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ssv.network price prediction: What is SSV?

By Peter Henn

Edited by Vanessa Kintu

09:19, 6 March 2023

SSV Network SSV decentralized crypto currency logo with futuristic block chain technology concept banner.
Will SSV be able to maintain a bullish run? Photo: Praveen Nanu / Shutterstock

It’s a token which managed to grow at a time when the overall crypto market was shrinking, but what is ssv.network (SSV)? Let’s take a look and see what we can find out, and also examine some of the ssv.network price predictions and latest news. 

SSV Network explained

Blockchain technology and by extension cryptocurrency, are linked with the idea of Web3. This is either the upcoming or ongoing – depending on who you speak to – stage of the internet characterised by a move away from big companies controlling data and towards people taking control of their own information.

As perhaps befits a brave new online world characterised by decentralisation, the blockchain is, at least for the most part, operated by people who might well do other things for a living. These people supply computers, or nodes, which operate on their particular part of the blockchain. 

While operating a node requires a certain amount of expertise, or at least computing power, once you have those things you are basically sorted and can get involved in operating on the blockchain. 

However, there are some potential issues. For instance, it can be pretty difficult to operate a node and get involved in staking coins and tokens in order to earn more money. Additionally, if you want to operate a node but are unable to do so on a full-time basis, it can be hard to share responsibilities and pay on a crypto system. 

The SSV Network was set up in an attempt to deal with those two problems.

The idea behind the platform is that people can share their nodes and stake their crypto. As the whitepaper says: 

“In order for a validator to earn ETH rewards by signing data transactions, it must remain online and available. In the current Ethereum staking ecosystem, due to strict protocol rules, a validator must run on one node only and this presents a single point of failure. By splitting the validator key into multiple KeyShares and distributing those KeyShares to multiple nodes, if one node goes offline for routine maintenance or because of a problem, fault tolerance is achieved and the other nodes holding the rest of the KeyShares will respond to keep the validator operating. This results in a slashing-free, decentralised staking environment.”

As a blockchain-based platform, the SSV Network needs to have its own native cryptocurrency and the conveniently-named, if idiosyncratically-punctuated ssv.network token, also known as SSV. 

The crypto can be used to pay for transactions on the platform and holders have the right to take part in votes on changes to the network. SSV can also be bought, sold and traded on exchanges. 

There are three types of users who help make the SSV network operate properly:

  • Operators manage the protocol, own the physical computers the system needs and maintain the overall health of the network.

  • Stakers hold Ethereum’s ether (ETH) cryptocurrency and help things work quicker. 

  • Holders hold SSV and can vote on changes to the network, set the platform’s fees and operate its treasury. 

The SSV Network operates as a decentralised autonomous organisation (DAO). This means there are no specific people in charge of the network. While this is not too uncommon for crypto platforms, it could be an issue for people who are not used to the world of the blockchain. 

A couple of important things to point out. Firstly, SSV operates on the Ethereum blockchain, which means that it is a token rather than a coin. There may be references to things like an ssv.network coin price prediction but, technically speaking, they are wrong. SSV stands for secret shared validators.

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ssv.network price history

SSV price history

While past performance should never be taken as an indicator of future results, knowing what the token has done in the past can help give us some much needed context when it comes to either making an ssv.network price prediction of our own or interpreting one that has already been made. 

When SSV first came onto the open market, following a transition from its original incarnation as Blox (CDT), in September 2021, it was worth about $15. 

While its price dropped to below $8 in the days following its launch, bitcoin (BTC) reaching an all-time high saw the market grow and SSV traded at $16.89 on 3 November. After that, though, things went down and the token closed the year at $6.69.

While 2021 was a good year for crypto, 2022 ended up being anything but for most coins and tokens, but SSV was able to outperform a bearish market. 

DOGE/USD

0.13 Price
-1.770% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

BTC/USD

67,233.40 Price
-0.610% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

ETH/USD

3,512.15 Price
-0.660% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

SOL/USD

174.42 Price
-0.480% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

The highlight during the first part of the year came on 31 March, when it traded at what was then an all-time high of $21.52. 

