Centcex price prediction: What is centcex (CENX)?
It has managed to outperform the market so far this year, but what is centcex (CENX)?
Let’s take a look and see what we can learn about CENX – which is effectively based on the BNB Chain – and also examine some of the centcex price predictions that were being made as of 16 November 2022.
BNB/USD price chart
What is centcex?
When it comes to the world of cryptocurrency, investors want to make sure that they are getting value for money when they purchase a coin or token.
After all, everyone is hoping their crypto will go up, even if a smart investor will understand that it can also go down in value. But how do we get the prices that cryptocurrencies can be bought or sold for?
Well, in order to get them, they need to be traded. And, in the majority of cases, that trading will take part on a cryptocurrency exchange.
Crypto exchanges are a big deal. They are, in effect, the place where a multi-billion-dollar industry gets its action, and prices are set as people decide what coins and tokens they want to trade in.
As a result, they are the place where prices are set. While more business is carried out on centralised exchanges (CEXs), there are potentially two issues with CEXs.
First, if a crypto is not available on a centralised exchange, then there is nothing you can do about that as a buyer or seller. Second, there is a potential issue with a key tenet of crypto ideology: decentralisation.
Effectively, centralised exchanges run contrary to what crypto should be about. Therefore, there is another type of exchange, known as a decentralised exchange (DEX). These platforms allow people to trade whatever they like for whatever price they like, and are not subject to a central authority.
There are a great many DEXs out there – at least 273, according to statistics from CoinMarketCap – and Centcex is in the process of creating yet another one of them.
Centcex aims to not only help make a DEX, but also serve as a platform for developers to create software and blockchain-based decentralised applications (DApps), including the potential for people to create other DEXs.
Every crypto platform needs to have its own native token, and Centcex has the conveniently named centcex crypto, also known by its ticker handle, CENX. This is used for staking and both paying and receiving fees on the network.
One thing that is important to mention is, because both Centcex and CENX are based on the Bitgert (BRISE) platform – which itself is based on the BNB Chain (BNB), formerly known as Binance Smart Chain – it is a token, rather than a coin. You might see references to such things as a centcex coin price prediction, but these are wrong.
Something else that might prove to be an issue for some investors is that the people behind the crypto and the system have chosen to remain anonymous. While this is not that uncommon in the world of cryptocurrency, it might well put off those who want to know who can be held to account for investments.
Centcex price history
Centcex price history from launch to present – Credit: CoinMarketCapLet’s now cast our eyes over the CENX price history. While past performance should never be taken as an indicator of future results, knowing how the crypto has behaved in the past can help us when it comes to either making or interpreting a centcex price prediction.
Centcex was first launched in 2021 and opened at $0.001974 on 19 November that year before it rocketed to a daily high that same day of $0.003691. After that, though, market conditions meant that it started to fall down and it closed the year at $0.001154.
Although 2022 has been a poor year for cryptocurrency, with a series of crashes damaging a sluggish market, CENX has not performed too badly, all things considered.
It initially rose to a high of $0.002548 on 13 January and, although there was a downturn, the token skyrocketed to its all-time high of $0.007537 on 10 March. After this, though, it was back downhill again.
With crypto as a whole rocked by the depegging of UST and the collapse of LUNA in May and the cancellation of withdrawals on the Celsius Network (CEL) crypto lending platform in June, it was on 12 July that CENX sank to its all-time low of $0.0005916. After that there was some recovery for the token, and it managed to trade at a high of $0.003245 on 1 September.
This was as good as things got because the rest of the autumn saw a slow and steady decline exacerbated by the collapse of the FTX (FTT) crypto exchange into bankruptcy.
While early November trade at a relatively healthy $0.001518 on 5 November, things went downhill with the market and, on 16 November 2022, CENX was trading at about $0.00101.
Since at the time of writing there were no figures available relating to its circulation, there was no market cap data available for the token in the run up to its first birthday, although it does have a total supply of 10 billion.
It is worth noting, however, that while the token has lost more than 12% of its value since the start of 2022, it has significantly outperformed the crypto market as a whole, which has gone down more than 60% since 1 January this year.
Centcex price prediction round-up
With that all over and done with, let’s now take a look at some of the centcex price predictions that were being made on 16 November 2022.
It is important to point out at this stage that price forecasts, especially when it comes to something as potentially volatile as cryptocurrency, very often end up being wrong.
Also, you should remember that long-term crypto price predictions are often made using an algorithm, which means that they can change at a moment’s notice.
First, CoinCodex had a short-term CENX price prediction that suggested that the token could have traded at $0.001102 on 21 November before it could have crashed to $0.000655 by 17 December. The site’s technical analysis for centcex was bearish, with 24 indicators making discouraging signals against five making bullish ones.
Next, CryptoPredictions.com made a centcex crypto price prediction that argued the token could have closed 2022 at $0.0011695779, and could have gone on to $0.0016687 in November next year and $0.002296 a year later. The site’s centcex price prediction for 2025 said it could have opened the year at $0.002378, reached $0.00272 in November and ended the year at $0.00275. By December 2026, the site said, CENX could have been worth a little over $0.003.
Meanwhile, PricePrediction had a centcex token price prediction that suggested the crypto could have been worth $0.001 this year, $0.002 next year and $0.003 in 2025. By 2026, the site said, CENX could have traded at $0.005, could have reached $0.007 the following year and broke the cent barrier in 2028 to stand at $0.011 before it could have closed the decade at $0.016. The site had a centcex price prediction for 2030 that claimed the token could have gone on to $0.024 that year and $0.035 in 2031.
Finally, WalletInvestor was far more bearish when it came to making a centcex price prediction for 2023. The site claimed that the token could have a very difficult 12 months ahead and could have dropped to just $0.000235 by November next year.
When considering a CENX 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 centcex a good investment?
It is difficult to say. While the token has outperformed the market in 2022, it has still lost value and there is no way of saying what will happen next. A lot will depend on the market itself.
Remember, you should always carry out your own thorough research before making an investment in any coin or token to ensure that it is the right choice for you and your portfolio. Even high market cap cryptocurrencies can be affected by bear markets. So investors should be prepared to make losses and never purchase more than they can afford to lose.
Will centcex go up or down?
It is hard to tell right now. While PricePrediction was upbeat and said it could have reached $0.002 by 2023, WalletInvestor on the other hand was more downcast and bearish and thought it could have achieved $0.000235 by November 2023. Remember that price predictions very often wind up being wrong, and that prices can, and do, go down as well as up.
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 CENX 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 centcex?
Before you decide whether or not to invest in CENX, you will need to do your own research, both on centex and on other coins and tokens relating to DEXs and DApp development.
Ultimately, 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.
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