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Band protocol price prediction: What is band protocol (BAND)?

By Peter Henn

Edited by Charlie Mellor

16:16, 3 November 2022

BAND logo on a black and green background
Band protocol has grown recently, but can it keep going? – Photo: Shutterstock

It wants to link the blockchain with the regular internet, but what is band protocol (BAND)? Let’s see what we can find out about BAND and also examine some of the band protocol price predictions that were being made as of 3 November 2022.

Band protocol explained

An idea that is at the absolute heart of both cryptocurrency and blockchain technology is that of decentralised finance (DeFi).

This is the concept that suggests it should be fairly easy for the large number of people across the world (1.7 billion, according to a 2017 report by the World Bank) who are classed as being unbanked to  access financial services that have nothing to do with centralised banks and institutions because they have access to the internet.

Indeed, decentralisation is a key part of the world of crypto, where the idea that there is no single authority in control of things has become a key selling point for many coins, tokens, and blockchain networks.

That said, there are some intrinsic problems that DeFi faces. For instance, there can be an issue with getting the worlds of decentralised and centralised finance working together. Since there is always going to be instances where certain kinds of data need to get onto the blockchain, a system that can connect the two might be very useful. 

As the website of Band Protocol explains, which is a so-called decentralised oracle system, its aim is to solve this problem by “building a decentralised bridge to enable secure interoperabilities between smart contracts and the traditional web.”

In plain English, the protocol wants to connect the world of the blockchain and the regular internet as people know and use it today.

The platform was founded in 2017 by Soravis Srinawakoon, a former Ericsson (ERICa) software engineer and Boston Consulting Group management consultant, former Turfmapp web developer and Tripadvisor engineer Paul Chonpimai, and Sorawit Suriyakarn, who previously worked at Dropbox and Quora as a software engineer. Srinawakoom serves as CEO, while Chonpimai is CPO and Suriyakam is CFO.

Every blockchain-based system needs its own native token, and Band Protocol has the BAND cryptocurrency. This can be used to give token holders voting rights in the network. It can also be used for voting to secure the network through a delegated proof-of-stake (PoS) consensus mechanism – also known as a dPoS. Finally it can be bought, sold and traded on exchanges.

One thing that it is important to mention is that there is no getting around the fact that both the Band Protocol website and whitepaper appear to contain a lot of jargon.

While that is not necessarily a problem in itself – it is better to have too much detail than not enough – it is entirely possible that there will be people who would like the idea of investing in BAND, but decide against it because they prefer something that normal people can actually understand. 

Something else you need to know is that BAND is based on the Ethereum (ETH) blockchain, which means that it is a token, rather than a coin. Any references you might see to such things as a band protocol coin price prediction are, technically speaking, wrong. 

Band protocol price history

BAND price history chartBAND price history from launch to present – Credit: Capital.com

Let’s now take a quick look at the BAND price history. While past performance should never be taken as an indicator of future results, knowing how the crypto has performed in the past can help give us some very useful context if we want to either make or interpret a band protocol price prediction. 

BAND first came onto the open market in 2019, when it opened at $0.68 on 19 Septermber before it settled between the $0.20 to ¢0.40 range. It was not until the following year that things really started to kick off for it. BAND broke past the $1 barrier in April and hit a high of $15.83 on 1 September.

Although things settled down after that, the bull market of early 2021 gave BAND a boost and it reached an all-time high of $23.19 on 15 April 2021. After that, though, it fell down somewhat and closed the year at $5.02.

Although 2021 saw a fair amount of positivity for the token, 2022 has been more of a sombre experience. The token reached a high of $6.93 on 5 January, but then declined, albeit with peaks and troughs, to a low of $3.10 on 24 February in the wake of Russia’s invasion of Ukraine.

BTC/USD

65,835.35 Price
-0.160% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

XRP/USD

0.61 Price
+0.280% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

DOGE/USD

0.13 Price
-0.370% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

SOL/USD

174.04 Price
-0.680% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

After that, there was a recovery to a daily high of $5.60 on 2 April, but that high did not last and a series of market crashes saw it collapse to a low of $1.20 on 18 June.

