Kyber network crystal v2 price prediction: 2022’s top crypto?
The Kyber Network’s native cryptocurrency, kyber network crystal v2 (KNC), has plunged in value since it reached its price record of $5.72 in late April. After struggling with the crypto crash, it recently stooped to its all-time low on 21 October.
This plunge followed a $265,000 exploit from a vulnerability in the decentralised finance (DeFi) platform’s website. But this hasn’t stopped crypto whales from accumulating KNC tokens.
What is Kyber Network?
Kyber Network is a multi-chain crypto trading and liquidity hub that enables trading across various networks, including Ethereum, Polygon, Binance, Avalanche and more. The network aims to build protocols that facilitate the exchange of value across DeFi apps and non-fungible token (NFT) markets.
KyberSwap, the network’s flagship product, is a dynamic market maker decentralised exchange (DEX) aggregator that aims to provide the best token rates to traders and maximise returns for liquidity providers.
According to its whitepaper, KyberSwap splits and routes trades through different DEXs for the best prices within the same network. Users can see which DEXs are involved in the trade and trade tokens that may not be in KyberSwap Pools but are available on other DEXs.
KyberSwap is similar to Uniswap, an Ethereum-based DEX. According to the company’s website, core improvements on Uniswap are its flexible fee adjustment, which help reduce the impact of impermanent loss, and different pricing curve setups to allow for better capital efficiency.
Anyone with crypto tokens could become a liquidity provider (LP) by depositing an equivalent amount of each token in a liquidity pair to receive an LP token in exchange. The protocol applies a dynamic fee to each trade, which is added to its reserves. These reserves are used for payouts to LPs when they withdraw their deposits.
Data from DeFiLlama showed that total value locked (TVL) on KyberSwap totalled $76.07m on 30 May, down from $131.89m a month earlier but back to the level at which it started the year. The data also showed that TVL on KyberSwap peaked in September 2021 at about $550m.
What is kyber network crystal v2 (KNC)?
In 2017, Kyber Network raised $52m by selling KNC for a unit price of 0.0166ETH in its initial coin offering (ICO). The protocol went live on its mainnet in February 2018.
The KNC cryptocurrency is an ERC-20 token compatible with Ethereum wallets, such as Metamask, Ledger, Trezor, and Torus.
KNC is used as a utility and governance token on the Kyber Network. KNC holders can stake their tokens and vote on community proposals, receiving trading fees earned by the network in exchange.
KNC holders can also use their tokens for payment through the Crypto.com app and Visa cards, for payment at vendors with PundiX terminals, and for loans and margin trading on DeFi platforms like Aave.
Latest kyber network crystal v2 news
Kyber Network discovered a vulnerability to its website code in September that allowed attackers to steal approximately $265,000 worth of funds.
The hack was identified after two hours and only two Polygon addresses were impacted, according to a post on Medium. It also revealed KyberSwap will compensate those who lost funds.
Another post said: “We can share that we are working with industry partners, top security experts and law enforcement to identify the hackers and retrieve the funds.”
In more positive news, Kyber Network is continuing to expand its integrations with other blockchains and apps.
For example, it launched a wave of new yield farms on the Polygon blockchain on 22 September. The farms supported nine different cryptocurrencies, including ETH and AAVE, and had $130,000 in incentives.
KNC price outperforms crypto market
The KNC price action in 2022 has been highly volatile. The coin started the year at $1.29 and bucked the bearish trend across the cryptocurrency markets, rising above $2 as the network upgraded to Kyber 3.0 and it introduced KyberSwap as a rebranding of its market maker protocol.
The KNC/USD price moved up to a daily high of $2.37 on 17 February but dropped to $1.52 on 24 February as financial assets sold off. The price quickly recovered heading into March and accelerated gains in April to reach its all-time high of $5.72 on 28 April.
The price then plunged to a low of $1.13 on 12 May as cryptocurrency prices dropped in the wake of the collapse of the terrausd (UST) and LUNA coins and the US dollar climbed to a two-decade high.
The price rebounded to a high of $2.81 on 20 May, but then slipped back to the $1.77 low on 27 May. It then fell below its launch price in June and stooped to a low of $1.14.
Despite the exploit, KNC bounced back at the beginning of September and climbed to a high of $2.05 on 15 September. This was just before a trading contest on the BNB Chain.
However, KNC soon plummeted to its all-time low of $0.81 on 21 October. At the time of writing, on 27 October, it had regained some of these losses and was trading at $0.91.
This was as crypto whales were accumulating KNC into their wallets, according to Santiment.
What is the outlook for the KNC price for the rest of the year? Read on for our kyber network crystal v2 price prediction round-up.
Kyber network crystal v2 (KNC) price prediction: How will the coin perform in the future?
Short-term sentiment for the KNC coin was bearish at the time of writing on 27 October, according to technical analysis compiled by CoinCodex. Out of 30 technical indicators, 19 were displaying “sell” signals.
Its kyber network crystal v2 price prediction for 2022 suggested it could have dropped by 22% to $0.70 on 26 November.
On the other hand, DigitalCoinPrice outlined a KNC price prediction that said it could have climbed to $0.91 this year. Its kyber network crystal v2 price prediction for 2025 suggested it could have achieved an average price of $2.38. The site expected that this value coukd have gone on to $5.06 in 2030.
PricePrediction was even more bullish with its forecast. It said it could have achieved an average price of $1.02 this year and $3.30 in 2025. Its kyber network crystal v2 price prediction for 2030 outlined that it could have risen to a maximum value of $25.29.
Similarly, the kyber network crystal v2 coin price prediction from Gov Capital said it could have hit $4.53 in a year and $16.42 in five years’ time.
When considering a kyber network crystal v2 crypto 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 kyber network crystal v2 a good investment?
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 portfolio. Whether KNC token is a suitable asset for you will depend on your risk tolerance and how much you intend to trade. Keep in mind that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.
Will kyber network crystal v2 go up or down?
The direction of the KNC price could depend on the continued development of the Kyber Network project and adoption of the KNC coin. It could also depend on sentiment across the cryptocurrency markets, which can influence sentiment on the KNC price.
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 KNC 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 kyber network crystal v2?
Whether you should invest in KNC 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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