Symbol price prediction: What is symbol (XYM)?
The Symbol blockchain offers a new way of connecting across chains, but what is symbol (XYM)?
Let’s take a look and see what we can find out about XYM, and also examine some of the symbol price predictions that were being made as of 30 September 2022.
Symbol explained
While blockchain technology is very important to the world of cryptocurrency, there remains a number of problems with blockchains. One of these key concerns is that different blockchains do not easily interact with each other.
This can prove to be a problem, for example, if someone wants to transfer their crypto from one chain to another. Similarly, if someone is making a decentralised application (DApp) on one particular blockchain, it is not going to be as simple as linking it up to another blockchain in order to have operability on mutiple chains.
This is the sort of thing, it could be argued, that might lead to potential investors and developers staying away from blockchain technology altogether – and that might hinder the progress towards the next stage of the internet known as Web 3.0.
There are platforms, networks and organisations at hand that are designed to help solve this problem – and one such blockchain is Symbol.
This chain is designed to serve as a “trusted, secure value exchange network for business” that goes on to claim that “Symbol smooths business friction, increasing the flow of data and innovation to supercharge the creation, exchange and protection of assets”.
The platform, in effect, combines two different kinds of blockchains, public and private. The idea is that, since the two are interlinked, the system can use whichever one has the best features in any given circumstance.
For instance, public chains are transparent and have higher security, while private chains allow for faster speeds and offer users both encryption and privacy for confidential exchanges. People using the system can create all different kinds of items, including non-fungible tokens (NFTs), stock shares and security tokens on whichever form of the blockchain works best for them.
In terms of its history, Symbol was founded by the NEM organisation, which had previously operated an eponymous blockchain that is powered by its XEM coin. Symbol is the spiritual successor to NEM, which was designed to serve as the “NASDAQ of the new economy”. However, Symbol is more designed to allow people to develop tools, tokens and DApps.
Symbol first came out in 2021, while NEM, which stands for New Economy Movement, was officially founded in 2016 in Singapore by Lon Wong, Erik Van Himbergen, Jeff McDonald and Leon Yeoh, although the NEM blockchain is slightly older than that.
Every blockchain needs to have its own coin, and Symbol has the conveniently-named symbol, also known by its ticker handle of XYM. XYM is used to pay rewards to the nodes, or computers, that help keep the system running.
People who hold XYM are also able to vote on proposals relating to the system’s future. The crypto can also be staked in return for rewards, which are payable in XYM. The coin can also be bought, sold and traded on a range of cryptocurrency exchanges.
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Symbol price history
XYM price history from launch to present – Credit: Capital.comLet’s now cast our eyes over the XYM price history. While past performance should never be taken as an indicator of future results, knowing what the coin has done in the time since it was set up can help give us some very important context, which can help if we want to either interpret an already-existing symbol price prediction or else make one of our own.
XYM first came onto the open market in 2021, opening at $0.3839 on 19 March. Seeing as the overall crypto market was going through a bullish phase, it may not come as much of a surprise to learn that it was not long after its launch that symbol reached its all-time high a few days later, trading at $0.7715 on 21 March.
After that, though, there was a decline, and the market downturn saw symbol fall to below $0.20 towards the end of May.
By the autumn of 2021, things picked up again and by mid-November, it was trading around $0.40 before it hit a daily high of $0.5409 on 23 Nov. From there, it fell back down and closed the year at $0.1934.
So far, 2022 has been a poor year for the cryptocurrency market in general and for symbol in particular.
The coin’s best price so far this year came on 1 January, when it reached a daily high of $0.2344, and it has been, pretty much, all downhill from there, with a low of $0.1263 in the wake of Russia’s invasion of Ukraine on 24 February.
Although there was something of a rally to a high of $0.1548 on 28 March, things were already going downhill when the depegging of the UST stablecoin and the collapse of the associated LUNA cryptocurrency saw symbol drop to a low of $0.06139 on 12 May.
Things got even worse the following month when the news that the Celsius Network (CEL) crypto lending platform had cancelled withdrawals, which effectively confirmed the crypto sector was in a bear market, and XYM fell to a low of $0.04679 on 18 June.
The bottom had not been reached, though and, despite something of a recovery to over $0.05, which stuck throughout July and the first half of August, the coin fell back down again, reaching an all-time low of $0.03537 on 28 September.
Things got slightly better after that and, as of 30 September 2022, symbol was worth about $0.0376. At that time, there were 5.58 billion XYM in circulation out of a total supply of 7,967,988,930. This gave the coin a market cap of around $209m, making it the 129th largest crypto by that metric.
Symbol price prediction round-up
With that all over and done with, let’s take a look at some of the symbol price predictions that were being made as of 30 September 2022. It is important to remember that price forecasts, especially for something as potentially volatile as cryptocurrency, very often end up being wrong. Also, long-term price predictions are often made using an algorithm, which means that they can change at a moment’s notice.
First, CaptainAltCoin made an XYM price prediction that said the coin could be in for a tough few months and that it could have dropped to $0.0273 at the close of 2022. After that the website forecast that it could have risen to $0.0483 in September 2023. By 2025, the site said, there could be more growth, as symbol could have traded at $0.0759, before it could have dropped to $0.0739 in five years’ time. After that, though, there was some better news as the site’s symbol price prediction for 2030 said it could have achieved $0.1896 and could have then gone on to $0.3793 in 2040.
Next, CoinsKid had a symbol coin price prediction that said the crypto could have closed the year at $0.0475 and could have gone on to $0.0615 in September 2023 and $0.1522 in September 2024. The site went on to make a symbol price prediction for 2025 that XYM could have started the year at $0.2026, could have reached $0.2470 by September and could have traded at $0.2855 in December. By September 2026, the site said symbol could have been worth $0.4443 before it could have reached $0.4796 by the end of the year.
Meanwhile, CoinCodex made a short-term symbol price prediction for 2022 that said the token could have dropped to $0.035206 by 5 October and continued down to $0.031885 on 30 October. Fittingly, the site’s technical analysis suggested a bearish outlook, with 13 indicators acting as if the token would go down against 12 that were bullish.
Finally, WalletInvestor was far more downbeat in terms of its symbol crypto price prediction. The site said that the price of XYM could have collapsed over the next 12 months or so, with it predicting that it could trade at a mere $0.00227 at the end of September 2023.
When considering an XYM 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 symbol a good investment?
It is difficult to tell. A lot will depend on what new ideas the Symbol blockchain can come up with, along with the performance of the market as a whole.
Remember, you should always carry out your own thorough research on a coin or token before coming to a decision about making an investment or not. Even high market cap cryptocurrencies have proved vulnerable to the current bear markets. Whether symbol is the right investment for you depends on your attitude to risk. Don’t rely on past performance as any sort of guarantee of future returns. Be prepared to make losses and never invest more than they can afford to lose.
Will symbol go up or down?
It is hard to say. While the likes of CoinsKid are optimistic in terms of how they see the coin performing, sites such as WalletInvestor are rather more pessimistic when it comes to saying what they think might happen to symbol. It is important to remember that price predictions very often end up being wrong, and that price can 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 the XYM 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.
Should I invest in symbol?
While CoinsKid may well have predicted symbol could have achieved $0.0615 by September 2023, it shouldn’t be overlooked that WalletInvestor suggested it could have gone down to $0.00227 by September 2023.
Whether you should invest in XYM 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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