Ankr (CCC:ANKR-USD) has been among the best performing altcoins in the past 12 months. The altcoin has grown from less than a penny to its current price around 70 cents, one of the most impressive run-ups for any crypto in the past year. Though it has sold off along with the broader crypto market in the past couple of months, it has long-term potential, which cannot be denied.
Ankr provides a blockchain solution with its fundamental concepts entrenched in the sharing economy. It essentially offers a multi-chain platform that allows anyone to use their idle resources and become a blockchain node. Users with idle resources can effectively monetize their spare resources by using them as nodes for the platform. These are essentially the concepts we see in the future of the internet in Web 3.0.
With the crypto market maturing, it’s best to look towards digital assets with the long-term utility to add to your portfolio. Ankr is definitely one of the more promising altcoins with several unique features and pertinence in decentralized finance.
Ankr’s Unique Features
Ankr solves one of the critical issues with blockchain technology: the cumbersome requirements of setting up a cryptocurrency node. Running personalized nodes ensures maximum efficiency and security in crypto transactions. However, running blockchain nodes is not a simple task by any means.
Ankr provides an effective solution to this problem: affordable and accessible cloud hosting to several blockchain nodes. Hence, a node can be set up without having to set up lots of expensive hardware. Moreover, it supports the most popular blockchains such as Bitcoin (CCC:BTC-USD) and smaller networks such as Polygon (CCC:MATIC-USD).
Another unique feature of Ankr is that it comes in three forms. Naturally, it can be utilized on the Ankr network as the ANKR coin. However, it can also be purchased in the form of BEP-2 and ERC-20 tokens. Additionally, the supply of ANKR tokens is finite, as no more than 10 billion will ever exist.
Ankr’s multi-chain platform facilitates the development of DeFi applications. The goal for Ankr is to make it an affordable and accessible platform for its users to develop DeFi apps, host nodes, and in staking. The ANKR token itself is used to pay for services on the Ankr platform, including API services and node deployments.
Price Prediction for Ankr
Ankr has enjoyed great success in the past year, and most analysts are bullish on its potential moving forward. This year, the crypto market has been remarkably volatile due to government regulatory crackdowns. However, cryptocurrencies offering utility to their users have a long growth runway ahead and will effectively weather the short-term crises that come their way. Ankr is one in that category. Based on its price estimates, it’s clear that most analysts have faith in its ability to continue on its growth trajectory.
Wallet Investor predicts a price of 22 cents a year from now for the ANKR token and 79 cents in five years. Digital Coin Price suggests it will be 27 cents next July and 80 cents by 2028. Ripple Coin News sees the token reaching 18 cents by January 2022 and reaching a high of 27 cents that year, but believes by 2024 it will reach $1.50.
The consensus estimates are all bullish to varying degrees on Ankr’s price potential for this year and beyond. It currently trades at just 7 cents; if any of the mentioned websites turns out to be correct, that’s a growth of at least 200%. It has a bright future ahead as well, as 3-5 year price targets are also highly encouraging at this point.
Bottom Line on Ankr
Ankr is an altcoin that has proven to have a lot of utility and attributes for its users. Though it has dropped its price in line with the rest of the sector, it is likely to come out of these short-term troubles unscathed. Analysts are upbeat about its long-term potential and its position as a leading altcoin in the future. It’s not a get-rich-quick kind of crypto, but it can certainly complement other leading cryptos in your portfolio.
On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Muslim Farooque is a keen investor and an optimist at heart. A life-long gamer and tech enthusiast, he has a particular affinity for analyzing technology stocks. Muslim holds a bachelor’s of science degree in applied accounting from Oxford Brookes University.