Chromia price prediction: What is chromia (CHR)?
By Peter Henn
Updated
The Chromia platform wants to make creating and utilising DApps easier but, in terms of crypto, what is chromia (CHR)? Let’s see if we can find out some more about CHR, and take a look at some of the chromia price predictions that were being made on 30 August 2022, too.
Chromia explained
The idea behind the Chromia cryptocurrency platform is that it allows people to both build and make use of decentralised applications (DApps). The system lets people use different blockchains for their DApps, which means that they should operate in a manner that is quicker and more efficient.
There are two things that make the Chromia network a little bit different. First, it can operate as a blockchain in and of itself, but it can also serve as a Layer 2 scaling solution. This means, in effect, that the system can link with other blockchains, take transactions from them onto Chromia, and then put them back on the original chain. This should, in theory, make the transactions cheaper and, perhaps more importantly, quicker.
Secondly, rather than having miners, the system has providers. As the whitepaper says:
The whitepaper continued: “We aim to ensure that the minimum number of node providers whose collusion would be required to exert such control on Chromia exceeds this number significantly.
“It can therefore be said that the Chromia model does not tend towards centralisation any more than the oldest and most trusted public blockchains.”
The Chromia platform was created by the Swedish company ChromaWay. This, in turn, was founded by Ukranian programmer Alex Mizrahi and Swedish programmers Henrik Hjelte and Or Perelman. While Mizrahi, Hjelte and Perelman founded ChromaWay in 2013, it was not until 2019 that Chromia was set up.
Every blockchain-based platform needs to have its own cryptocurrency, and Chromia has the conveniently named chromia crypto, also known by its ticker handle CHR. This cryptocurrency is designed to pay DApp creators for their work. It also helps to power the Chromia network.
When it was created, the whitepaper said that there would only ever be a maximum of one billion CHR. It was also announced that ChromaWay would own an initial 70% of the supply, with those tokens being sold, awarded to team members, invested or used in any other way.
Meanwhile, 3% of the tokens had been put into an automatic conversion contract on the Ethereum blockchain that would enable CHR to ETH conversion, with 2% put into the system node’s compensation pool and 25% allocated for promotional use.
“Within the ChromaWay allocation, up to 25% (of all tokens) will be sold initially to select partners. The rest will be locked and released slowly over time,” the whitepaper added, further explaining that promotional tokens would be unlocked at a rate of 0.5% a month.
One thing to note is that, while Chromia does, at least partially, exist as a blockchain in its own right, the chromia crypto is based on the Ethereum blockchain, which means that, technically speaking, it is a token rather than a coin. You might see references to such things as the CHR coin or a chromia coin price prediction, but neither of those two things are entirely correct. Don’t worry though, because they mean the same thing.
Chromia price history
Chromia price history from launch to present. Credit: CoinMarketCap.com
Now let’s take a quick look through the CHR price history. While past performance should never be taken as an indicator of future results, knowing what the token has done in the past can help us if we want to either interpret a chromia price prediction or else make one of our own.
CHR first became available to trade on the open market in May 2019, when it was worth around $0.02. During this time, the market was stuck in a so-called crypto winter, with slowness and stagnation the main price characteristics.
On 13 March 2020, the token sank to its all-time low of $0.008525 as markets were hit by news of various lockdowns as a result of the Covid-19 pandemic. While there was some recovery after that (most notably, a brief run over $0.08 in August), it was not until early 2021 that things really started to kick off. It was during this time that the market experienced a boom, and chromia responded in kind, reaching a high of $0.6261 on 12 March.
By the summer, though, the Great Crypto Day Crash of 19 May 2021 had done its damage to the market and CHR slumped into the doldrums, spending parts of June and July below $0.20.
August saw a recovery, boosted by a growing interest in non-fungible tokens (NFTs), and November saw even better news. As the market grew thanks, in part, to bitcoin hitting new highs, CHR also stormed up the price charts, reaching an all-time high of $1.50 on 20 November. After that, though, the market contracted following concerns about the Omicron variant of Covid-19, and CHR closed the year at $0.8094.
While 2021 was a good year for both crypto in general and chromia in particular, things have not been so kind in 2022. While there was a high of $0.9662 on 2 January, the overall direction of the chromia token price has been down.
