The Band Protocol’s BAND coin hit the headlines in October 2023 when it shot up more than 40% in just two days.
The DeFi platform will now have more eyes on it following its data feed integration with the Horizen protocol.
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 October 16, 2023.
Let’s examine some of the Band Protocol price predictions being made on October 16, 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 Band Protocol price prediction that said BAND would climb to $1.50 by October 21 and reach $2.67 by November 15. The site’s technical analysis was on the more bullish side of neutral, with 22 indicators sending positive signals and nine making bearish ones.
DigitalCoinPrice said BAND would be worth $4.95 in 2025, while Bitnation had it slightly higher at $4.98. PricePrediction.net thought the Band Protocol coin could reach $3.07 in two years.
Moving on to a more long-term Band Protocol price prediction, DigitalCoinPrice said BAND would reach $14.46 in 2030. Bitnation said the coin would stand at $12.09. PricePrediction.net said BAND would be worth $20.24 at the start of the next decade.
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.
So far, 2023 has been 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 rally of the following days saw it trade at around $1.45 on October 16, 2023.
At that time, there were 134.9 million BAND in circulation out of a total supply of 139.3 million. This gave the token a market cap of around $193 million, making it the 130th-largest crypto by that metric.
BAND has risen more than 40% in two days. It is up more than 50% since the start of the year but has climbed just 3.5% since the start of the year.
It is difficult to tell. BAND has been one of crypto’s biggest climbers recently, but we still don’t know if this is just a spike or something more long-lasting.
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.
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.
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.
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.
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.
On October 16 2023, there were 134.9 million BAND in circulation out of a total supply of 139.3 million. It could do, but not for some time. PricePrediction says it can reach double figures by 2028, while Bitnation and DigitalCoinPrice both say it can get there the following year. Keep in mind that BAND has not been worth $10 since September 2021. 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.
How Many Band Protocol tokens are there?
Will Band Protocol Reach $10?
What is Band Protocol used for?
On October 16 2023, there were 134.9 million BAND in circulation out of a total supply of 139.3 million.
It could do, but not for some time. PricePrediction says it can reach double figures by 2028, while Bitnation and DigitalCoinPrice both say it can get there the following year.
Keep in mind that BAND has not been worth $10 since September 2021.
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.
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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.