The market then fell back and the drop turned into a crash in May as the UST stablecoin got depegged and the associated LUNA cryptocurrency collapsed, with SSV dropping to $6.24 on 12 May. 

While there was something of a recovery, June’s news that the Celsius Network (CEL) crypto lending platform had cancelled withdrawals confirmed the bear market and SSV dropped to an all-time low of $3.68 on June 18. 

There was some rebounding after that, most notably to $19.39 on 12 September, things dropped back down and the collapse of the FTX (FTT) exchange triggered another market crash and SSV fell to $7.96 on 12 November. 

It would recover slightly again after that and the token closed the year at $10.07. This represented an annual rise of a little over 50%. When put into the context of a crypto market which shrank by more than 60%, that made SSV one of the best performing cryptocurrencies in 2022.

Things continued to get better, as a buoyant market, coupled with a string of exchange listings and SSV Network’s sponsoring of the Denver Hackathon, saw the token hit new heights. Not even a targeted phishing attack on the system’s discord server could stop SSV from reaching an all time high of $49.51 on 27 February. 

The token dropped back down somewhat after peaking, and on 2 March 2023, it was worth about $40.53. 

At that time, there were 10 million SSV in circulation out of a total supply of 11,012,871. This gave the token a market capitlisation of about $430m, making it the 97th largest crypto by that measurement, according to CoinMarketCap.

ssv.network price prediction round-up

With that all said, let’s take a look at some of the ssv.network price predictions that were being made as of 2 March 2023. 

It is important to keep in mind that price predictions, especially when it comes to something as potentially volatile as cryptocurrency, very often turn out to be wrong. We should also point out that long-term price predictions are often made using an algorithm, which means that they can change at a moment’s notice. 

First, CoinCodex, had a short-term ssv.network price prediction for 2023 which suggested that the token could shoot up to $67.05 by 6 March before fall back down again to $47.96 by 31 March. The site’s technical analysis was, appropriately, bullish, with 23 indicators sending positive signals compared to just seven making bearish ones. 

Next, DigitalCoinPrice made an SSV price prediction, which argued that the crypto could trade at $92 this year, $110.68 next year and $157.57 the year after that. By 2026, the site said, ssv.network could be worth $193.78, before potentially moving to $228.62 in 2028 and could close the decade at $326.83. The site then went on to make an ssv.network price prediction for 2030 of $445.66 , before arguing that it could reach $630.53 in 2031 and $858.74 in 2032.

Meanwhile, CryptoPredictions.com had an ssv.network crypto price prediction which claimed SSV could close this year somewhere between $41.26 and $41.27. The site then made an ssv.network price prediction for 2025 that saw the token potentially start the year at $55.66, reach $62.72 in July and close the year at a fraction of a cent below $68.47. By the end of 2027, the site said, SSV could be worth a little over $91.62.

Finally, Wallet Investor was also rather optimistic in terms of its SSV price prediction. The site said that the token could reach a little under $57.04 by early March 2024 and could hit $110.21 in five years time. 

When considering an SSV token 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 ssv.network a good investment?

It is hard to say. A lot will depend on whether the token can maintain its recent run of good form, while the future performance of the overall crypto market will also be a factor.

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 ssv.network go up or down?

No one can really say for sure. While the crypto’s price forecasts were rather upbeat at the time of writing, it’s crucial to remember that crypto price predictions end up being wide of the mark far more often than they are accurate, because 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 SSV 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 ssv.network?

Before you decide whether or not to invest in ssv.network, you will need to do your own research, not only on SSV, but on other crypto coins and tokens. 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.

Markets in this article

BTC/USD
Bitcoin / USD
67233.40 USD
-411.35 -0.610%
ETH/USD
Ethereum / USD
3512.15 USD
-23.28 -0.660%
LUNA2/USD
LUNA2.0 to USD
0.4572 USD
-0.0038 -0.840%

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