Ethereum-based blockchain platform Ankr (CCC:ANKR-USD) has been among the top-performing altcoins this year. It has gained over a 1,100% since the start of the year, rising to an all-time high of a little over 20 cents. With its solid performance this year, many wonder whether it would become a victim of its success. However, despite the recent correction, analysts are bullish on its potential to climb much higher in the months to come.
The crypto market crashed last week, which saw close to $1 trillion being wiped away from the market. The two kings of the crypto world in Ethereum (CCC:ETH-USD) and Bitcoin (CCC:BTC-USD) suffered the brunt of the beatdown. Naturally, the smaller digital assets had virtually no chance of absorbing the onslaught. Ankr has lost over 28% of its value in the past month. However, the bull case for Ankr remains intact despite these hiccups.
Ankr Has Real Substance
A lot of the high-flying altcoins at this time have been riding the crypto wave without having much substance. However, Ankr is an exception to the case, as it has real potential to solve the problems of crypto users. It essentially brings forth the benefits of decentralization to cloud computing and uses crypto-economics to balance users’ value effectively. The goal is to develop a resource-efficient architecture for building business applications and a distributed cloud system.
Moreover, it is the first solution that leverages Intel’s SGX hardware and the power of the blockchain. As a result, SGX enables developers to protect data from unauthorized modification and preserves its integrity.
Moreover, the blockchain platform upgrades mining by using its “Proof of Useful Work” (PoUW) algorithm. Thus, it achieves the gold standard of mining, where the tasks are quantifiable on the blockchain and carry value for participants.
Moreover, if Ankr can marginalize the leakages from its network and maximize the computational energy, it could be a serious threat to major cloud companies.
Ankr’s price has shot up tremendously in the past year and is likely to maintain that momentum as we advance. A key factor that has led to its price surge is its listing on Coinbase, which provides it access to a userbase of over 56 million.
Most analysts believe that Ankr will continue on its upward trajectory. Digitalcoinprice believes that the crypto could close out the year being valued at a little over 25 cents. Moreover, it feels that Ankr could potentially be trading at 80 cents by 2028.
WalletInvestor’s one-year forecast for the altcoin is at roughly 40 cents. Additionally, it believes that Ankr has the potential to break through the $1 mark within the next five years. Ankr’s forecast from TradingBeast is remarkably bullish as well, which feels it can grow by at least 100% in the next three years to roughly 30 cents by 2022.
Final Word on Ankr
Ankr has performed exceedingly well since the beginning of the year and has proven to have real value for its users. Moreover, analysts are predominantly bullish on its potential to grow for the next couple of years and provide its owners with a sizeable return on their investments. Hence, Ankr remains one of the top altcoins to invest in at this time.
On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines
Muslim Farooque is a keen investor and an optimist at heart. A life-long gamer and tech enthusiast, he has a particular affinity for analyzing technology stocks. Muslim holds a bachelor’s of science degree in applied accounting from Oxford Brookes University.