For the first time since 2018, CVC is above its launch price. Can it keep the momentum up?
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The identity management network Civic provides a blockchain solution to the problem of people having to constantly complete verification checks and fill out the same information – name, address, date of birth and so on – repeatedly. Its decentralised app stores all the user’s information in one place.
Instead of organisations having to pay millions of dollars for traditional verification services, Civic has an alternative model. Service providers pay validators for each user they want to complete a verification check for. These providers are able to avoid the traditional high costs of this service and pay with Civic’s native cryptocurrency, the civic coin (CVC).
Having all the data in one place seems like the perfect concept for individuals and businesses. But in practice, price predictions say it needs demand from users, validators and service providers. Is Civic able to reel in the demand for its service and cryptocurrency?
Civic coin: The story so far
Civic’s price history started off successfully, with its initial coin offering finishing on 20 June 2017, raising its target of $33m. CVC launched a month later, on 17 July, at $0.16 and almost immediately saw a price rally. The utility token was listed on the Chinese exchange BTER on 10 August, specifically offering the pair of CVC and CNY, China’s official currency. The following day the price had climbed to $0.63.
Civic managed to sustain this momentum throughout the month. On 26 August, Civic announced a partnership with WikiHow, the website that has guides and how-to articles on different subjects. WikiHow users are now able to use the Civic app to log in to the website.
The price of CVC did fall gradually over the following months, but it did not fall below the $0.20 mark. The civic cryptocurrency saw a spike at the end of that year and reached its all-time high of $1.66 on 25 December 2017. This bullish trend continued into the new year, with CVC staying above the $1 mark until 16 January 2018.
Like many other cryptocurrencies, Civic coin was hurt by the 2018 market crash, when the price plummeted to $0.28 on 5 February. After this slump, CVC did see a price rally a few months later which peaked at $0.45 on 6 May 2018.
Later that month, Civic announced it was venturing into social media markets to make logins simpler. The network launched ID Codes, which provided users and organisations with an independent way to validate identities for social media and company profiles. The announcement revealed that ID Codes was being integrated with Hilo, a cryptocurrency social media website.
Civic maintained its price momentum throughout May and the bears did not manage to pull the CVC price below the $0.30 mark. The next two months were a different story, however. The coin started dropping in June, and by the end of August the Civic cryptocurrency had fallen below its launch price.
This bearish trend stayed with CVC throughout the following years and it reached its all-time low of $0.01 on 13 March 2020.
A new start for CVC
The utility token managed to turn things around by the end of 2020. Coinbase announced on 5 November that users could purchase CVC on its platform. By 10 November the price of civic coin passed the $0.10 mark. This rally continued into 2021 and peaked at $0.71 on 2 April.
The bullish rally followed Civic’s announcement on 11 March that it was migrating to the Solana blockchain. Civic was originally based on Ethereum. However, the high fees and low transactions speeds were unappealing for investors. The identity management network moved to Solana, which had fees starting as low as $0.00001 and can handle 50,000 transactions a second.
Vinny Lingham, co-founder and chief executive of Civic, said: “Early blockchains have been good testing grounds, but with high fees and slow transactions, many consumers and applications are simply priced out of the ecosystem. Now, with Solana, we’re making identity foundational to the blockchain and broader ecosystem that’s ready for the future and built to scale.”
After April’s rally, the price dropped again, stooping to $0.16 on 22 June. However, it climbed even further in September compared to its last bullish trend. CVC’s price reached $0.95 on 4 September but then fell to $0.59 the following day.
Civic coin has proved to be volatile as it plummeted again falling from $0.57 on 1 December to $0.38 on 6 December. The cryptocurrency continued its bearish trend into the new year. At the time of writing, on 25 March 2022, it is sitting at $0.31.
This hasn’t stopped Civic from revealing big plans for 2022. It said in a recent blog post to expect partnership announcements that will enhance the DeFi side of its network. “In fact, in Q1 2022 we’ve already integrated Civic Pass with KYB [know your business] for a new partner that is attracting institutional investors,” it wrote.
Civic coin price prediction
The consensus among analysts making a civic coin price prediction is a gradual upward trend.
LetsExchange warned investors in October 2021 that CVC’s future will depend on the number of users, validators and organisations using the platform. It wrote: “To succeed, Civic should attract a large number of users willing to sign up and provide their sensitive information. However, Civic has competitors like Selfkey and Decentralized ID, which offer similar services using blockchain technology also.”
WalletInvestor’s civic (CVC) price prediction describes it as an “awesome” investment, forecasting a gradual increase for the utility token. Its civic coin price prediction for 2022 is for it to reach $0.50 by the end of the year. It expects CVC to surpass $1 by 2025.
TradingBeasts’ civic (CVC) price prediction estimates it to stay at roughly the $0.40 mark for rest of 2022. It gives an average price of $0.50 in 2025.
Similarly, DigitalCoinPrice thinks the token will reach $0.50 in three years’ time, according to its civic coin price prediction for 2025. CVC is thought to surpass the $1 barrier in 2028 and the civic coin price prediction for 2030 averages out at $1.43.
FAQs
Is civic coin a good investment?
It might be. Civic’s price history has been dormant since 2018 but the utility token’s luck changed in 2021. CVC saw its price rally in April and September last year, following news of its migration to the Solana network. However, CVC has since dropped back down to the $0.31 level.
Remember, cryptocurrencies are volatile and you should never invest more than you can afford to lose.
Will civic coin go up?
It could do. The consensus from civic coin price predictions is a gradual rise in the utility token’s price. WalletInvestor expects it to reach $0.50 next year and climb above the $1 barrier in 2025 – but investors should always do their own research before investing.
Should I invest in civic coin?
It depends. Civic is currently above its launch price and has recently seen surges in its price. But its price history has shown it can reach new heights before falling to new lows. Remember, you should never invest more than you can afford to lose.
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