At first glance, Ankr (CCC:ANKR-USD) might seem complicated to prospective cryptocurrency investors. Yet, after we break it down, you should find that ANKR is understandable and, therefore, investable.
In order to truly understand what this cryptocurrency is about, we’ll need to delve into Web3. This is an essential feature of “smarter” websites, but can also be applied to the blockchain.
It’s exciting to consider the idea that the Internet of the future will be powered by blockchains – and that this evolution is already in progress.
I’ll try to cut out the fancy language as much as possible and give you the basics so that you can make your own decision about whether to invest or not. To begin, we’ll conduct a little bit of technical analysis.
Analyzing the ANKR Price
For traders who are dreaming of 10x gains, ANKR is the type of cryptocurrency that offers this possibility.
That’s because the price is so low. As of June 9, it was only around 9 cents.
To put it into perspective, consider the fact that the ANKR price was less than a penny in October of 2020. Clearly, this is a crypto with momentum.
Just please don’t take a huge position in this token, or in any low-priced cryptocurrency. There’s the potential for huge gains, sure, but there’s also going to be volatility along the way.
ANKR has been as high as 20 cents within the past year. Therefore, that will be a level to watch as a breakout above 20 cents could lead to significantly higher price points.
The Future of the Internet
It’s interesting to track the history of the Internet, which society tends to take for granted nowadays.
As Ankr (the company behind the coin) explains, Web1 mainly involved information based in one direction. Web2 (also known as Web 2.0 marked an improvement as it had the information stream both ways.
Now, with Web3, we’re witnessing the future of the Internet today as websites are becoming smarter.
“Instead of just passively receiving data from users, algorithms, and machine learning allow the websites to make predictions based on your data for higher engagement and immersion,” Ankr clarifies.
To put it simply, the Ankr network seeks to become your gateway to Web3 – and this time, it’s powered by the blockchain.
Moreover, Ankr offers to “provide Web3 app developers with instant APIs [application programming interfaces] to most popular and active chains.”
And so, investors are basically wagering that in the near future, it will become commonplace for Web3 applications to run on blockchains – and that developers will choose the Ankr network as their platform of choice.
The More, the Merrier
So, where does the ANKR token enter into all of this? The long and the short of it is that the token acts as a payment method on the platform.
Ankr’s white paper considers the tokens as both a means of storing of value as well as a way to transfer value.
Folks who use of Ankr blockchain can earn ANKR tokens simply by contributing their computing power.
Plus, the more people there are participating in the network’s blockchain computation, the more tokens they’ll earn. So, it’s a win-win for all of the participants – the more, the merrier.
Some cryptocurrency experts are fully on board with this concept, apparently.
As I learned from InvestorPlace contributor Chris MacDonald, WalletInvestor set a five-year price target on ANKR of 86 cents, while Gov.capital suggested that the token could hit a whopping $1.60 in five years.
ANKR: The Bottom Line
As you can see, there’s high conviction behind the Ankr network’s concept of anchoring the Internet on the blockchain.
Are you ready to join the cause and potentially profit from the Web3 revolution? If so, then feel free to check out the ANKR coin today.
On the date of publication, David Moadel 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.
David Moadel has provided compelling content – and crossed the occasional line – on behalf of Crush the Street, Market Realist, TalkMarkets, Finom Group, Benzinga, and (of course) InvestorPlace.com. He also serves as the chief analyst and market researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets.