In this article, we will first provide a basic review of NEXO and how to use the NEXO coin. We will then offer price predictions, outlining the short and long term upside of NEXO.
What is Nexo (NEXO)?
Nexo is a system operating on blockchain technology which allows its users to access instant loans. The loans given out to users are crypto-backed and do not require a credit score. The loans are backed by crypto because users are given a credit limit based on the amount of crypto they hold in their Nexo accounts. And waiving a credit score requirement makes Nexo an attractive option for users with bad credit scores.
The NEXO token is a security token. Security tokens are used for paying dividends, paying interest, sharing profits, or investing in other tokens. The NEXO token is specifically used to pay out dividends when they are deposited into the platform.
What Affects the Price of NEXO?
The NEXO token has multiple use cases that can influence its price. The price of NEXO is primarily dependent on the number of users on the platform. A higher number of users will result in higher token demand thereby driving up the price of NEXO. Like cryptocurrency more generally, NEXO prices are determined by a supply and demand formula — as more people use the token the price goes up.
Staking available on the NEXO platform assists in driving the price upward as well. The process of staking takes more tokens out of the market for a specific period of time because these tokens are used by people in order to stake. Taking these tokens out of the market assists in increasing the demand to supply ratio. Thus, during a bull run, when more people participate in the market, users will inevitably see an increase in the price of NEXO because of both the variety of use cases and the option for staking.
Nexo Past, Current, and 2020 Prediction
At the start of 2020, the NEXO token price was $0.097 USD, with a market cap of $54,791,257 USD. The NEXO coin market has been stable during the first 5 months of 2020. The current price of NEXO as of May 12th, 2020 is $0.1098 USD with a market cap of $61,511,398 USD. The token price reached a high of $0.23 USD this year.
TradingBeasts expects the price of NEXO to reach a maximum of $0.172 USD by December of 2020. However, that is a fairly conservative prediction considering that 2020 is a Bitcoin halving year. This prediction may change within just a few months from the halving.
DigitalCoin predicts that the NEXO price will nearly double in 2020, with a maximum price prediction of $0.235 USD. According to this prediction, an investment of $1,000 USD today will grow to $2,155 USD by the end of the year.
Other experts predict that the price of Nexo will almost double this year to $0.245 USD. This suggests that the Nexo project’s prospects are looking good for this year and that investing in NEXO is expected to make people some decent sums of cash.
NEXO Long Term Price Prediction
There is no consensus on the long term price prediction for NEXO, but most experts agree that it will remain stable at the very least, with predictions favoring bullish tendencies.
TradingBeasts is more on the stable side with an extremely conservative prediction for 2023. They predict the NEXO token price will reach a maximum of $0.262 USD, a steady increase over a 3-year span. However, because this prediction is conservative there is a lot of room for growth with a price increase that beats expectations.
DigitalCoin is a little more bullish on the price in comparison to TradingBeasts. They expect the token price to be roughly $0.40 USD by 2023, falling slightly to $0.363 USD by 2025.
Other sources are extremely bullish on the price of NEXO and expect a price pump of $0.766 by 2023. This number isn’t too outlandish as the Bitcoin halving will potentially pump the entire market and bring in new users to Nexo’s platform.
Where to Buy NEXO Tokens?
You might be wondering where to buy NEXO tokens. There are several exchanges that offer the option of buying NEXO coins. We recommend using our ChangeNOW platform where you can buy NEXO tokens through your credit card or exchange BTC for NEXO at competitive rates. However, it is currently not possible to convert NEXO directly to USD. The best option for those seeking to make this conversion is to exchange NEXO for BTC and use Coinbase to convert the BTC to USD.
There are also other exchanges you can find NEXO on, including HotBit, Huobi, HitBTC, and IDEX. There are other smaller exchanges that you can buy NEXO from, but the aforementioned exchanges are the easiest to use.
NEXO is a unique project with exciting potential, which provides users with the opportunity to receive crypto-backed loans. The short term price prediction for NEXO in 2020 can be characterized as conservative yet stable. The price of NEXO could potentially double or triple over the next few years, and it is safe to say that NEXO will likely increase in price over the long term. If you’re looking for a rewarding investment, come on over to ChangeNOW and buy some NEXO coins.