SelfKey is a blockchain-based decentralized identity management platform that enables users to own and secure their digital identity. The idea behind the SelfKey project is to allow organizations and individuals to store sensitive information and data by themselves, in a decentralized and secure manner, introducing Self-Sovereign Identity (SSID). Users can have full ownership over their data, manage it, and control access to sensitive data. SelfKey is also focused on KYC services, while users can apply for a crypto loan on the network. The SelfKey platform was developed and founded by Edmund John and the native token KEY launched in 2018.

What gives SelfKey value and what defines the price of KEY in the market? What factors can influence the value of SelfKey?

If you’ve ever wondered this, then you’re in the right place. We’ve compiled everything you need to better understand the intricacies of SelfKey price – and the factors that influence it.

SelfKey Price History

The price of [guidelink key] (KEY) is subject to frequent changes, in great part due to the high volatility that is omnipresent in the cryptocurrency market. The price of SelfKey can change rapidly from low prices to highs, and vice versa, within a short period. The difference between the selling and buying price can result in profits for traders and investors.

When KEY was launched in January 2018, the token was valued at $0.016, from where the crypto was driven by a bearish momentum that gradually brought the price down to $0.012 in May of the same year. By the end of May, SelfKey price dipped further from that point, drifting down to $0.009. In June, SelfKey kept dipping to $0.0055 before reaching an all-time high price in the last days of the month at the value of $0.043. From that point, SelfKey price dipped once again to new lows, trading at a low price of $0.011 in July. August was marked by bearish momentum as SDelfKey dipped to $0.004 then had a slight rebound in September at $0.007. In October and November, SelfKey traded at 0.005$ and $0.008 before dipping to $0.003 and $0.0029 at the end of November. The bearish trends continued in December as well, so SelfKey touched new lows at the price of $0.0023.

In January 2019, SelfKey (KEY) mostly traded below $0.0030, and at $0.0025. The trend continued throughout February and March. In April, KEY  had a slight rebound to $0.0035 before dipping below $0.0030 once again. Similar momentum followed in May until SelfKey reached $0.0037 in the last days of May and continued trading above $0.0030 for most of June. From July, SelfKey started to dip, gradually reaching new lows at $0.0011 and trading below $0.0020 until the end of November when KEY traded at $0.0024. December started and ended similarly for SelfKey, as the crypto traded between $0.0020 and $0.0014.

The year 2020 was particularly bearish for SelfKey and many other cryptocurrencies due to the COVID-19 outbreak. While January and February went on similarly for KEY as of the end of 2019, new lows were recorded in March and April. SelfKey reached an all-time low price in April 2020 at the value of $0.0005. May was dynamic with a slight rebound to $0.0011 for SelfKey, and $0.0013 in June. Another rebound was recorded in August 2020 when SelfKey reached $0.006. From September and throughout October, November, and December,  KEY traded between lows at $0.0017 and highs at $0.0030.

2021 was different right at the very start in January, when SelfKey took on a bullish momentum to $0.0028, leading to a new high in February at $0.012. In March, SelfKey dipped at first, later on catching a positive momentum to new highs at $0.025. After another series of dips, KEY reached $0.026 in April. After a dynamic period and more dips throughout April, KEY dipped to new lows in May at the value of $0.007, trading around $0.009.

Analyzing SelfKey Price History

SelfKey price history can be analyzed with the same techniques that are used to analyze assets in traditional financial markets, such as the stock market.  Technical analysis (TA) is a commonly used technique that examines price charts and other relevant market data that could help traders and investors predict the future momentum of SelfKey and other cryptos. TA tries to make sense of the previous momentum of KEY to accurately predict the future movement.

To get a more accurate perspective on the future price of KEY, traders commonly use TA in combination with sentiment and fundamental analysis. Fundamental analysis studies important elements of the fundamental value of SelfKey such as technology, utility, the activity of the dev team, the value and the relevancy of the project, upgrades, updates, developments, roadmap, mergers and partnerships, listing and integrations, and other important events. SelfKey’s utility is relevant and has a great potential to become popularized as data risks are increasing, reciprocal to the use of the internet, so both individuals and organizations can benefit from identity management via SafeKey. As a result, the value of SelfKey is increasing even despite the frequent dips and high volatility in the crypto market. SelfKey also experienced a serious rebound of 450% in March 2021 after data management updates.

Sentiment analysis studies opinion data and the general sentiment among traders and investors, and other market participants and observers, such as holders, enthusiasts, and analysts. Sentiment can be ranked as positive, negative, or neutral and depends on the positivity or negativity of news and events related to SafeKey. 

Factors Influencing the Price of SafeKey (KEY)

A great number of different factors can influence the price of SafeKey, among which is the total supply. Much like Bitcoin, SafeKey has a finite supply, limited to 6 billion KEY tokens. After the total supply is exhausted, no new KEY tokens should be minted, which regulates the supply of SafeKey and acts as an anti-inflation mechanism. 

The price of SafeKey can also be affected by the wider economy like in the case of the COVID-outbreak that influenced numerous and various sectors and markets including fiat currencies and the cryptocurrency market. The year 2021 is also a perfect example of a great variety of factors influencing SafeKey price. SafeKey price followed a collective positive momentum that brought the majority of cryptos to new highs or pushed cryptos to a rebound from lows in 2020 and 2019. KEY was one of the cryptocurrencies that retrieved some of its lost value although it didn’t revisit its ATH price.

Upgrades such as the SafeKey project entered the sector of decentralized finance. DeFi is one of the blockchain sectors with rising popularity, so the fact that SafeKey added an exchange platform to the scope of the network’s services pushed the price of KEY up.

Live SafeKey Value and Market Cap

The live price of SafeKey varies from one moment to the next as KEY is subject to frequent changes and high volatility that is present in the crypto market. The market cap reflects live changes in the market price and ranks SafeKey compared to its crypto peers. The market cap is equal to the number of KEY tokens in the circulating supply multiplied by the current price in the market. The market cap also determines the market share of cryptocurrencies.

SafeKey Price FAQ

Will SafeKey ever reach the price of $1?

SafeKey never reached the price target of $1 during more than 3 years since joining the cryptocurrency market. SafeKey is volatile but is likewise valuable thanks to its utility and technology. Numerous factors may influence SafeKey to rise and ultimately reach the price of $1.

Conclusion

SafeKey taps into the potential of the DeFi sector with the latest upgrades and the launch of new financial products such as the exchange market. SafeKey also offers a safe and secure environment for users to protect their digital identity and sensitive data, which additionally increases its market and technical value. As SafeKey price keeps changing with the changing conditions in the market, the market value reflects the balance between the buying and selling activity.

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 SafeKey and cryptocurrencies!