While there was a rally to $0.678 on 2 April, market conditions pushed the price back down. Things got even worse when the depegging of the UST stablecoin and the collapse of the associated LUNA cryptocurrency meant that the token dropped to a low of $0.1423 on 12 May.
Any hopes for a recovery were wiped out by the news that the Celsius Network (CEL) crypto lending platform had cancelled withdrawals, thus confirming the bear market, and with that CHER traded at $0.1489 on 18 June.
Since then, though, there has been some sort of spluttering recovery and, on 30 August 2022, CHR was trading at about $0.18. At the time, there were 567,369,439 CHR in circulation, giving the token a market cap of about $102m, making it the 188th largest crypto by that metric.
Chromia price prediction round-up
Now, let’s take a look at some of the chromia price predictions that were being made at the time of writing on 30 August 2022.
It’s important to remember that price forecasts, especially when it comes to something as volatile as cryptocurrency, are often wrong. Note that longer-term crypto price predictions are typically made using an algorithm based on a coin’s past price performance, and it does not guarantee future returns.
CoinArbitrageBot had a chromia crypto price prediction that suggested the token could shoot up to $0.41 at the end of 2022 - more than 100% up from its current level.
In 2023, the site argued that the token could reach a little over $0.73, while the following year CHR forecast said it could have traded at a little below $1.19.
The site’s chromia price prediction for 2025 saw the token trading just under $1.72. Whether or not you trust this prediction will depend on whether you think that CHR can more than double between late August and the end of December 2022, and whether you think it can rise by more than 800% over the next three years or so.
Next, at the time of writing PricePrediction made a CHR price prediction that suggested the token could trade at $0.27 this year, $0.38 next year and $0.56 in 2024. By 2025, the site said, chromia could be valued at $0.81, before breaking past the dollar barrier to $1.14 in 2026, $1.74 in 2027 and $2.58 in 2028.
By the end of the decade, the algorithm-based prediction service said CHR could reach around $3.82, while its chromia price prediction for 2030 suggested the coin could trade at $5.44 before reaching $8.29 in 2031.
Meanwhile, the CaptainAltCoin chromia price prediction for 2022 saw the price retreat before rebounding. The site forecast the coin to fall to $0.1229 in October, yet recovering to close the year at $0.1339.
By August 2023, the token could, the site suggested, trade at about $0.1981. In 2025, the prediction saw CHR could rise to $0.3432, before dropping to $0.3031 in August 2027. By 2030, CaptainAltCoin said that the token could trade at $0.8581. Meanwhile, its chromia price prediction for 2040 suggested that CHR could reach $1.72.
Finally, WalletInvestor stood out from the bullish crowd, giving a rather downbeat CHR token price prediction at the time of writing. The site suggested that, by late August 2023, the token’s price could drop significantly to a mere $0.02.
When considering a CHR token price prediction, it’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a 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 trading in cryptocurrency tokens, we recommend always conducting your own research. Look at the latest market trends, news, technical and fundamental analysis, and analyst commentary before trading. Keep in mind that past performance is no guarantee of future returns. And never trade with money that you cannot afford to lose.
FAQs
How many chromia are there?
On 30 August 2022, there were 567,369,439 CHR in circulation out of a maximum supply of one billion.
Is chromia a good investment?
It is hard to say. CHR, along with the broader cryptocurrency market, has struggled through a slump this year, therefore whether chromia is a good investment will depend on whether the prices recover. Even then, it could end up being too late for chromia. In volatile cryptocurrency markets, it is important to do your own research to determine whether a coin is a good fit for you. Your decision to trade should depend on your risk tolerance, investing goals and the size of your portfolio. Keep in mind that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.
Will chromia go up or down?
Forecasters’ views on the future of chromia varied. As of 30 August, algorithm-based forecasting sites such as CoinArbitrageBot were optimistic, yet the likes of WalletInvestor were far more downbeat in their forecasts. In volatile cryptocurrency markets, it is important to do your own research to determine whether a coin is a good fit for you. Your decision to trade should depend on your risk tolerance, investing goals and the size of your portfolio. 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 chromia?
Whether you should invest in Chromia is a question that you will have to answer for yourself. Before you do so, however, you will need to conduct research. Note that you should never invest more money than you can afford to lose because prices can go down as well as up.
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