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DraftCoin price prediction: is there any upside ahead?

By Manaswita Ghosh Dutta

Edited by Vanessa Kintu

14:37, 18 January 2022

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What is DraftCoin?

DraftCoin (DFT) is an open-source, decentralised cryptocurrency that allows users to carry out private and transparent transactions. Made by BTCDraft, the coin is used as part of an online amusement program. BTCDraft was the first cryptocurrency that could be used on a gaming platform based on blockchain. DraftCoin is the native currency of the BTCDraft Crypto Gaming Website.

The blockchain’s algorithm is Scrypt. It works on proof-of-stake (PoS) to verify transactions and keep the blockchain secure. 

The launch of the DFT coin

DraftCoin price chart

DraftCoin and BTCDraft were launched in 2014 by crypto enthusiasts who wanted to create a sustainable, ethical solution to scam initial coin offerings (ICOs) and disinterested developers, among others, according to the DraftCoin white paper. BTCDraft relies on users’ ability to earn and accumulate DraftCoin on the basis of their grasp of arcade and casino games.

BTCDraft  was launched without ICOs. The whitepaper stated that out of a total of 20 million DFTs, 15 million have been mined. The remaining 5 million coins will be paid to clients staking DFT in their personal wallets.

DraftCoin market capitalisation

DraftCoin had a market capitalisation of $33,759, as of 17 January, and a circulating supply of 8.715 million DFTs.

The token’s market capitalisation was obtained by multiplying its volume of circulating supply and the current price, while the circulating supply indicates the number of assets in the market.

The token’s fully diluted market capitalisation stood at $72,479 on 17 January, ranking the coin at 2,614, according to CoinMarketCap.

What is driving the DraftCoin DFT price?

The price of DraftCoin is heavily driven by demand and supply. The dynamics are affected by real-world events, competition, regulation and more.

Because the DraftCoin market isn’t as big as the likes of Bitcoin, Ethereum, Tether or Solana, DFT holders with large volumes of the asset could influence the price via trading.

Price analysis: technical overview

DraftCoin touched an all-time high of $7.30 on 1 January, 2018. The token has since put up a rather lackluster performance, reaching an all-time low of $0.001842 on 8 January 2021.

It has a return on investment (ROI) of -95.51%, if it had been purchased at the time of its launch.

According to CoinCodex, investor short-term sentiment around the token remained bearish at the time of writing (17 January), based on technical analysis price indicators, with five indicators giving bullish signals, while 27 are bearish.

BTC/USD

66,729.30 Price
-0.490% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

SOL/USD

170.35 Price
+0.030% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

XRP/USD

0.60 Price
+3.420% 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
+4.320% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

The fear and greed index, which takes into account the overall sentiment of the crypto market, stood at “Extreme Fear”. 

The token recorded 43% green days over the past 30-day period, indicating 13 days of gains. Volatility, which consioders the coin’s 30-day price variation, remained at 12.07%, as on 17 January.

The weekly simple moving averages (MA) are giving ‘sell’ signals, taking into account periods of 21, 50, 100 and 200 days, CoinCodex said. 

The relative strength index (RSI) is pointing to ‘buy’ at 14.47. An RSI reading of 30 or below indicates that a security is underbought or undervalued. 

Considering DraftCoin key price levels based on previous data, the classical pivot point as on 17 January was $0.003572, with support levels at $0.003485 and $0.003412. The strongest support level was at $0.003325.

The token’s resistance levels were at $0.003645, $0.003732 and $0.003805 (17 January).

DraftCoin price prediction: 2022 and beyond

According to algorithm-based price prediction service Wallet Investor, “DFT is a not so good long-term investment.”

The site had a bearish DraftCoin crypto price prediction, with the DFT/USD forecast to rise to $0.00395 in a year and hit $0.03042 in five years.

Another algorithm-based forecasting service, DigitalCoinPrice, gave a more lacklustre DraftCoin forecast. The site expected the token’s price to reach $0.00534 in 2022, $0.00639 in 2023, $0.00710 in 2024 and $0.00822 in 2025. According to DigitalCoinPrice, the DraftCoin is then expected to increase to $0.00774 in 2026, $0.01031 in 2027, $0.01304 in 2028 and $0.01634 in 2029.

The DraftCoin DFT price prediction by Gov Capital sees the token falling to $0 by the end of 2022. 

CoinCodex expects the price to increase 18.47% and hit $0.004026 by January 22.

Note that algorithm-based forecasters use past price performance for their estimates. Their predictions can be wrong. Forecasts shouldn’t be used as a substitute for your own research. Always conduct your own due diligence before investing. And never invest or trade money you cannot afford to lose.

FAQs

Is DraftCoin a good investment?

The crypto was predicted to roughly reach $0.00575 in a year, according to DigitalCoinPrice. However, not that cryptocurrencies are highly volatile, high-risk investments and predictions can be wrong.

Will DraftCoin price go up?

The crypto is expected to rise slightly over a year, and may continue the growth over a five-year period.

Can DraftCoin reach $1?

Given the historical data and the forecasts from several cryptocurrency research sites, DraftCoin is unlikely to hit $1 within the next five years.

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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