Polymath price prediction: Will the rally continue?
Updated
Polymath has created an ecosystem for clients to create their own security tokens with its own blockchain and POLY cryptocurrency.
POLY has struggled throughout its price history. But it was up 35% over the past seven days, as of 28 September 2022.
At the time of writing, forecasters, including Wallet Investor and AMB Crypto were divided over the POLY crypto price prediction.
What is Polymath?
Polymath is a technology provider offering blockchain-as-a-service (BaaS), a service that provides companies with the tools to launch their presence in the crypto world.
Specifically, Polymath offers security token options, giving businesses a chance to easily set up their own cryptocurrencies.
Users of the Polymath platform are able to create, issue and manage security tokens. The provider uses the Ethereum (ETH) standard ERC-1400, just like the ERC-20 standard. It claims this gives the tokens standardisation, which “minimize(s) technical due diligence”.
In addition to pioneering the Ethereum standard, it created its own blockchain. Polymesh was launched to continue meeting regulatory requirements, while also creating a network designed for launching security tokens.
The POLY cryptocurrency
The POLY cryptocurrency fuels this blockchain and the Polymath platform. It was initially designed for users to pay for fees when creating, distributing or manging their security token. However, it is now also used to reward nodes for securing the Polymesh blockchain.
As of 28 September 2022, it had a circulating supply of 924 million tokens with a market capitalisation of $251m, ranking it 117th out of all cryptocurrencies by that metric.
POLY’s past performance
It has been a bumpy price history for POLY. The token launched at $0.7905 on 2 February 2018 and immediately reached its all-time high of $1.66 on 19 February.
Polymath proved to be overvalued, however, and the token crashed throughout the rest of the year, along with the general cryptocurrency bear market. It closed 2018 at $0.13, down 84% on its launch.
POLY/USD price chart, all-time performance
Source: CoinMarketCapPOLY continued falling over the following years and dropped to its all-time low of $0.10 on 13 March 2020.
However, 2021 was a breakout year for the cryptocurrency. It hit a high of $0.80 on 3 April 2021, which came as the platform was gearing up to launch its blockchain. Polymesh went live on 13 October, with POLY surging throughout the month and peaking at $0.95 on 28 November 2021.
It eventually fell victim, however, to the recent bear market. POLY dropped to a 52-week low on 12 May 2022, when it hit $0.14 after the collapse of the Terra ecosystem.
The cryptocurrency has made some gains recently. It surged on 8 September 2022 to $0.44, as it sponsored and attended the Blockchain Futurist Conference in Toronto.
We were so pleased to participate as a Platinum Sponsor at the Blockchain Futurist Conference 2022 where we, along with other industry leaders, shared their insights and discussed the latest in blockchain technology. Check out our blog post https://t.co/Idooo9NSSQ #digitization
— Polymath (@PolymathNetwork) September 7, 2022
While its price retreated from this high, it has rallied again recently. As of 28 September 2022 it was trading at $0.27, up 35% in the past week and 46% over the past 30 days.
Polymath price prediction
At the time of writing (28 September 2022), there were mixed opinions when it came to a POLY price prediction.
TechNewsLeader expected the current bullish trend to continue, predicting the token might reach $0.48 in a year. Its Polymath price prediction for 2025 gave a maximum price of $0.98, which it suggested could rocket to $5.95 in 2030.
Similarly, AMB Crypto thought POLY would average out at $0.44 this year. Its Polymath crypto price prediction said the token might pass $1 in 2024 and achieve $5.90 in 2030.
PricePrediction said the coin would only average $0.29 in 2022. However, a strong climb was forecasted, and its Polymath price prediction for 2030 said the token could average out at $5.91.
On the other hand, WalletInvestor said the token was a “bad” long-term investment , and its Polymath price prediction for 2022 suggested it would fall to $0.149. The cryptocurrency was then forecasted to drop below the $0.01 barrier by the end of 2025
When considering a Polymath coin 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. 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. Never trade with money that you cannot afford to lose, and keep in mind that past performance is no guarantee of future returns.
FAQs
Is Polymath a good investment?
POLY is currently rallying, and is up 35% on the previous week, as of 28 September 2022. However, it has struggled with the 2022 bear market and is down 44% year-to-date.
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 POLY token is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. Never invest money that you cannot afford to lose. Keep in mind that past performance is no guarantee of future returns.
Will Polymath go up?
Forecasters are divided over their POLY coin price predictions. TechNewsLeader said it might eventually pass $5, whereas WalletInvestor predicted a drop below $0.01.
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 POLY 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 Polymath?
Polymath is a blockchain-as-a-service (BaaS) provider, giving clients the chance to launch and manage their own security tokens. POLY was designed to finance this process, but the token has been stuck in a bearish trend.
Whether you should invest in Polymath 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.
Markets in this article
Related topics
