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2021 Zilliqa (ZIL) Price Forecast

Zilliqa (ZIL) Price Forecast

July 21, 2021 | 

JOHN K MWANIKI |  0 Comments| 

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By now, many people know about cryptocurrencies and the changes they want to make to traditional financial infrastructure. Many people know about Bitcoin and Ethereum, though not as many can explain how they work exactly. While there are thousands of cryptocurrencies, not all of them are worth your investment. Zilliqa is not a new cryptocurrency, but it is up and coming. By understanding the Price forecast, you will be able to decide whether you should consider adding it to your investment portfolio

If this is the first time you are hearing about Zilliqa, then the following section is for you. It explains more about the Zilliqa network, the benefits, and why it is becoming increasingly popular. 

What is Zilliqa?

Zilliqa is a Singaporian based blockchain network that was launched in 2017. When it was launched, it was using the Ethereum blockchain network but has since developed and transitioned to its own in 2019. After transitioning, ERC20 tokens were swapped with Zilliqa (ZIL) tokens as the blockchain's native utility token. The Zilliqa network also has another token, gZIL which is its governance token. 

One of the things that set Zilliqa apart from other cryptocurrency networks is its use of sharding. One of the biggest problems facing many cryptocurrencies is scalability, and sharding in the Zilliqa network is a great solution. 

What is sharding?

Sharding refers to splitting a blockchain network into smaller partitions called shards. These shards, which are attached to the mainnet, perform certain tasks that would typically be performed on the main chain. This helps reduce congestion in the mainnet and helps the network process transactions faster. 

Like Ethereum, Zilliqa is home to many decentralized apps thanks to the ability of developers to write smart contracts on the network. When writing these products, developers use the SCILLA language or Smart Contract Intermediate-level Language. 

Anyone interested in trading Zilliqa can purchase it in some top exchanges like Binance, Huobi Global, FTX, OKEx, and Upbit. 

Zilliqa's historical market status

As of July 20, 2021, ZIL's trading price was 0.0561 USD, a 7.56% decline from the previous day. It ranked 82nd on Coinmarketcap. The trading volume for the last 24 hours was 48,542,181 USD. While the maximum supply is set at 21,000,000,000 ZIL, the current circulating supply is 11,505,899,739 ZIL. 

Since it was launched, it traded at an all-time high of $0.2563 on May 6, 2021. Its all-time low was trading at $0.002477 on March 13, 2020.

2021 ZIL's price prediction

At the moment, ZIL is in a bearish trend, and its price has been going down consistently since its all-time high in May. However, the current trend does not represent how the coin will perform in the future. 
Here is what different investors predict is in store for ZIL in 2021.

The News Crypto

According to the technical analysis done by those at The News Crypto, ZIL is expected to be Bullish in 2021. They predict that ZIL could trade at $0.25 in 2021, bringing it to its current all-time high. 
Trading Beasts

Analysis from Trading Beasts suggests that the Price of ZIL will appreciate as the year progresses. However, their price predictions are far more modest than those by The News Crypto. They suggest that by December 2021, the maximum price ZIL will trade will be $0.1068, which would still be a 50% rise from its current price. 
According to Wallet Investor's Zillica's forecast for 2021, it could be trading at a maximum price of $0.145 by the end of 2021. This represents an almost 50% rise from its current trading price.

Why the ZIL's price may go up in 2021

There are several determinants of a cryptocurrency's success, and ZIL currently exhibits the marks of a cryptocurrency set to appreciate in value in the near future. The following reasons show why more people may show interest in ZIL in the future. 

a.    Sharding 

Many people have expressed their doubts about cryptocurrencies' (including Bitcoin) viability as a global currency due to the scalability issue. The biggest concern has been how energy intensive the proof of work consensus algorithm is, and they are what many cryptocurrencies use. The other issue has been how fast these cryptocurrencies can verify and add transactions to their blockchain. 

For a cryptocurrency to be globally accepted, it will have to adhere to the current sustainability trends and process thousands of transactions per second. Sharding solves both of these issues, which means that even as it grows in popularity, the blockchain can still accommodate more transactions per second. 

b.    Decentralized finance

There are many reasons why people are choosing decentralized finance applications over centralized finance solutions. The main one is that people want more control over their money without interference from third-party apps while simultaneously still having trust that any contracts or agreements will hold. 

Through smart contract-enabled development, developers can now create Decentralized apps that execute agreements efficiently. Couple these DeFi apps with the benefits gained from using ZIL, and you understand why some professionals believe that DeFi could disrupt traditional financial infrastructures as we know them. 

c.    Low fees

Thanks to sharding, the Zilliqa Network experiences lower congestion than many other blockchain networks. Couple that with the lowered mining fees thanks to lower energy and fuel needs, and you can see why it all translates to lower transaction fees. 

d.    Upgrades and maintenance

Zilliqa development and maintenance is not a one-and-done deal. Instead, Zilia's team is consistently working to make the ecosystem more stable and increase functionality. For example, Zilliqa's team was set to upgrade the network Zilliqa v8.0.0 on May 11. 
Conclusion

The Zilliqa network may look like the new kid on the block in terms of popularity, but it can grow into a force to be reckoned with. All of its predictions forecast an appreciation in price in 2021. Of course, you should always perform your own analysis of a product before investing your money into it

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