Nervos Network price prediction: What is Nervos Network (CKB)?
The Nervos Network is working to create a new, more public kind of blockchain. But in terms of crypto, what is Nervos Network (CKB)?
Let’s take a look and see what we can find out, and also examine some of the Nervos Network price predictions that were being made as of 1 March 2023.
Nervos Network explained
In the world of cryptocurrency, no component is more crucial than the blockchain. Without this decentralised ledger, there can, ultimately, be no crypto. Despite what some people might think, there is no single blockchain. Instead, there is a multitude of blockchains, all doing different things. This means that someone could, theoretically, used a variety of blockchains to do any amount of different things but, if they wanted to do something for more than one of them, there is no easy way to do this that isn’t, for instance, making the same program to work on both systems.
This is where the Nervos Network is supposed to come in. This platform aims to help developers build applications that operate across different blockchain ecosystems. Developers can select a cryptocurrency and interface and can, at least in theory, access the entire decentralised app (dApp) ecosystem, avoiding having to deal with multiple wallets and exchanges.
Nervos also allows developers to work with a layer-2 scaling solutions, which are programs which, in effect, take a transaction off a blockchain, carry it out elsewhere, and put it back onto the chain. The main attraction, though, is the network's Common Knowledge Base (CKB) blockchain which is, perhaps a little confusingly, also known as the Nervos Network blockchain.
Every blockchain needs to have its own native currency and the Nervos Network has its eponymous native token, also known as the CKB coin. This crypto is used to help power the system and utilises a proof-of-work (PoW) consensus mechanism, meaning it relies on users called miners to solve increasingly complex mathematical equations using their computers.
Nervos network price history
Let’s now cast our eyes over the nervos network price history. While past performance should never be taken as an indicator of future results, knowing how the coin has performed in the past can help give us some context when it comes to either making or interpreting a nervos network price prediciton.
When CKB came onto the open market in November 2019 it was worth $0.0091. It fell to $0.0026 in March 2020 as cryptocurrency markets dropped. The price fluctuated between $0.04 and $0.05 until August 2020, when it jumped to $0.009. It then fell to $0.003 by the end of the year.
The rally in cryptocurrency markets in early 2021 lifted the CKB price to an all-time high of $0.0441 on 31 March. It dropped back to $0.0164 on 23 April, although it rebounded to $0.0407 on 10 May before a collapse in prices brought it back down to a low of $0.0079 on 20 July 2021, when the markets bottomed out.
The CKB coin followed other cryptocurrencies higher to $0.023 on 9 September 2021, then dropped to $0.011 on 28 September as the broader market retreated. The price then rallied again to reach $0.025 on 20 October, on its way to a high of $0.03557 on 27 November, before a downturn saw it close the year at $0.02225.
2022 has been a tough term for crypto, and CKB has fallen with the market. By 5 May, it was worth $0.009785 but, despite the news of the upgrade, it got sucked into the whirlpool caused by the depegging of the UST stablecoin and the collapse of the associated LUNA cryptocurrency, and dropped to $0.004066 on 12 May.
While there was some recovery after that, June’s news that the Celsius Network (CEL) crypto lending platform had cancelled withdrawals confirmed the bear market and the coin sank to a low of $0.002809 on 18 June.
After that, there was some halting recovery, with the coin rising to $0.004041 on 10 October. After that, things went down and, when the FTX (FTT) exchange collapsed in November, CKB also fell, closing the year at $0.002316, an annual loss of nearly 90%. Things picked up somewhat in 2023, as a bouyant market saw it reach a high of $0.006827 on 23 February. After that, the price dropped down somewhat and, on 1 March 2023, it was worth around $0.005385.
At that time, there were 39.8 billion CKB in circulation out of a total supply of 40,361,466,317. This gave it a market cap of about $214.5m, making it the 164th largest crypto by that metric.
Nervos Network price predictions
With that all said and done, let’s take a look at some of the nervos network price predictions that were being made as of 1 March 2023.
It is important to remember that price forecasts, especially for something as potentially volatile as cryptocurrency, often turn out to be wrong. Also, long-term crypto price predictions are often made using an algorithm, which means that they can change at a moment's notice.
First, CoinCodex made a short-term nervos network price prediction for 2023 which was mixed, suggesting the coin could drop to $0.005376 by 6 March before climbing to $0.00564 by 31 March. The site’s technical analysis was bearish, with 15 signals downbeat against 12 sending out bullish signs.
DigitalCoinPrice had a CKB price prediction said that the coin could trade at an average of $0.0113 in 2023, rising to $0.0176 in 2025. The site then made a nervos network price prediction for 2030 of $0.0558.
Gov Capital made a CKB coin price prediction that said the crypto could could rise to $0.0133 in a year’s time, before making a nervos network price prediction for 2025 that saw it start the year at $0.0145, reach $0.0219 by 1 March and potentially drop back down to close the year at $0.0195.
Finally, WalletInvestor was far more downcast in its CKB crypto price prediction, saying that the coin could drop to trade at just $0.000528 by 1 March 2024.
When considering a CKB 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 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 Nervos Network a good investment?
It is hard to say. A lot will depend, ultimately, on how the crypto market as a whole behaves in the near and long-term.
Remember, you should always carry out your own thorough research before making an investment. Even high market cap cryptocurrencies have proved vulnerable to the current bear markets. Investors should be prepared to make losses and never purchase more than they can afford to lose.
Will Nervos Network go up or down?
It is difficult to tell. While sites like Gov Capital are upbeat in their forecasts, the likes of WalletInvestor are far more gloomy in terms of what they think might happen to CKB. It is important to remember that price predictions often end up being wrong, and that prices can go up as well as down.
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 CKB 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 Nervos Network?
The Nervos Network is a blockchain linked to a crypto exchange, so before you do anything you will need to research those sectors.
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. Never invest more money than you can afford to lose, because prices can go down as well as up.
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