Ocean Protocol unlocks the value of data with the secure and privacy-preserving Ocean Market, where consumers can access previously unavailable datasets and publishers can monetize their data. Data is turned into an asset through the use of interoperable ERC-20 datatokens, which can be bought and sold, with their price being set by an automated market maker (AMM) pool. Developers can also build their own data wallets and exchanges with Ocean libraries.

OCEAN is the ecosystem’s utility token which is used to buy and sell data, stake on data, and govern community funding. Since its creation, the price of OCEAN has been through some major changes, and if you want to know why then you’re in the right place. We’ve compiled everything you need to get a better understanding of OCEAN price – as well as the factors which influence it.

Ocean Protocol Price History

OCEAN began trading in May 2019 at around $0.04. $0.02 was the lowest price recorded for that month, though it was back to $0.04 by the end of May. The next couple of months saw a steady decline, with OCEAN reaching a low of $0.01 in August. The rest of the year saw some dips and rises that failed to gain any significant momentum, as OCEAN mostly traded between $0.015 and $0.045.

OCEAN traded within an even tighter range for most of January 2020, before experiencing a rally that took prices up to a peak of $0.08 in February. Prices soon dropped though, with OCEAN reaching a low of $0.016 following a crash of 56% on a single day in March. After that, some steady growth saw OCEAN regain $0.07 in June, and then a sharper surge carried prices up to a high of $0.75 in August. This preceded a crash back to $0.28 in September, after which a volatile few months saw OCEAN reach $0.66 in November before finishing the year with a value of $0.32.

Prices immediately rallied in 2021, improving to $0.54 by the end of January. OCEAN broke $1 for the first time in February, with a sharp surge up to $1.47, before pulling back to $0.83 at the end of the month. The trend remained mostly bullish in March and culminated in a peak on 10 April at OCEAN’s all-time high of $1.96, representing year-to-date gains of over 510%. At that point, Ocean Protocol had a market cap of around $750 million. A more than 50% pullback to below $1 followed, after which another upsurge took OCEAN to $1.72 in May. Then came a further retracement, including a single-day crash of 31% on 19 May which saw prices drop as low as $0.54.

Analyzing Ocean Protocol Price History

OCEAN price history can be analyzed with many of the same techniques as stock market analysis. Technical analysis (TA) involves using various indicators while studying price charts in order to make sense of previous price movements. With OCEAN, as with many other tradable assets, large price swings are often accompanied by spikes in trading volume, as a large number of users buy or sell their coins on exchanges.

Fundamental analysis (FA), on the other hand, looks at the finances and activities of a company, as well as the state of the wider market and economy. Ocean Protocol raised over $30 million in its initial coin offering (ICO) and has an active dev team. The core team bring together experience in blockchain, big data, artificial intelligence, and data exchanges, and have started over 20 companies collectively. Ocean Protocol also has a long list of advisors with recognized expertise in these fields. These could all be good signs for the project’s fundamentals.

Broader market trends have also played a role in OCEAN price history. Its surge at the start of 2021 wasn’t unique – the entire crypto market pumped around this time. Bitcoin was in the midst of a major bull run then, and with such strong market dominance, any significant price movement for Bitcoin often impacts other cryptocurrencies.

OCEAN’s sudden crash in May 2021 was also market-wide, affecting every single major cryptocurrency. Various contributing factors have been suggested, including comments made by Elon Musk, a crackdown by Chinese authorities, liquidations, and a healthy market correction.

OCEAN’s huge single-day drop back in March 2020 came as economies and borders were closing down around the world in response to the COVID-19 pandemic. The effect of this was felt by the whole crypto sector and the entire stock market, which experienced the biggest single-day crash since 1987.

The overall price trend of OCEAN tends to follow what’s known as a boom-and-bust cycle. This is a pattern in which a period of growing excitement leads to a surge in price before doubt and disillusionment set in and result in a crash.

Factors Influencing The Price of Ocean Protocol (OCEAN)

A variety of different things can affect OCEAN price, including project news and developments, the flow of assets on exchanges, public sentiment, and emerging trends in the wider crypto and global economies.

OCEAN has a capped max supply of 1.41 billion tokens, making it a scarce asset, like Bitcoin. Its supply will be disbursed gradually overtime to drive near-term growth and long-term sustainability, meaning it could be a good store of value in the long run.

OCEAN is the default unit of exchange when buying and selling data on Ocean Market, meaning there will be demand for the token from data consumers. There may also be demand for the governance rights which OCEAN provides, enabling holders to govern which Ocean community projects to fund through the OceanDAO (decentralized autonomous organization).

Users can add liquidity to a data token-OCEAN pool by staking their OCEAN on a dataset in the Ocean Market. This entitles them to earn a cut of each data buying transaction fee, which could incentivize more people to buy and stake OCEAN.

OCEAN is designed to increase in value with a rise in usage volume. Future partnerships and integrations that bring new users to the ecosystem could therefore boost the token’s price.

Live Ocean Protocol Value and Market Cap

The live price of OCEAN varies from moment to moment as it’s dictated by the balance of buyers and sellers on exchanges, which is in constant flux. 

Given OCEAN’s volatility, its live price can change by a large amount in a very short space of time. The market cap of Ocean Protocol is equal to the price of OCEAN multiplied by the number of OCEAN in the circulating supply.

Ocean Protocol Price FAQ

How is the price of OCEAN calculated?

OCEAN’s price at any given time is decided by the balance of supply and demand on exchanges. When more people are buying OCEAN than selling it, the price goes up, and when more are selling than buying, the price goes down.

Why is the price of OCEAN different on different cryptocurrency exchanges?

OCEAN’s price is based purely on trading as there is no standard global OCEAN price, so no one knows what it is “supposed” to cost. The trading volume and liquidity are different for each exchange and those differences are what affect the price.

How will the OCEAN supply be distributed?

51% of the 1.41 billion OCEAN supply will be disbursed to fund community projects curated by the OceanDAO, according to a Bitcoin-like schedule which will last for decades.

What will OCEAN be worth in the future?

It’s impossible to make price predictions with any kind of absolute certainty, as a whole host of different factors could play a role in determining the future value of OCEAN. However, as OCEAN is designed to increase with a rise in usage volume, any project developments or integrations which bring more users to the Ocean Protocol should boost the token’s price.

Conclusion

The price of OCEAN has seen significant change throughout its history, going from lows of around a cent to highs of almost $2. Its price movements have rarely been smooth, however, as OCEAN’s volatility has led to plenty of surges and crashes along the way.

Many different factors have played a role in determining the price of OCEAN, including demand for buying and staking on data, the usage volume of the Ocean Protocol, and trends in the rest of the crypto market and wider economy. Its current valuation is derived from the balance of supply and demand in the markets and constantly changes.

If you want to get started with the most user-friendly trading experience on the market, register with Kriptomat today to begin your journey into the world of Ocean Protocol and cryptocurrencies!