Ark Price Prediction 2024: What is ARK?

Key Takeaways

• ARK shot up in the middle of September following the announcement of a swathe of ARK futures contracts.
• ARK has been around since 2017 and helps people create their blockchains.
• Can ARK cash in on recent investor attention?
• One ARK price prediction thinks the coin can reach $3.72 in 2025.

The ARK cryptocurrency skyrocketed since mid-September 2023. With a number of crypto exchanges offering ARK futures contracts, the coin grabbed the attention of investors. 

The news followed the announcement that Ark had redesigned part of its website, making it easier to use. 

Ark did not immediately respond to a request for comment.

But what is Ark (ARK)? How does Ark work? Let’s see what we can find out, and also take a look at some of the Ark Price Predictions that were being made as of December 28, 2023.

Ark Coin Price Prediction

Let’s examine some of the Ark price predictions being made on December 28, 2023. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.

First, CoinCodex had a short-term ARK price prediction that said the crypto would show some improvement over the coming weeks. It suggested ARK would reach $1.1490 in one month. The site’s technical analysis was highly bullish, with 28 indicators sending positive signals and just three making bearish ones. 

Ark Price Prediction for 2023

DigitalCoinPrice said that ARK would trade at $2.16 this year, while Bitnation saw it reaching $1.76. PricePrediction.net was a bit gloomier, with its ARK price forecast seeing it to $1.05 in 2023.

Ark Price Prediction for 2025

Moving on, DigitalCoinPrice’s ARK coin price prediction saw it reach $3.57 in 2025, with Bitnation expecting a higher value of $3.72. PricePrediction.net thought ARK would be worth $2.49 in two years. 

Ark Price Prediction for 2030

Looking at a more long-term Ark price prediction, DigitalCoinPrice said the coin would trade at $10.30 in 2030. Bitnation thought it would reach $8.62 while PricePrediction.com said it would be worth $17.31 at the start of the next decade. 

Google Bard AI Price Prediction for ARK (as of December 28)

Thanks to Artificial Intelligence (AI) models’ capacity to quickly process large amounts of data and compile information from multiple sources, chatbots like ChatGPT and Google Bard can be used to forecast cryptocurrency prices.

When prompted, the latter delivered an Ark price prediction forecasting the token’s short, medium, and long-term prospects.

Short-Term Price Prediction (2023-2024)

Average Price: $1.08

Reasons:

• Overall market sentiment: The overall performance of the cryptocurrency market will have a significant impact on the price of ARK. A bullish market could drive up the price of ARK, while a bearish market could pull it down.
• Development and adoption of Ark: The continued development and adoption of Ark’s technology could attract more users and increase demand for the token, which could lead to price appreciation.
• Competition from other blockchain platforms: Ark faces competition from other blockchain platforms that offer similar features. If Ark can differentiate itself and gain a competitive advantage, it could increase its value.

Medium-Term Price Prediction (2024-2025)

Average Price: $1.65

Reasons:

• Adoption of Ark technology: The widespread adoption of Ark’s technology could lead to increased demand for the ARK token, driving up its price.
• Overall cryptocurrency market: The overall health of the cryptocurrency market will also play a role in the price of ARK. If the market is bullish, ARK is likely to rise in value.
• ARK team development: The continued development of Ark by its team could attract more users and investors, further boosting the price of the token.

Long Term Price Prediction (2025-2030)

Average Price: $2.21

Reasons:

• Adoption and Usage: The more widely ARK is adopted and used, the higher its price will be.
• Partnerships and Initiatives: New partnerships and initiatives can help to increase the demand for ARK and drive up its price.
• Technical Development: Continued development of the ARK platform can make it more attractive to developers and users, which can also drive up its price.

ARK Price History

Now, let’s examine some of the highlights and lowlights of the Ark price history . While we should never take past performance as an indicator of future results, knowing what the coin has achieved can provide us with some very useful context if we want to make or interpret an Ark price prediction.

ARK first hit the open market in early 2017, when it traded at about $0.03. At the end of the year, the crypto market entered a bubble and ARK rose, reaching an all-time high of $10.91 on January 9, 2018. Once the bubble burst, ARK fell, dropping below $1 in August and spending the next two-and-a-half years or so below the dollar.

Things changed in early 2021. The crypto market entered a boom period and ARK responded well. It broke past the dollar in February and reached a period high of $3.98 on March 30. It then entered a downturn, closing the year at $1.16.

