crypto market drop below $1trn, and the token met further lows of $0.22.
Some recovery has been made and as of 23 August, the token is currently trading at $0.31.
ZRX price prediction: What the experts say
There are several analysts offering an 0x coin price prediction.
WalletInvestor says the token could go down to $0.17 in a year’s time and has no prospect of a sustainable recovery.
TradingBeasts predicts the 0x coin might reach around $0.42 by the end of September but trade at around $0.41 towards the end of the year.
DigitalCoinPrice’s 0x crypto price prediction believes the coin should reach around $0.41 in September 2022, but also forecasts a value of $0.41 in December. The site suggests the average price of the coin in 2023 will be $0.45 and $0.47 in 2024. The ZRX price prediction for 2025 is $0.57, and $0.57 in 2026. The site’s ZRX price prediction for 2030 is $1.41.
Finally, Gov Capital’s ZRX price prediction for 2022 provides a bullish set of projections in the short term. The site suggests the coin could break the $0.30 mark in November but hit $0.11 towards the end of the year. The site forecasts the token will break the $1 mark in February 2024.
The same site suggests that, in five years’ time, the coin could be worth around $4.21.
Is 0x a good investment?
Cryptocurrencies are highly volatile, so it is hard to say if any of them are a good long-term investment. You can trade that volatility, but it’s a risky business.
So, is it worth trading? If you think recent crashes in the crypto market will be a temporary blip, then 0x might be a good buy. On the other hand, if you think the recent crashes are a sign the market is correcting itself after a long boom period, and that the high prices seen last year were an anomaly, then it might be a bad buy.
It is vital you do your own research. Remember that cryptocurrencies are highly volatile, that prices often go down as well as up, and that you should never trade more than you can afford to lose.
Will ZRX coin go up?
It may. On the other hand, it could easily go down. Although many analysts predict things will get better for the token, predictions are often wrong.
As we have said, you need to do your own research and come up with your own conclusions about the future of ZRX.
How to buy ZRX coin
If you want to buy ZRX, then you can do so at a range of exchanges.
Remember to do your research and never invest more money than you can afford to lose.