Technology

What the Future Hold for Loopring Based on Past Performance

Throughout the whole of the bear market, the majority of the biggest cryptocurrencies were mired in a precarious situation. Alternatively, following a successful rise of over 27% by the end of May 2022, Loopring (LRC) emerged as one of the greatest winners.

An important update to the Loopring protocol was happening at the time of the rally. The issue that arises now is whether or not Loopring will stage another rally in the future. Read on to see what analysts anticipate the LRC price will be in the future by reviewing previous years’ movements.

What is Loopring?

The Loopring (LRC) coin is the protocol’s native token and is utilized in staking pools. Loopring is the first Ethereum mobile payment app that uses zero-knowledge rollups for secure transactions.

If users choose a reliable third party as an intermediary, they may send ether ETH and ERC-20 tokens to any Ethereum address instantaneously at Layer 2 (L2).

LRC is utilized to settle transaction fees for L2 zero-knowledge rollups. While the Loopring protocol was first launched on the Ethereum main net in December 2019, the LRC token was made accessible to the public during the ICO in August 2017.

Daniel Wang, a software engineer and entrepreneur located in Shanghai, China, founded and serves as CEO of Loopring Foundation.

Year-to-Year Loopring Price Movement

The price of LRC has fluctuated significantly over the last several years. In other words, the asset’s historical performance is not a very reliable predictor of its future behavior.

2017

In late August 2017, LRC joined the market for $0.10. The ICO raised $45 million. The price of LRC plummeted to $0.003 in its first week before recovering somewhat. In early October, the price increased to $0.25.

Loopring was able to generate fresh profits after two months of consolidation, and the company ended the year at $0.44, a 340% increase from its initial public offering price.

2018

LRC had a good start in 2018. The price of LRC increased by around 270% before hitting an all-time high of $2.87 on January 9, 2018. Loopring’s market worth had surpassed $1 billion at this time.

The LRC price increased to $0.72 a week after the price rise, but by the middle of March, it had dropped to $0.27. As 2018 came to a close, one LRC was worth around $0.04. This was a decline of over 98% from its value in January.

2019

Multiple efforts at a rally were undertaken by Loopring in 2019. The LRC price increased to around $0.10 between January and April. At the end of 2019, one LRC token was worth $0.02, or almost half of what it was at the start of the year.

The price of LRC doubled in the first quarter of 2020, continuing a trend that began in the fourth quarter of 2019. This price increase was accompanied by a 45% drop in losses in March. LRC managed to hit $ 0.30 in September, marking the next price change.

In November, the price dropped even more, to $0.11. The price of LRC continued to fall throughout December, closing the year at $ 0.17.

2021-2022

Early in 2021, optimism reemerged. In January, the price of LRC increased by 57%, and it continued to rise until it reached its all-time high of $0.92 in February. But after dropping for two months, LRC was selling for $ 0.57 in April. Still, by 2022, this figure will have increased by a whopping 240%.

In November 2022, the price of one LRC dropped to $0.24.

LRC price forecast 2023 – 2030

Loopring is expected to reach new milestones in 2023, and it may surpass $1.1818. It is also expected to rise to $11.68 by 2025.

By 2026, when the DeFi market shatters previous records, Loopring will do the same. After a 2026 high of $12.14 and a stable average price of $10.52, the price of LRC will drop to $9.24 by year’s end.

In 2030, LRC is predicted to average around $28.90. Price predictions for Loopring range from a high of $30.28 to a low of $24.88. Since 2022, the peak price would have climbed 3,552.59%.

Final Thoughts

It seems like most of Loopring’s price forecasts may increase in the future. Therefore, it is still not too late to invest in LRC as the end of 2022 reaches.

Considering the meteoric rise in Ethereum fees over the last several years, Loopring’s low-cost solution is definitely in demand. Keep in mind, however, that cryptocurrencies are a highly volatile and risky financial product. Before putting your money down, you need to perform your analysis of the risk involved.