Can MXC ever return to past glories?
Key Takeaways
- MXC was one of the better performing crypto tokens in 2022 but has collapsed in 2023.
- The token has made something of a comeback recently following news of an upgrade.
- Can MXC ever return to the top 150 cryptocurrencies?
- One MXC price prediction says the token can reach $0.03 in two years’ time.
The MXC crypto platform’s native token has struggled over the last nine months. After outperforming the crypto market in 2022, it has suffered a string of losses.
That said, MXC has enjoyed something of a revival in early September. The platform announced it was launching a layer 3 scaling solution.
Not only that, but the platform announced it would launch a self-custodial crypto wallet, the DataStarters token creation platform and allow on-chain mining for M2 Pro and NEO miners.
MXC’s business development manager Kirill Krupin told CCN that the news was “exciting”.
But what is MXC (MXC)? How does MXC work? Let’s see what we can find out, and also take a look at some of the MXC Price Predictions that were being made as of September 12 2023.
MXC Price Prediction
Let’s examine some of the MXC price predictions being made on September 12 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.
| 2023 | 2025 | 2030 | |
|---|---|---|---|
| Prediction #1 | $0.0156 | $0.0274 | $0.0881 |
| Prediction #2 | $0.01 | $0.023 | $0.14 |
| Prediction #3 | $0.0129 | $0.03 | $0.0732 |
CoinCodex had a fairly upbeat short-term MXC price prediction. It said the token would reach $0.008386 by October 1 before reaching $0.01265 by October 26. The site’s technical analysis was, despite that, bearish, with 23 indicators sending discouraging signals and just nine making bullish ones.
MXC Price Prediction for 2023
DigitalCoinPrice said MXC would reach $0.0156 this year, while PricePrediction.net said it would trade at $0.01. Bitnation ’s MXC price forecast had it worth $0.0129 in 2023.
MXC Price Prediction for 2025
Moving on, Bitnation thought MXC would be worth about $0.03 in two years time, with PricePrediction.net having it reach $0.023. DigitalCoinPrice thought it would trade at $0.0274 in 2025.
MXC Price Prediction for 2030
Looking at a more long-term MXC price prediction, PricePrediction.net said it would reach $0.14 in 2030. DigitalCoinPrice said it would stand at $0.0987 that year. Bitnation said MXC would be worth $0.0732 at the start of the next decade.
MXC Price History
Now, let’s examine some of the highlights and lowlights of the MXC price history . While we should never take past performance as an indicator of future results, knowing what the token has achieved can provide us with some very useful context if we want to make or interpret a MXC price prediction.
MXC first hit the open market at the end of December 2017. Although it started off at less than $0.01, things soon changed. The market went through a bubble and MXC went up, breaking past the cent to hit highs of $0.017 in the middle of January 2018.
The bubble burst and a so-called crypto winter, characterized by low prices and stagnation, took hold. For most of the next few years, MXC traded back below the cent. One exception was a rally which saw it trade at $0.039 in the summer of 2020. After that, though, it was back under $0.01.
Things changed in early 2021. The crypto market flourished and MXC reached a periodic high of $0.05436 on April 6. It fell, with it struggling over the summer, but made something of a recovery later on in the year. It closed 2021 at $0.05154.
MXC outperforms the market in 2022
2022 was a bad year for crypto. While MXC lost value over the course of the 12 months, it did not do as badly as some other coins and tokens. It started the year well, spending a decent chunk of the first few months above $0.10.
Things went downhill in May, with the collapse of the Terra (LUNA) blockchain sending it below $0.10. The price continued to drop, and the decline was made worse when the FTX (FTT) blockchain declared bankruptcy in November. MXC closed the year at $0.03184. Although an annual loss of nearly 40% was bad, compared to a crypto market that lost more than 60% over the course of 2022, MXC was one of the better performing cryptocurrencies.
MXC in 2023
So far, 2023 has not been a good year for MXC. With the exception of a price spurt that saw it reach $0.0437 in late January, the token has been trending downwards. MXC fell below $0.03 in February and dropped below the cent in July on its way to a low of $0.006824 on August 18.
Since then, there has been something of a recovery and, in September 26 2023, it was worth about $0.0084. At this time, there were 2.6 billion MXC in circulation out of a total supply of 5.3 billion. This gave the token a market cap of about $22 million, making it the 548th-largest crypto by that metric.
For comparison, in early September 2022, it had a market cap not far off $200 million and was in the top 150 cryptocurrencies by that measurement.
MXC Price Analysis
MXC has been in a downtrend since April last year.
When it reached a low last month, it was down by nearly 95% from its highest levels.
With the price trading not too from its all-time low, there is the possibility that it could bounce back. If that is going to happen, we would expect to see an upward move very soon.
If it doesn’t, then there could be further lows for MXC.
Is MXC a Good Investment?
It is difficult to tell. MXC has taken a major hit over the last nine months or so. The token has fallen out of the top 150 cryptos and was, at the time of writing, outside the top 500.
On the other hand, the crypto has been showing signs of recovery recently. One does think that a lot will depend on if, and when, it can break past the psychologically important cent barrier. If it does that, investors may have more confidence in the crypto. New developments could, potentially, make it more attractive to investors.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in MXC.
Will MXC go up or down?
No one can really tell right now. While the MXC 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 MXC?
Before you decide whether or not to invest in MXC, you will have to do your own research, not only on MXC, but on other, related, coins and tokens such as IOTA (MIOTA). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
MXC (MXC) Explained
The MXC platform was designed to create “a global data network that allows the devices of tomorrow to connect, commit and communicate more efficiently than ever before. Cities, companies and individuals benefit by building the network, or using it to transmit and manage their data.”
In other words, it is an Internet of Things (IoT) network. This means that it is designed to work with devices that are connected to the internet, but are not computers.
Berlin-based Crypto entrepreneurs Xin Hu, Aaron Wagener and Piotr Brzezinski founded MXC in Berlin in 2018.
The MXC token supports the MXC network, which is based on the Ethereum (ETH) blockchain.
How MXC Works
The MXC platform uses machine-to-machine (M2M) protocols to communicate data between devices. Computers called nodes help the network operate. The M2M protocols on MXC transfer information between long-range Low-Power WAN (LPWAN) networks.
The MXC network gives people a decentralized marketplace which allows people to access data from the M2M protocols. If a user wants to send data, they can do that through MXC.
MXC funds transactions on the network. It can be staked, or set aside, in return for rewards on the MXC system and gives holders voting rights. The MXC token also pays for access to the MXC protocol.
Because MXC is based on Ethereum, it is a token, rather than a coin. You might see references to such things as an MXC coin price prediction, but these are wrong.
FAQs
Will MXC reach $0.10?
It might do, but not for a while. PricePrediction.net says it will reach that level in 2029 while DigitalCoinPrice has it getting there in 2031.
Keep in mind that MXC has not traded above $0.10 since early May 2022.
What is MXC used for?
The MXC token pays for transactions on the MXC platform. The crypto’s holders can vote on changes to the network. People can also buy, sell, and trade MXC on exchanges.
Further reading
Bitcoin Price Prediction 2023: What is Bitcoin (BTC)?
ANKR Price Prediction 2023: What is ANKR?
Ben Price Prediction 2023: What is BEN?
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.
