Depending on how one looks at things, the Zilliqa blockchain’s partnership with Google Cloud has either been encouraging or a bit of a damp squib.
The platform announced that Google Cloud would help operate the blockchain by running a computer, or node, on September 13. Since then, the price of the ZIL coin has risen more than 15%, but it is still down from where it was a month ago.
In a statement , Zilliqa CEO Matt Dyer said: ““Our strategic alliance with Google Cloud is more than just a technological collaboration; it’s a strategic alignment to further the ambitions of our group of ventures and revenue-generating organizations.
“Google Cloud’s expertise in infrastructure, combined with their role as a staked seed node partner, underscores our commitment to excellence, both within the Zilliqa Group of companies and across the wider ecosystem. Together, we’re setting the stage for a new wave of innovation and growth in the Web3 space.”
Zilliqa did not immediately respond to a request for comment.
But what is Zilliqa (ZIL)? How does Zilliqa work? Let’s see what we can find out, and also take a look at some of the Zilliqa Price Predictions that were being made as of September 25 2023.
Let’s examine some of the Zilliqa price predictions being made on September 25 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 Zilliqa price prediction that saw the coin drop to $0.01602 by September 30 before continuing its decline to reach $0.01497 by October 25. The site’s technical analysis was bearish, with 28 indicators making discouraging signals and just three making bullish ones.
DigitalCoinPrice said that Zilliqa would reach $0.0345 this year, while CaptainAltCoin argued ZIL would drop to $0.0129 in December. PricePrediction.net , meanwhile, thought the coin would trade at $0.024 in 2023.
DigitalCoinPrice argued that ZIL would reach $0.0569 in 2025. CaptainAltCoin thought it would trade at $0.1083 that year and PricePrediction.net said it would stand at $0.049 in two years time.
Looking at a more long-term Zilliqa price prediction, DigitalCoinPrice said the coin would reach $0.17 in 2030. CaptainAltCoin’s Zilliqa price forecast had it at $0.2708 that year. PricePrediction.net’s ZIL price prediction said it would trade at $0.32 at the start of the next decade.
Now, let’s examine some of the highlights and lowlights of the Zilliqa 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 Zilliqa price prediction.
ZIL first hit the open market in early 2018, trading at around $0.135. With the market about to go through a so-called crypto winter, it fell and, from 2019 spent much of the next two years below $0.01.
Things changed in 2021, when the crypto market flourished. ZIL hit an all-time high of $0.2563 on May 6 before the market dropped. Zilliqa closed the year at $0.07479.
In 2022, the market struggled and so did ZIL. The coin, which had traded above $0.15 in early April, dropped below $0.10 as prices fell when the Terra (LUNA) blockchain collapsed in May. Any hopes of a recovery were stymied when the FTX (FTT) exchange declared bankruptcy in November and Zilliqa closed 2022 at $0.01583. This meant it had lost nearly 80% over the course of the year.
So far, 2023 has not seen Zilliqa make the recovery some investors will have hoped for. The coin traded above $0.03 in February and hovered around that level, albeit with a fall when the Silvergate bank collapsed in March, for the following two months. A price fall that started in April was exacerbated when the United States Securities and Exchange Commission (SEC) sued the Binance and Coinbase exchanges, causing ZIL to drop to $0.0168 on June 15.
A recovery took place throughout late June and July, with ZIL trading above $0.02, but the coin fell again in August. The market was stunned by Elon Musk’s SpaceX selling millions of dollars worth of Bitcoin (BTC) and Zilliqa entered a slump which saw it sink to $0.01503 on September 12. By September 25, things had got a little better and ZIL was worth about $0.1675. At that time, there were around 15.8 billion ZIL in circulation out of a total supply of 18.1 billion. This gave the coin a market cap of about $266 million, making it the 103rd-largest crypto by that measurement.
Although ZIL has risen more than 10% since September 12, it is still not in a good place. It has fallen more than 15% since mid-August, when it was worth about $0.02. Not only that, but it is worth slightly less than its June low. Zilliqa is, however, up 5% since the start of the year.
It is hard to say. On one hand, the recent partnership with Google Cloud is encouraging. Not only does this demonstrate some admirable ambition by the blockchain, it has also seen the price go up.
However, ZIL is still in a relative slump. Time will tell whether or not it can capitalize on the Google partnership.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in ZIL.
No one can really tell right now. While the Zilliqa 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 Zilliqa, you will have to do your own research, not only on ZIL, but on other, related, coins and tokens such as Ethereum (ETH) or Cardano (ADA). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
Researchers from the National University of Singapore founded Zilliqa in 2017. The blockchain aims to scale well, meaning it can, at least in theory, operate quickly and smoothly, even when there is a lot of traffic.
Zilliqa is supported by its native coin, Zilling. However, the crypto is usually better known either as Zilliqa or by its ticker handle, ZIL.
Zilliqa uniquely blends proof-of-work (PoW) and practical Byzantine fault tolerance (PBFT) consensus mechanisms. Zilliqa claims that its network employs PoW for security and PBFT for faster shard consensus, fair miner rewards, and lower energy usage.
Talking of shards, these are small consensus groups within a blockchain. Zilliqa claims to be the first public blockchain to utilise sharding.
ZIL itself pays for transactions on the network. Holders can run smart contracts, computer programs which automatically execute once certain conditions are met, on Zilliqa. People can buy, sell, and trade it on exchanges.
On September 25 2023, there were around 15.8 billion ZIL in circulation out of a total supply of 18.1 billion. It could do at some point in the future. CaptainAltCoin says it will get there by 2025, while DigitalCoinPrice says investors will have to wait until 2029. PricePrediction.net splits the difference, saying ZIL will hit $0.10 in 2027. Zilliqa has not traded above $0.10 since April 2022. ZIL pays for transactions on the Zilliqa blockchain. People can also buy, sell, and trade it on exchanges.
How many Zilliqa are there?
Will Zilliqa reach $0.10?
What is Zilliqa used for?
On September 25 2023, there were around 15.8 billion ZIL in circulation out of a total supply of 18.1 billion.
It could do at some point in the future. CaptainAltCoin says it will get there by 2025, while DigitalCoinPrice says investors will have to wait until 2029. PricePrediction.net splits the difference, saying ZIL will hit $0.10 in 2027.
Zilliqa has not traded above $0.10 since April 2022.
ZIL pays for transactions on the Zilliqa blockchain. People can also buy, sell, and trade it 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 users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.