A new crypto coin has the market buzzing after a big announcement, with wild predictions it could be worth $A2700 in a few years.
A new crypto coin has the market buzzing after a big announcement this week.
Coti crypto, which stands for “currency of the internet”, made waves by announcing its native coins can be converted into euros, according to Kalkin Media.
It means users can convert Coti to euros through a Coti bank account and also spend it through a debit card.
In the 24 hours following the announcement, Coti’s volume skyrocketed by more than 500 per cent, and price of the coin was up almost 30 per cent as of Thursday.
According to Coinbase, Coti is now valued at $A0.53 and up more than 16 per cent in the past day.
It comes as Shiba Inu coin was down in value, as well as Bitcoin.
Shina Inu’s value was up 11 per cent over the past day, according to CoinBase. Bitcoin was up 3.5 per cent in the past day to $A70,017.
The Coti cryptocurrency has racked up interest from investors in recent months.
What is Coti?
Coti is a blockchain platform with tools that let organisations build their own payment solution.
For example, merchants can create branded stablecoins to boost checkout options for customers.
The platform also has its own token with the same name.
The Coti group first launched in 2017, with “Coti” being an acronym for “currency of the internet”.
What’s the Coti price?
The price of Coti is currently sitting at $A0.53, up 18 per cent in the past week and up 875 per cent in the past year.
It comes after it soared to its highest ever level on September 25, when it reached $0.6587.
In comparison, it was worth just $0.04576 on January 1 this year.
In September, Coti’s value rocketed following news that Coti will issue a new stablecoin for the Cardano system, known as Djed.
Zak Killermann, fintech and crypto expert of Finder, told The Sun: “A Cardano backed investment fund, known as cFund, invested $500,000 in Coti earlier this year — so it should come as no surprise that the two teams are now working closely together.
“Djed aims to be more transparent and liquid than existing stablecoins like USDT and USDC, and will have a double function as both a stablecoin and a transaction coin on the Cardano network.
“This coupling between the two networks might incur more direct price correlations between ADA and COTI, so investors in COTI may want to pay more attention to ADA’s price movements and news down the line.”
Coti price predictions
Whether the Coti price will increase or dive in future is impossible to know for sure.
Yet crypto fans and experts have made predictions, and WalletInvestor has set a one-year forecast of $A0.87.
Meanwhile, the site expects it to reach $A2702 in five years’ time.
In comparison, PricePrediction predicts it’ll be until 2023 when the cryptocurrency potentially goes above the $1 mark.
It has also set an average price estimate of $A12.35 on January 2030.
And DigitalCoinPrice expects it to hit $A1.41 in 2022.
As always, take these predictions with a pinch of salt as they’re not guaranteed.