This year has been a tough sail for Ocean Protocol since May 2022, when the Terra/Luna implosion caused a cascade of bankruptcies, layoffs, and liquidations. Subsequently, the chain of unfortunate market and geopolitical events like the Russian invasion of Ukraine, U.S. inflation, and 3AC and Celsius insolvency, has also contributed to the downward pressure on the price of OCEAN.
With the recent massive downfall of the crypto market caused by FTX contagion, is it possible for Ocean Protocol to reclaim its all-time high in 2023? Continue with the article to learn about Ocean Protocol price analysis and prediction by Coinpaper.
Read also: AI tokens: can they live up to the hype?
What is Ocean Protocol?
Ocean Protocol is a blockchain-based platform that aims to democratize the access to Big Data that is currently concentrated in the hands of just a few organizations. The project allows individuals and businesses to easily monetize their data while preserving privacy and control, whereas AI developers get access to the quality datasets that could not be obtained otherwise. OCEAN token serves as a medium of exchange on the protocol’s data marketplace, but can also be used for community governance and staking.
Ocean Protocol (OCEAN) price
Currently, Ocean Protocol Price is USD. OCEAN has a circulating supply of coins and a total supply of . If you are looking to buy or sell Ocean Protocol, Binance is currently the most active exchange.
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Ocean Protocol price prediction 2023
The current market sentiment is full of fear, uncertainty, and doubt (commonly known by the acronym FUD), as fears of FTX contagion mount. At the moment, it’s difficult to assess exactly how much damage has FTX collapse has done to the crypto industry, since some affected crypto companies may be already secretly insolvent due to highly leveraged positions, as we have seen in the aftermath of Terra's implosion.
According to our estimates, it will take months for the full scale of FTX bankruptcy to become clear, so the turning point for the crypto market won’t come before late Q1 to early Q2 2023, although for now, it seems that the industry has absorbed most of the damage.
Another market factor that should be taken into consideration is how successful will be the U.S. Federal Reserve’s efforts to curb inflation. For now, there is reason to believe that Fed is making some progress in its attempts to cool the overheating economy — on November 30, Federal Reserve Chair Jerome Powell announced it’s time to slow the pace of coming rate hikes, which immediately triggered a positive reaction from both crypto and equity markets.
Given the above information, one can easily guess that there will be a considerable divergence between bullish and bearish Ocean Protocol 2023 price predictions due to multiple unknown factors. For this reason, we estimate that the bullish scenario will see Ocean Protocol price at $0.59 to $0.67. On the flip side, a fading interest in the new meme coin may push the price of Ocean Protocol to $0.34-$0.21 lows.
Ocean Protocol price prediction 2024
In 2024, the global macroeconomic backdrop is likely to be more favorable to the crypto market, adding value to Ocean Protocol (OCEAN) and other cryptos. However, the possibility of black swan events similar to the collapse of FTX cannot be completely ignored.
Keeping this in mind, we foresee the price of Ocean Protocol to climb as high as $1.08, with the more distant prospect of reaching $1.27 in 2024. The bearish scenario is likely to see Ocean Protocol (OCEAN) trading between $0.91 and $0.73 in 2024.
Ocean Protocol price prediction 2025
Since it’s practically impossible to foresee what market factors will influence cryptocurrency prices in 2025, this part of our Ocean Protocol (OCEAN) price analysis and prediction is based on pure speculation and observation of Ocean Protocol historical price movements.
Our Ocean Protocol 2025 price forecast expects OCEAN to rally towards $1.85 and reach $2.28 by the end of the year. The bearish scenario would see Ocean Protocol at 1.28 to $0.97.
Ocean Protocol (OCEAN) price prediction 2026
Looking ahead four years, to 2026, Coinpaper's price prediction for Ocean Protocol is neutral. In 2026, we expect Ocean Protocol to reach at least $2.89 before climbing higher to $3.11. In case of a bearish scenario, Ocean Protocol may fall to $2.17.
Is Ocean Protocol (OCEAN) a good investment?
Ocean Protocol latest gains has been largely driven by the market appetite for AI in the crypto industry, but for now, it’s unclear whether the project will retain its hype and secure a steady growth. Until the dust settles, OCEAN token can be only viewed as a highly speculative investment that should represent a tiny fraction of your portfolio if you decide to give it a shot. Remember that past performance is no guarantee of future results, and always do your own research before investing in any cryptocurrency.
Bottom line
Are you ready to invest in Ocean Protocol? Very few if any analysts forecast its value going down to zero, although you can’t be sure these days, so make sure you always do your own research before making investment decisions. And keep in mind that cryptocurrency prices can be extremely volatile, so trading crypto always involves a high degree of risk.
You can buy OCEAN from many crypto exchanges, including Binance
Disclaimer: Coinpaper does not recommend that any cryptocurrency should be bought, sold, or held by you. Always conduct your own research and consult your financial advisor before investing in any digital asset.
FAQs
Who created Ocean Protocol?
Ocean Protocol was co-founded in 2017 by a group of successful entrepreneurs with deep background in AI, blockchain, and big data that include Bruce Pon, Trent McConaghy, Cristina Pon, and Razvan Olteanu.
What was the all-time high for Ocean Protocol (OCEAN) ?
The all-time high price of Ocean Protocol is $ on 2021-04-10
