CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
US English

Ocean Protocol price prediction: Can it make waves?

By Raphael Sanis

13:17, 20 October 2022

Ocean Protocol
Ocean Protocol is turning datasets into ERC-20 tokens – Photo: Shutterstock

Ocean Protocol (OCEAN) has combined datasets with the Ethereum (ETH) blockchain to create a unique market. Developers can tokenise their own datasets and trade in Ocean Protocol’s marketplace.

However, OCEAN, the protocol’s native cryptocurrency and unit of exchange, has succumb to the 2022 bear market, despite its apparent clear utility.

What is Ocean Protocol?

At its core, blockchain technology is used to store data. Ocean Protocol has harnessed this and created an investable data market. Developers and businesses can create their own datasets and monetize them.

Every dataset that is uploaded by developer is represented by its own datatoken, which uses the ERC-20 standard.

Ocean Protocol’s CoinMarketCap page explaines: “This essentially allows third-parties to perform operations on the data without it ever leaving the secure enclave of the publisher.”

These tokens and datasets are then displayed on Ocean Protocol’s marketplace, where investors can purchase and trade them.

Ocean Protocol is hoping these tools can spur long-term growth for an “open, permissionless data economy”.

Its whitepaper said: “The aim of Ocean Protocol is to spread the benefits of AI [artificial intelligence] by equalizing the opportunity to access and monetize data. We accomplish this by creating simple tools to publish data and consume data as decentralized data NFTs & datatokens”

There are 15 people on the Ocean Protocol core team who have expertise across blockchain, artificial intelligence, and business, according to its CoinMarketCap page.

The Romania-based Bruce Pon is the founder behind the protocol. As well advising the protocol, he is the CEO of BigChainDB, a blockchain-as-a-service company.

OCEAN token

OCEAN is the data platform’s utility and governance token. It is used as a unit of exchange on the protocol’s marketplace.

The datatokens prices are based on an automated market-making (AMM) pool with the OCEAN token, “which adjusts the price of the datatoken as it is bought and sold based on supply and demand.”

The cryptocurrency can also be locked and turned into eOCEAN tokens, enabling holders to vote in its decentralised autonomous organisation (DAO).

Ocean Protocol decided on a DAO to have a decentralised system to decide on the distribution of resources into the platform’s projects.

Its whitepaper said: “OCEAN holders are incentivized to do work to learn more about each team and project proposal, and then use OceanDAO to vote for the most promising teams/projects.”

OCEAN price history

OCEAN launched on 6 May 2019 at $0.03 and its price stayed roughly flat for its first year. It took until 2020 for OCEAN to start making significant gains. The token managed to reach a high of $0.75 on 18 August 2020.

SOL/USD

168.54 Price
-6.990% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

BTC/USD

64,649.30 Price
-2.430% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

DOGE/USD

0.12 Price
-6.780% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

XRP/USD

0.61 Price
-3.580% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

Despite correcting slightly, OCEAN continued this momentum throughout the rest of 2020 and into the following year, when it saw its largest breakout.

The data cryptocurrency rallied with the wider bull market in the beginning of 2021. It climbed to $1.33 on 21 February, which was after the OCEAN community voted to list OCEAN on the decentralised finance (DeFi) lending protocol Cream Finance.

OCEAN then rocketed to its all-time high of $1.94 on 10 April. This was after the DAO vote closed on funding proposals.

After a major correction, the data token came close to this mark again in December following its listing on the Thai cryptocurrency exchange Bitkub. It reached a high of $1.43 on 1 December, before succumbing to the bear market.

OCEAN’s value plummeted throughout 2022, especially during the crypto crash in May, when it fell below the $0.20 barrier.

At the time of writing, on 20 October, OCEAN had dropped to $0.16. However, it was up 16% over the past seven days.

Ocean Protocol price prediction

As of 20 October, CoinCodex’s OCEAN price prediction said there was neutral sentiment, with 17 bullish technical indicators and 11 signalling “sell”. At the same time, the fear and greed index was displaying “extreme fear”.

The site’s ocean protocol price prediction for 2022 suggested it could have climbed by 4% to $0.17 on 19 October.

AMB Crypto said it could have averaged at $0.42 this year and $2.39 in 2025. Its ocean protocol price prediction for 2030 saw an optimistic new all-time high of $8.54.

A more reserved forecast was provided by Price Prediction, which suggested the token could have climbed to $0.17 this year and $0.51 in 2025. By the beginning of the next decade, the site’s ocean protocol coin price prediction gave an average value of $3.09.

Similarly, TechNewsLeader said the data token would have achieved a maximum price of $0.28 in a year. Its ocean protocol price prediction for 2025 estimated the token to have climbed to $0.74.

When considering a ocean protocol crypto price prediction, it is 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. Analysts and algorithm-based forecasters can and will 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. Never trade with money that you cannot afford to lose.

FAQs

Is ocean protocol a good investment?

Ocean Protocol is creating a data market by tokenising datasets through ERC-20 tokens. However, its utility and governance token has plummeted since its all-time high in April 2021.

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 the Ocean Protocol token 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.

Will ocean protocol go up or down?

As of 20 October, there were mixed signals from OCEAN price predictions. CoinCodex said there was a neutral sentiment, whereas AMB Crypto expected strong gains.

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 the OCEAN token 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. Never invest money that you cannot afford to lose.

Should I invest in ocean protocol?

Whether you should invest in OCEAN 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 will go down as well as up

Markets in this article

ETH/USD
Ethereum / USD
3116.46 USD
-262.94 -7.790%
OCEAN/USD
OCEAN / USD
0.5237 USD
-0.0261 -4.860%

Related topics

Rate this article

Related reading

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.
Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

Still looking for a broker you can trust?

Join the 630,000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading