Nano price prediction: What is nano (XNO)?
By Peter Henn
15:01, 25 November 2022
It is the native crypto one of the longest-lasting blockchains, but what is nano (XNO)? Let’s see what we can find out and also examine some of the nano price predictions that were being made as of 25 November 2022, too.
Nano explained
When bitcoin (BTC) was first launched in the wake of the global recession of the late 2000s, it aimed to become a new kind of currency, one that could be utilised in the real world and traded on the blockchain. All in all, one might consider the crypto to have been a success. After all, despite a rather unfortunate 2022 – it is, by no means, the worst performer so far this year, however – BTC has ended up being the spearhead for the entire cryptocurrency sector. One example of how dominant it is, regardless of how, for many people, bitcoin and crypto are pretty much interchangeable terms, comes in the concept of altcoins. Basically, the crypto category of altcoins comprises every single cryptocurrency that exists on its own blockchain and is not bitcoin. In other words, an altcoin is defined as an alternative to BTC, which means its main characteristic is that it is not Satoshi Nakamoto’s creation.
Despite that, there are some issues with bitcoin. One of the problems that some crypto enthusiasts have had with the coin is that there are concerns about its slow speeds. Therefore, there have been various gaps in the market for a blockchain and a crypto which can operate quicker, saving people money in transaction fees and, potentially, protecting them from the vagaries of the ever-changing crypto market.
Nano is one of them. A blockchain network with a relatively fair amount of history, it was launched in 2014 as RaiBlocks by software engineer Colin LeMahieu before changing its name in 2018. It uses a protocol called directed acyclic graph (DAG) which, to put it simply, it transfers responsibility for doing what a blockchain should to individual users, rather than having a mining pool. This means, in essence, that it is a collection of individual ledgers, rather than a shared, worldwide, one. This method of design is called a blockchain lattice because, in effect, every user has their own blockchain.
Every blockchain network needs its own native cryptocurrency, and Nano has the conveniently named nano coin, also known by its ticker handle of XNO and previously by the short name of XRB. Incidentally, to avoid confusion, we will refer to the crypto’s XNO short name throughout this piece. This coin, which first hit the open market in 2017 can be bought, sold and traded on exchanges although, perhaps ironically considering the purpose for which it was established, it appears to have limited real-world utility in comparison to some of the bigger cryptos out there. People who hold the coin can also vote for platform users called principal representatives (PRs) who validate transactions. However, PRs do not get paid for doing so in a bid to prevent accidental centralisation but, instead, are able to interact directly with the Nano network itself.
Nano price history
Nano price history from launch to present - Credit: Capital.comLet’s now cast our eyes over the XNO price history. While past performance should never be taken as an indicator of future results, knowing what the coin has done in the past can help give us some very important context if we want to either interpret a nano price prediction or make one of our own.
When nano first came onto the open market in March 2017, it was worth about $0.01, and it fluctuated pretty much between there and $0.10 until the end of the year, when the crypto market entered a bubble and the price of XNO shot up to trade at an all-time high of $37.62 on 2 January 2018. The price of nano still remained comparatively high against what it had been worth the previous year, but it soon fell down as the market experienced a so-called crypto winter and it reached lows of below $0.35 in the middle of March 2020 as the world got ready for Covid-19 lockdowns.
In early 2021, though, the crypto market expanded and XNO responded well, peaking at over $11 in May before market conditions saw it fall back down from that particular high, with it closing the year at $3.40.
2022 has been a bad year for crypto so far and XNO has not exactly lived up to its founders’ lofty expectations. Although it reached a high of $3.94 on 4 January, that was as good as things got. The coin slipped to a low of $1.58 in the wake of Russia’s invasion of Ukraine on 24 February before going on a rally which culminated in a periodic high of $3.25 on 4 April. After that, though, it was downhill as a series of market crashes sent it falling below the dollar and reaching a low of $0.7086 on 18 June. The coin then experienced something of a recovery, and it spent time above $1 in August before falling back down again.
In November, things got even worse as the collapse of the FTX (FTT) exchange into bankruptcy saw it sink to a low of $0.5428 on 22 November. On the very next day, XNO suddenly, inexplicably, shot up and hit a high of $1.46 before coming back down to trade at around $0.83 on 25 November 2022. At that time, there were 133,248,297.20 XNO in circulation, representing the coin’s total supply. This gave the coin a market cap of about $110m, making it the 168th largest crypto by that metric.
Nano price prediction round-up
With that all over and done with, let’s now take a look at some of the nano price predictions that were being made as of 25 November 2022. It is important to remember that price forecasts, especially when it comes to a commodity as potentially volatile as cryptocurrency, very often turn out to be wrong. Also, it is worth mentioning that many long-term crypto price predictions are made using an algorithm, which means that they can change at a moment’s notice.
First, CoinCodex had a rather mixed short-term XNO price prediction, leaning towards the bearish side of things. It argued that the coin could climb slightly to trade at a potential $0.842566 on 30 November before falling back down to $0.620431 by 26 December. The site’s technical analysis was bearish, with 18 indicators sending out downbeat signals against 14 making bullish ones.
Next, DigitalCoinPrice made a nano coin price prediction that suggested the crypto could trade at $1.01 this year, $2.11 next year and $2.96 the year after that. By 2025, the site said that XNO could potentially reach $3.57, staying at the same level in 2026, before hitting $4.31 in 2027, $5.95 in 2028 and suggesting that it could reach $8.46 by the end of the decade. After that, the site had a nano price prediction for 2030 that saw it possibly break through the $10 barrier to trade at a potential $11.86, with it tipped to maybe get to $15.89 in 2031.
Meanwhile, CoinArbitrageBot had an especially bullish nano crypto price prediction, saying that it thought that the coin could potentially sky rocket to a little below $6.12 in 2023, before suggesting it could hit just under $10.89 in 2024. The site made a nano price prediction for 2025 which argued that XNO could get to a little under $17.62 before saying that it could trade at $28.50 in 2026. How seriously you take this forecast will depend on whether, having done your research, you think the coin can jump by more than 600% over the course of the next year and by more than 3,000% over the next four years or so.
Finally, WalletInvestor was much more gloomy and downcast when it came to making a nano price prediction for 2023. The site said that NXO was in for a rather challenging 12 months, with it forecast to fall down by around 90% to a mere $0.0613.
When considering an XNO coin 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 coins and 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 nano a good investment?
It is hard to tell. A lot will depend on whether the coin can maintain and build on its recent rises, and also on what the crypto market does as a whole.
Remember, you should always carry out your own thorough research before making an investment. 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 nano go up or down?
No one can really say whether it will fall or rise. While sites like CoinArbitrageBot are upbeat when it comes to their assessment of the nano future price, the likes of WalletInvestor are more pessimistic and bearish. It is important to remember, however, that price predictions are highly likely to turn out to be 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 XNO 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 nano?
Before you decide whether or not to invest in nano, you will have to carry out your own research, both on XNO and on other crypto coins.
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.
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