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Band Protocol Price Prediction 2024: Can XRP Ledger Partnership Boost BAND?

Last Updated February 16, 2024 12:10 PM
Peter Henn
Last Updated February 16, 2024 12:10 PM

Key Takeaways

  • BAND has climbed more than 40% in two days.
  • The Band Protocol is a DeFi network.
  • Can BAND build on its upward momentum?
  • One Band Protocol price prediction says the coin can reach $7.28 in 2025.

The Band Protocol’s BAND coin hit the headlines in late 2023 when it announced a partnership  with Ripple‘s XRP Ledger.

The DeFi platform will now have more eyes on it following  its data feed integration with the Horizen protocol.  

On February 16, 2024, BAND was worth about $2.10.

Band Protocol did not immediately respond to a request for comment.

But what is Band Protocol (BAND)? How does Band Protocol work? Let’s see what we can find out, and also take a look at some of the Band Protocol Price Predictions that were being made as of February 16, 2024.

Band Protocol Coin Price Prediction

Let’s examine some of the Band Protocol price predictions being made on February 16, 2024. 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.

2024 2025 2030
Prediction #1 $4.07 $4.95 $15.12
Prediction #2 $5.20 $7.28 $17.68
Prediction #3 $2.84 $4.08 $24.95

First, CoinCodex  had a short-term Band Protocol price prediction that said BAND would climb to $2.20 by February 21 and reach $5.43 by March 17. The site’s technical analysis was bullish, with 28 indicators sending positive signals and just five making bearish ones. 

Band Protocol Price Prediction for 2024

DigitalCoinPrice  said Band Protocol could climb to $4.07 this year, while Bitnation  thought it would stand at $5.20 by December. PricePrediction.net  thought it would be worth $2.84 in 2023. 

Band Protocol Price Prediction for 2025

DigitalCoinPrice said BAND would be worth $4.95 in 2025, while Bitnation had at $7.28. PricePrediction.net thought the Band Protocol coin could reach $4.08 next year.

Band Protocol Price Prediction for 2030

Moving on to a more long-term Band Protocol price prediction, DigitalCoinPrice said BAND would reach $15.12 in 2030. Bitnation said the coin would stand at $17.68. PricePrediction.net said BAND would be worth $24.95 at the start of the next decade. 

Google Gemini AI Price Prediction for Band Protocol (as of February 16)

Google’s Gemini AI platform was asked to make a price prediction for BAND on February 16.

However, the platform declined, saying: “I’m sorry, but I can’t make price predictions for Band Protocol (BAND). I’m not a financial advisor and it’s important to do your own research before making any investment decisions. The price of BAND could go up or down in the future, and there is no guarantee that it will reach any specific price target. Cryptocurrencies are a highly volatile asset class, and there is a significant risk of losing all of your investment. Please carefully consider your financial situation and risk tolerance before investing in any cryptocurrency.”

BAND Price History

Now, let’s examine some of the highlights and lowlights of the Band Protocol 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 a Band Protocol price prediction.

BAND was worth about $0.47 when it came onto the open market in 2019. It broke past the dollar in April the following year and reached $15.46 in September. BAND benefitted from the crypto boom of early 2021. On April 15 of that year, it reached an all-time high of $23.19. The token slipped down throughout the rest of the year, closing 2021 at $5.02.

In 2022, BAND fell by more than 70% as the market went through a series of crashes. By the end of the year, it was worth just $1.40.

Band Protocol in 2023 and 2024

Band Protocol Price History
Band Protocol underperformed in 2023 | Credit: CoinMarketCap

2023 was a period of ups and downs for BAND. The token initially climbed, breaking past $2 in January and February. It then fell, and things got worse in early June when the United States Securities and Exchange Commission (SEC) sued the Binance and Coinbase exchanges. In the aftermath, Crypto.com (CRO) suspended its American institutional operations and BAND dropped to $0.9551 on June 10. 

BAND was able to recover after this, reaching $1.47 on July 20, but another downturn left it below the dollar in mid-August. By October 14, it was worth $1.02. The token rallied throughout the rest of the year and closed 2023 at $2.19. This represented a 12-month growth of around 55%. While this may have sounded impressive, it should be put into the context of a crypto market that more than doubled in 2023. 

BAND peaked at $2.45 on January 2 and then fell down. It managed to make something of a recovery in February and, on February 16, 2024, it was worth about $2.10.

At that time, there were 139 million BAND in circulation out of a total supply of 143 million. This gave the token a market cap of around $288 million, making it the 186th-largest crypto by that metric. 

Is Band Protocol a Good Investment?

It is difficult to tell. BAND underperformed last year but, on the other hand, it has been able to establish partnerships with other organizations in the crypto space. 

While the Band Protocol is a long-standing network, it is operating in an increasingly crowded space. We will have to see whether it can do more to stand out from the crowd. 

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

Will Band Protocol go up or down?

No one can tell right now. While the Band Protocol 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 Band Protocol?

Before you decide whether or not to invest in Band Protocol, you will have to do your research, not only on BAND but on other coins and tokens such as Moonbeam (GLMR). Either way, you will also need to make sure that you never invest more money than you can afford to lose.

Band Protocol (BAND) Explained

The Band Protocol is a platform that aims to get the world of decentralized finance (DeFi) and traditional finance working together. 

Software engineers Soravis Srinawakoon, Paul Chonpimai, and Sorawit Suriyakarn founded the system in 2017.

The Band Protocol, which was initially based on the Ethereum (ETH) blockchain before transitioning to its own BandChain blockchain in 2020, is supported by the BAND coin.

How Band Protocol Works

The Band Protocol uses a Proof-of-Stake (PoS) consensus mechanism. This means that people verify transactions and add blocks to the blockchain-based on how much BAND they hold. BAND holders can also vote on changes to the network. People can also buy, sell, and trade the Band Protocol coin on exchanges. 

Band Protocol Attention Tracker

Band Protocol Google Search Volume
Band Protocol Google search volume | Credit: Google

Here is a chart for the Band Protocol Google search volume for the past 90 days. This represents how many times the term “Band Protocol” has been Googled over the previous 90 days.

FAQs 

How Many Band Protocol tokens are there?

On February 16, 2024, there were 139 million BAND in circulation out of a total supply of 143 million.

Will Band Protocol Reach $10?

It could do, but not for some time. PricePrediction says it can reach double figures by 2028, while Bitnation thinks it can break $10 in 2027 and DigitalCoinPrice says it can get there in 2029.

Keep in mind that BAND has not been worth $10 since September 2021.

What is Band Protocol used for?

People who hold BAND can vote on changes to the Band Protocol DeFi platform. People can also buy, sell, and trade the coin on exchanges.

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 user should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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