Arweave remained bullish despite a bearish downtrend in the cryptocurrency market. The bulls of the market have died down but the token remained strong as it established a new all-time high at $89.43 during the day. The price has fallen since the ATH – currently trading at $81.35. The price level of the token has observed a positive change of 13% during the past twenty-four hours while the trading volume is also trending upwards. The token stands at a rank of 64th in the market.
Price prediction
The current bullish breakout of the token has sparked a debate of a highly bullish short-term future outlook. Analysts have predicted the price level of $100 to be attained during the current month with the potential to go even higher. Digital Coin Price projects the price of the token to cross 4120 by the end of 2021 which means it is quite possible for the cryptocurrency to reach $100 by the end of November. However, Wallet Investor places the one-year price prediction at $87 – giving a bearish future outlook.
It is not just the technicals of the platform that support a bullish future outlook but the strong fundamental base has more contribution. The market that Arweave is working in is huge and has the potential to grow into a behemoth which makes the cryptocurrency an interesting proposition. The global data storage industry is estimated to grow at 22.3% per year till 2025 with a possible valuation of $137.3 billion. If the growth trajectory for the industry is realized, the network is definitely going to realize its bullish price projections.
What is Arweave?
Arweave is a blockchain that provides permanent data storage. It can be used by anyone to save data in any formation – for example, pictures, videos, smart contracts, digital assets, and many more. The platform is essentially a peer-to-peer marketplace which connects users with available excess storage spaces. While centralized storage providers offer a much more competitive price when compared to Arweave, what makes it special is that storage on the platform is permanent and also enjoys the benefits of decentralization which means increased privacy and security.
However, the offerings of the firm should not be limited to the ArDrive. There are currently around 300 decentralized applications built on the network each having its own unique offering. Another dApp ArGo allows users to save websites as permanent archives while dApp RedStone is the Yahoo Finance of the decentralized world. So, the platform has a lot to offer which puts it a positive future outlook.
