Recent negative publicity around cryptocurrencies from cybercrime utilizing cryptocurrencies as ransom, along with the industry’s appetite for electricity, caused values to sink in May. However, renewed enthusiasm for cryptocurrencies has emerged thanks to the adoption of Bitcoin in El Salvador.
Crypto prices remain relatively low compared to where they were at the beginning of 2021. This is leaving many investors looking for the next big score. Predicting which cryptocurrency will burst onto the scene is pure speculation, but analyzing the little guys is a good place to start. One crypto garnering attention is Gitcoin (GTC). What is GTC’s price outlook, and should you get on board now before it takes off?
What is Gitcoin?
To truly understand where GTC is heading in terms of value, it’s essential to understand what Gitcoin does.
Gitcoin provides a platform for open-source software developers who operate on platforms like Ruby, HTML, CSS, and Python, among others. Gitcoin allows developers to work on projects for companies without actually being employed by them. This lets software developers do what they do best without being bogged down by workplace tasks like meetings, calls, and other tasks.
Developers then build their skills quicker, create a more expansive network, and collect “bounties.” The bounties are projects that developers can complete to earn cryptocurrencies like Ethereum.
GTC’s current metrics
GTC hasn’t had much time on the market. It started trading on May 25 at $3.5284 and quickly gained value. With an initial trading volume of over 1.5 million, it shot up to $9.4878 by the end of the day.
Despite a week-long drop, GTC has since maintained a value between $9 and $11. On June 10, GTC reached a brief peak of $17.92 before falling about down to the $10 range.
With a relatively steady value over its first few weeks, GTC seems poised to take advantage of any momentum. As developers seek to capitalize on the available projects and investors look to invest early, GTC won’t stay at its current price much longer.
Gitcoin (GTC) price prediction
The number of software developers looking to work in a decentralized platform where they can work on the project they choose, whenever they want, is going to rise. Also, companies and other blockchains will enter the platform looking for skilled developers. If this momentum continues, GTC will undoubtedly gain value. How much is anyone’s guess.
Analysts think that GTC could reach between $50 and $100 by the end of 2021. If Gitcoin continues to develop its products and partnerships through outreach, the momentum should carry.
The long-term outlook for GTC is bullish. Further adoption and integration of the open-source platform will attract even more developers and projects. With time, the platform will be able to expand and accommodate more activity and investors. The long-term predictions are always tricky, but analysts expect prices to soar close to $1,000 in the next five to 10 years.