Bluzelle is a decentralized database designed for efficient scaling and storage for the emerging ecosystem of decentralized applications (Dapps). Bluzelle was created in 2014, while the BLZ token was launched in 2018 to support the ecosystem that provides Dapp developers with a highly scalable infrastructure which is secure and free of censorship. Bluzelle was founded by Pavel Bains and Neeraj Murarka and has an active team of 10 developers. Although BLZ was initially created as an ERC-20 token, the team released a native BLZ token with the launch of Bluzelle’s own blockchain and users can swap between the two.

What are the defining factors that can influence the price of Bluzelle in the market?

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 Bluzelle price – and the factors that influence it.

Bluzelle Price History

The price of Bluzelle (BLZ) is subject to frequent fluctuations as the cryptocurrency market is driven by volatility. Due to this high volatility, the BLZ price and other cryptos may change radically within a relatively short period.

Bluzelle started trading at around $0.70 in February 2018 and quickly shot up to its all-time high of $0.97 just a couple of days after the mainnet launch. Prices had fallen to $0.50 by the end of the month. In March of the same year, Bluzelle price gradually dipped to a new low of under $0.30. The bearish trend continued at the start of April as well, pushing the price down to $0.25 before Bluzelle rebounded to $0.79. After falling throughout May, the highest price for BLZ in June was $0.48, recorded in the first week of the month, while BLZ experienced bearish momentum once again towards the end of June as it dipped to $0.20. July was spent in equilibrium as BLZ traded between $0.23 and $0.40, until August when Bluzelle price dipped to new lows at $0.10. During September and October BLZ traded between $0.09 and $0.18. In November, Bluzelle reached new lows at $0.045. The token then experienced more dips in December, sinking to $0.036 before rebounding to $0.043 at the beginning of January 2019.

Throughout January and February 2019, Bluzelle traded between $0.03 and $0.05. During March, BLZ experienced a mild rebound to $0.075 before reaching the value of $0.10 in April. The highest value in May was recorded at the price of $0.079 and $0.10 again in June. The token dipped to $0.031 in July, and the highest price in August was $0.046, before falling back to $0.031 at the end of the month. For the rest of the year, BLZ was driven by bearish trends that saw its price dip to $0.015 at the end of 2019.

In January 2020, BLZ made a slight recovery to $0.02. February brought a further rebound to $0.039, however, Bluzelle dipped to an all-time low of $0.006 in March. In April, BLZ traded between $0.012 and $0.02, while the token reached the price of $0.025 by the end of May. Bluzelle traded at higher prices in June and July, breaking $0.10 at the end of July. The highest BLZ price in August was $0.20, after which the crypto dipped to $0.07 in September. During October and November, BLZ token mostly traded below $0.10. By the end of the year, BLZ was worth $0.06.

Bluzelle had risen to $0.13 by the end of January 2021. The bullish trend prevailed, with BLZ reaching $0.27 in February before a dip to $0.12 later in the month. The bulls kept pushing the price of Bluzelle to test new highs until the crypto reached the value of $0.67 in March. After dipping to lows of $0.25 in April, BLZ fell further to $0.11 in May.

Analyzing Bluzelle Price History

Bluzelle’s price history can be analyzed with many of the same techniques and tools that are used to analyze assets in traditional financial markets such as the stock market. Technical analysis (TA) is commonly used to analyze price history by making sense of the previous momentum of Bluzelle and other cryptocurrencies. TA examines price charts and other relevant market data that could help traders track and recognize price patterns and predict the future price of Bluzelle.

Traders often use TA in combination with fundamental and sentiment analysis for more accurate price forecasts. Fundamental analysis examines the activity of the dev team (which in Bluzelle’s case has 10 active members), upgrades and updates, developments and roadmap, partnerships, adoption, mergers, listings, regulations, the technical value of Bluzelle, utility, and other important news and events. When it comes to fundamental value, some of the most important elements in the fundamental analysis are the technical value and technology of Bluzelle, as well as its utility. Bluzelle taps into the potential of a prominent sector of Dapp creation, offering an efficient environment for the emerging ecosystem of Dapps, which as a result increases the value of the project. The mainstream use of Bluzelle and its functions are also considered in fundamental analysis. For example, the decentralized exchange (DEX) platform WasabiX using Bluzelle oracles could be positive for the fundamental value of Bluzelle.

Sentiment analysis studies opinion data and the overall emotion related to the cryptocurrency market among analysts, traders, holders, and investors. Sentiment analysis ranks sentiment as either negative, neutral, or positive based on general opinion about Bluzelle. Events such as the official mainnet launch in August 2020 can influence the price of BLZ in a positive way, as was the case with BLZ ahead of the mainnet launch.

Factors Influencing the Price of Bluzelle (BLZ)

A multitude of specific factors can influence the price of Bluzelle (BLZ). One such factor is the limited total supply of BLZ. Much like Bitcoin, Bluzelle has a finite supply, which means that there should be no new BLZ tokens minted once the total supply is exhausted. The limited supply acts as an anti-inflation mechanism, which is why supply is an important factor that affects the price of BLZ.

The price of Bluzelle can also change with the wider economy, as happened in the case of the 2021 rebound. In early 2021, the majority of cryptos either rebounded from previous lows or reached new high prices, driven by the collective positive momentum of the market. Bluzelle also rebounded, although the crypto didn’t revisit its old all-time high (ATH) that was previously recorded in 2018. The price of Bluzelle also experienced a heavy rebound in August 2020 ahead of the announced mainnet launch, which was an important event for the project.

Project developments and news can further drive the price of Bluzelle, such as new listings, upgrades, updates, and integrations — like the integration with the DEX WasabiX. The overall popularity of Dapps and decentralized finance also affects the price of BLZ in a positive way. Just as positive news and events may cause the price to rise, negative news can also influence the value of BLZ and push it to new lows.

Live Bluzelle Value and Market Cap

The live Bluzelle value changes from one moment to the next as BLZ is susceptible to frequent trend changes driven by volatility and other influencing factors. 

The market cap reflects the changes in the price of Bluzelle and ranks BLZ in comparison with its crypto peers. The market cap also determines the market share of Bluzelle. The market cap is equal to the number of BLZ tokens in the circulating supply multiplied by the current price of Bluzelle in the market.

Bluzelle Price FAQ

Will Bluzelle ever reach $1?

Bluzelle price is subject to frequent changes and can make radical moves from lows to highs in a relatively short period. As the project is advancing, BLZ may rebound to its ATH and head for the new target of $1.

Conclusion

Bluzelle is an integral part of the Dapp sector as it provides a decentralized data layer for developers in a secure and scalable environment. As Dapps are becoming more popular, the popularity of Bluzelle and its tokens could rise as a result. Bluzelle price is in constant flux to reflect the changes in trading volumes and is determined by the balance between 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 Bluzelle and cryptocurrencies!