2022 was a bad year for both crypto and ARK. The coin last traded above the dollar in April of that year. The following month saw the collapse of the Terra (LUNA) blockchain, which sent the market into a downward spiral. Any hopes of recovery were snuffed out when the FTX (FTT) exchange declared bankruptcy in November. The coin closed the year at $0.2391, an annual loss of nearly 80%. 

Ark in 2023

So far, 2023 has been a little bit better for ARK. A buoyant market saw it rise above $0.40 in February before the collapse of the Silvergate bank in March saw ARK fall below $0.30. There was some recovery, with it climbing to around $0.37 in April, but then there was another downturn. When the United States Securities and Exchange Commission sued the Binance and Coinbase exchanges, the market fell, and ARK sank to a low of $0.2088 on June 15. 

A recovery followed, with ARK spending time above $0.30 the following month. There was another downturn, prompted by the news that Elon Musk’s SpaceX had sold millions of dollars worth of Bitcoin (BTC). ARK dropped to $0.2284 on September 2, before recovering nearly 50% to $0.34 on September 7. Another drop, this time of almost 25%, saw it down to $0.2554 on September 11. Since then, though, the news of the futures contracts has seen it shoot up. On December 28, 2023, ARK was worth about $1.02, its highest price since the collapse of LUNA. 

At that time, there were 175.7 million ARK in circulation, representing the total supply. This gave the coin a market cap of $121.3 million, making it the 237th largest crypto by that metric. 

Ark Price Analysis

ARK achieved its all-time high on January 9, 2018, reaching a peak of nearly $12. Subsequently, it entered into a multi-year bear market, a trend that continues to persist. Hitting its lowest point since the all-time high at $0.07 on March 15, 2020, ARK experienced a new bullish phase but formed a lower high of $3.40 in April 2021.

Following the retracement from April 2021, ARK revisited its prior lows but managed to sustain a slightly higher position, finding support at $0.20 in December 2022. A horizontal range characterized a potential accumulation phase until September 2023, signaling a shift toward an upward trend.

However, this upward movement resulted in another lower high, peaking at $1.80 on November 14, and subsequently, the price dipped below the $1 mark again. The $1.80 level, initially a support zone after the all-time high, has now transformed into a resistance point.

With the formation of a second macro lower high without significant higher lows, indicative of a bearish pattern, it suggests a continuation of the multi-year bear cycle. The current downtrend prompts a careful observation to discern whether the uptrend initiated in September 2023 has the potential to evolve into a more substantial bullish move.

Should this occur, a crucial marker would be the establishment of a significantly higher low, ideally around $0.45 at its lowest. A sustained position above this level, coupled with a rebound, could serve as an early indication of a broader, upward trend.

Alternatively, the possibility exists that the high in November 2023 marks a continuation of the bear market pattern. In such a scenario, the price might undergo a more substantial decline, potentially dropping below $0.45, before initiating a larger, sustainable uptrend.

Is Ark a Good Investment?

It is hard to say. While its recent performance is encouraging, we don’t know if ARK can build on recent interest or whether this is just a temporary spike.

ARK is a long-standing cryptocurrency that has not been anything like a major player since the bubble of 2017 and 2018. That said, it has continued to trade, and the Ark blockchain has an active developer base.

As ever with crypto, you will need to make sure you do your research before deciding whether or not to invest in ARK.

Will Ark go up or down?

No one can really tell right now. While the Ark crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

Should I invest in Ark?

Before you decide whether or not to invest in Ark, you will have to do your research, not only on ARK, but on other, related, coins and tokens such as Ethereum (ETH) or Solana (SOL). Either way, you will also need to make sure that you never invest more money than you can afford to lose.

Ark (ARK) Explained

The Ark blockchain helps people create their blockchains and, by extension, cryptocurrencies. People can use the Javascript and Typescript programming languages to help set up chains. 

Crypto entrepreneurs Travis Walker and Matthew Cox founded Ark in 2017. The ARK coin supports the Ark blockchain.  

How Ark Works

Ark uses a Proof-of-Stake (PoS) consensus mechanism. This means people are selected to add blocks to the blockchain based on how much ARK they hold. 

Ark is based around the Ark Core. This, in turn, features the Generic Transaction Interface (GTI), which allows developers to create the frameworks for their blockchains. 

The ARK coin pays for transactions on the blockchain. People can also buy, sell, and trade ARK on exchanges. 

FAQs 

Further reading

Galxe Price Prediction 2023: What is Galxe (GAL)?

Kaspa Price Prediction 2023: What is Kaspa (KAS)?

Hifi Finance Price Prediction 2023: What is Hifi Finance (HIFI)?

Disclaimer 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.