SKALE Price

Skale is one of the newest projects launched on Ethereum and is designed to solve the problem of scaling Web 3.0 applications hosted on the Ethereum blockchain. Skale launched the first version of its mainnet in June 2020 as an open-source and decentralized blockchain network. Skale Network operates with so-called “dynamic shards”, a concept involving configurable chains designed to scale specific blockchain-based applications.

Skale Network is compatible with Ethereum and has decentralized governance that will control all economic parameters of the network. SKL is the native token of the network and supports participating in the network as a validator, staking as a delegator, and accessing resources as a developer.

How is the value of Skale Network defined and which specific factors influence SKL’s market price?

If you’ve ever wondered this, then you’re in the right place. We’ve compiled everything you need in order to get a better understanding of the intricacies of Skale Network price – and the factors that influence it. 

Skale Network Price History

The price of SKALE (SKL) is subject to frequent changes due to the high volatility of the cryptocurrency market. The crypto market is yet to mature, which is why volatility there is higher than, for instance, in the stock market. Price changes are often radical and may take place within a relatively short period.

At the start of December 2020, Skale Network began trading at $0.03. It surged immediately to a peak of $0.17 a few days later. After this, Skale Network dipped to $0.11, and after a brief rebound to $0.15, SKL was trading on the lower end at $0.08 by the end of the month.

In the first week of January 2021, Skale Network reached a value of $0.13 as part of a collective rebound that pushed all major cryptocurrencies to new highs. The highest price in January for SKL was $0.17, while Skale Network dipped to $0.11 before the end of the month. In the first half of February, SKL was pushed to a new high of $0.41. Despite the positive momentum, SKL dipped below $0.20 later that month. In March, Skale Network skyrocketed to a new all-time high price (ATH) of $1.27. After reaching an ATH, Skale Network dipped to lows at around $0.50 before rebounding to $1.08 later that month. The highest price in April was  $0.87, and the lowest was $0.39. Skale Network was mostly driven by bearish momentum in May, touching lows of $0.21 during a huge single-day crash.

No one can tell with certainty what the future holds for Skale Network and SKL, however, looking into the past can provide some insight.

Analyzing Skale Network Price History

Skale Network price history can be analyzed with the same techniques that are used to analyze assets in traditional financial markets such as the stock market. By looking into past trends in the market and important data that reflect the price history of Skale Network, traders and investors can predict the future momentum of SKL.

Technical analysis (TA) is commonly used to make sense of the previous momentum as TA uses price charts and other relevant market data to predict the future price of Skale Network and other cryptocurrencies. TA is used to recognize and define trend patterns so traders can create price forecasts. In combination with technical analysis, traders may also use fundamental and sentiment analysis to create more relevant price predictions.

Fundamental analysis examines important elements that may influence the price of Skale Network, such as the technology powering the project, the activity of the official dev team, upgrades, updates, developments, mergers and partnerships, mainstream use, utility, demand for SKL, and other important events. The utility of Skale Network gives the project its intrinsic value as Skale Network resolves one of the main issues for decentralized app (Dapp) developers on Ethereum, which is scaling. With SKL and the elastic Skale Network, developers and users can scale to provide a greater capacity for Ethereum Dapps, at lower costs and higher efficiency. Positive events like ConsenSys adding Skale to a suite of enterprise tools also improve the project’s fundamental value.

Sentiment analysis studies opinion data and ranks it as either positive, negative, or neutral. Opinion data is derived from various sources to reflect the general opinion and sentiment about Skale Network among traders, investors, holders, analysts, and the general public. Positive news and events such as bullish trends, mergers, upgrades and updates, developments, and partnerships can affect sentiment in a positive way, while negative news will often result in negative sentiment.

Factors Influencing the Price of Skale Network (SKL)

A great number of specific factors can influence the price of Skale Network, one of them being its finite supply. Much like Bitcoin, Skale Network has a limited supply that acts as an anti-inflation mechanism. Its capped supply could make SKL a better store of value in the long term.

The price of SKL can also vary with the changing elements in the wider economy, as was the case with its surge in 2021. Affected by the collective bullish trends in 2021, SKL managed to reach a new ATH, together with the majority of top trading cryptocurrencies. The COVID-19 pandemic is also considered a defining element in 2020 and 2021. One of the effects of the pandemic was that it influenced more people to consider investing in cryptocurrency as fiat currencies such as the US dollar experienced declines in value.

Positive news and developments likewise influence the price of SKL. For instance, new listings such as the one it received on Coinbase Pro in March 2021 can affect the market value of SKL in a positive way. New listings and positive news can often inspire positive sentiment among traders and investors, thereby increasing trading volumes and the market value of Skale Network. Skale is also among the top 10 pools for staking crypto, which further contributes to the project’s value and the popularity and demand for SKL.

Institutional investors and enterprise use of SKL can also increase confidence among other traders and investors, which could ultimately affect the price of Skale Network in a positive way.

Live Skale Network Value and Market Cap

The live price of Skale Network varies from one moment to the next as SKL is subject to frequent fluctuations in the market, mostly driven by the greater level of volatility present there in comparison with traditional financial markets. The live price is dictated by the balance between buying and selling activity, while this activity is expressed in trading volumes.

The changes in live price are also reflected in the market cap. The market cap is equal to the number of SKL tokens in the circulating supply multiplied by the current price of Skale Network. The market cap ranks SKL in comparison with its crypto peers and determines its market share.

Skale Network Price FAQ

What is the highest SKALE price in EUR?

SKALE price history shows that SKL has recorded a peak value of EUR.

What is the lowest SKALE price in EUR?

SKL price history shows that EUR EUR is the lowest recorded SKALE value.

How can I buy SKALE?

You can purchase SKALE and over 290 different cryptocurrencies in seconds with Kriptomat, learn more about how to buy SKALE. It’s available for immediate purchase at the current SKL price quote of EUR. Current prices are always displayed in the SKL chart.

What is the current SKALE price in EUR?

Kriptomat data confirms that the current SKALE price is EUR.

What was Skale Network’s lowest price?

Skale Network was at its lowest when it first began trading on 1 December 2020 at $0.03.

What was Skale Network’s highest price?

Skale Network reached the value of $1.27 in March 2021, which is the highest price recorded for SKL.

What is SKL used for?

SKL is the native token of the Skale Network and represents the right to work in the network as a validator, stake as a delegator, and access resources as a developer. SKL stakers can earn the Skale Network token based on their participation. SKL will also be used for on-chain voting to control all economic parameters of the Skale Network.

Conclusion

Skale Network resolves one of the biggest issues that developers on the Ethereum network are dealing with, which is scaling Dapps for a greater number of users and optimal user experience. As the native crypto of the Skale Network, SKL somewhat reflects the intrinsic value of the Skale blockchain project, which can be likewise affected by numerous specific factors. As Dapps and Ethereum are becoming more popular, the value of SKL and Skale network could rise as a result.

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 Skale Network and cryptocurrencies!