There was then something of a comeback which saw BAND peak at $1.96 on 8 August, before it went into another decline, dropping below the dollar to $0.9905 on 21 October.

On 3 November 2022, though, the news that voting on proposals to change the system’s mainnet went live, provoking a surge of interest that lifted its price and, at the time of writing, it was trading at $1.84. 

At that time, there were 35,191,821 BAND in circulation out of a total supply of 100 million. This gave the token a market cap of about $64m, making it the 318th largest crypto by that metric. 

Band protocol price prediction round-up

Let’s now take a look at some of the band protocol price predictions that were being made as of 3 November 2022. It is important to point out here that price forecasts, especially when it comes to a commodity as potentially volatile as cryptocurrency, very often end up being wrong. Also, many long-term crypto price predictions are made using an algorithm, which means that they can change at any time.

First, CoinCodex had a rather downbeat short-term band protocol price prediction for 2022. It suggested that the token could have slipped to around $1.74 by 8 November after which it could have risen to $2.35 on 3 December. One thing crypto investors could potentially take comfort in was the site’s technical analysis, which at the time of writing was rated as neutral, with 19 indicators sending bullish signals against eight making bearish ones. 

Next, CoinsKid outlined a band protocol crypto price prediction that said the token could have also dropped in the near future. It predicted it could have closed 2022 at around $1.53. The site saw an improvement over the next year or so, where it could have traded at  $2.43 in November 2023 and $3.83 a year from then.

CoinsKid then offered a band protocol price prediction for 2025 that suggested the crypto could have started that year at $4.60, reached $7.12 in November 2025, and then could have closed the year at $7.59, getting on for twice its predicted price at the start of the year.

By November 2026, the site predicted things could have got significantly better, when it could have changed hands for $12.46, up considerably from where it was at the time of writing (3 November 2022). 

Meanwhile, DigitalCoinPrice made a band protocol token price prediction that suggested BAND could have traded at $1.92 this year, $3.05 in 2023 and $3.93 the year after that. By 2025, the forecaster said that the crypto could have been worth around $4.79 before it increased to $5.11 the following year.

In 2027, DigitalCoinPrice suggested that the token could have changed hands at $5.76, then $6.74 in 2028 and closed the decade at $8.17. The site’s band protocol price prediction for 2030 said BAND could have achieved $10.08 that year, before it broke the $12 barrier in 2031 and could have hit $12.51.

Finally, WalletInvestor made a very bearish, short-term BAND price prediction. The site said that the token was in for a tough 12 months as it outlined it could have fallen to a mere $0.0858 by early November 2023. 

When considering a BAND token price prediction, it’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.

If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns. And never trade with money that you cannot afford to lose.

FAQs

Is band protocol a good investment?

It is hard to say. While the token has enjoyed a resurgence lately, there is no way of telling whether that can be sustained or if it is just a spike. As ever, a lot will depend on how the cryptocurrency market performs as a whole. 

Remember, you should always carry out your own thorough research into a token or coin about whether it is right for your portfolio before making an investment. Even high market cap cryptocurrencies have proved vulnerable to bear markets. So investors should be prepared to make losses instead of gains and never invest more money than they can afford to lose.

Will band protocol go up or down?

It is difficult to tell. While the online forecasters DigitalCoinPrice and CoinsKid were bullish that band protocol’s future prices, the likes of WalletInvestor and CoinCodex were far more bearish in their outlook on BAND.

In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether BAND is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. Keep in mind that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.

Should I invest in band protocol?

Before you decide whether or not to invest in BAND, you will need to do your own research, not just on band protocol itself, but also on other DeFi and oracle-related coins and tokens. 

Ultimately, though, this is a question that you will have to answer for yourself. Before you do so, however, you will need to conduct your own research and never invest more money than you can afford to lose because prices can go down as well as up.

Markets in this article

BAND/USD
Band Protocol / USD
1.3854 USD
0.0027 +0.200%
ETH/USD
Ethereum / USD
3444.48 USD
-43.13 -1.240%
ERICa
ERICa
72.45 USD
0 0.000%

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