Orchid Price

Orchid (OXT) was created and developed by co-founders Steven Waterhouse, Jay Freeman, Brian J. Fox, and Gustav Simonsson. The project was launched in 2017 as a blockchain where users can pay for virtual private network (VPN) services. Orchid is based on the Ethereum network, hosting VPN providers from all around the globe. OXT is the native ERC20 token of the network and is used for paying for services on the Orchid network. The main goal of the project is to create an open and accessible internet for everyone regardless of location. Virtual private network service providers can use the Orchid network to sell their services and get paid in OXT tokens. 

Orchid is described as the first incentivized peer-to-peer network with a unique VPN market with decentralized governance. What is the value of OXT, and what determines Orchid price in the cryptocurrency market?

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

Orchid Price History

The price of Orchid (OXT) went from a low of $0.10 to a high of over $1, experiencing radical changes within short periods. Due to its volatile nature, Orchid price is in constant flux and changes frequently to match active market trends. Orchid’s price history can be used to forecast and predict the future value of OXT in the market.

OXT started trading on the cryptocurrency market in December 2019 with a starting price of $0.40 and a fixed total supply of 1 billion OXT tokens. Less than a week later, OXT almost doubled its price to $0.76 then declined to $0.34 at the start of January 2020.

The year 2020 was mostly bearish for the majority of cryptocurrencies and Orchid wasn’t immune, dipping to new lows of $0.22 and $0.10 in February and March 2020 respectively. Until June, Orchid mostly traded between $0.13 and $0.20. After more dips below $0.20 throughout July, OXT price experienced a sudden rise in August 2020. Orchid made gains of over 60% on two consecutive days in August, culminating in a peak of $1. Following a sharp fall, OXT dipped to lows of $0.26 in September. Throughout October and November, Orchid mostly traded below $0.30 and had fallen to a low of $0.22 by the end of December.

In January 2021, Orchid price went through a series of dips and rises, mostly trading between $0.20 and $0.30, finally catching some positive momentum in February which took prices up to $0.79. After a brief decline at the end of March 2021, the price of OXT skyrocketed to its all-time high (ATH) of $1.04 in April. Following its ATH, OXT price dipped to $0.50 that month before rebounding to $0.65 at the end of April.

Analyzing Orchid Price History

Orchid price history can be analyzed with the same techniques used by traders and investors for traditional financial markets. Technical analysis is commonly used to analyze the stock market and can be equally effectively used to analyze Orchid.

Technical analysis examines price charts and relevant market data such as price patterns, trend reversals, and other specific information that can help traders determine the future price movement. Traders observe price charts to try to make sense of the past price momentum to predict the future movement.

In combination with technical analysis, Orchid traders also use sentiment analysis and fundamental analysis to predict the future value of OXT and other cryptocurrencies. Fundamental analysis observes the fundamental value of Orchid as a project, taking into consideration the activity of its dev team, technology (consensus mechanisms, protocols, blockchain architecture), important upgrades and updates, partnerships, and other crucial events like adoption and mainstream use. The value of Orchid derives from its utility as the project is focused on building the decentralized web, dubbed Web 3.0, within the Ethereum ecosystem. The use of virtual private network (VPN) services through listed providers on the Orchid network drives demand for OXT, therefore affecting its price.

Sentiment analysis examines opinion data based on the overall emotion of investors and traders. By collecting relevant information related to important news, negative or positive, sentiment analysis can rank sentiment for OXTas negative, positive, or neutral.

Factors Influencing the Price of Orchid

A multitude of specific factors can influence the price of Orchid. Orchid has a fixed total supply pre-minted before the official launch and limited to 1 billion OXT. The possibility of token burns within the network means that OXT could potentially become slightly deflationary, which could help boost the price of OXT if demand for the token is sustained. Orchid is also volatile like other cryptocurrencies – with the exception of stablecoins. This means that the price of OXT can rise and dip by large percentages within a short timeframe.

Orchid value rises with the rising demand for OXT as a consequence of more people using the VPN services hosted on the network. People can pay for bandwidth using OXT without the need for a central authority. As the number of active users on the network grows, the value of Orchid will likely increase.

New listings on cryptocurrency exchanges and partnerships can increase the value of Orchid and be reflected in OXT’s market cap. Orchid can also be influenced by wider economics like the collective rebound in 2021 with major cryptos recovering and setting new highs. The same goes for Orchid, as the crypto reached an all-time high in April 2021, trading at $1.04 for the first time. 

As the Orchid project develops and provides more opportunities for VPN users while working towards creating Web 3.0, Orchid should become more relevant, which could influence its value in a positive way.

Live Orchid Value and Market Cap

The value of Orchid varies from one moment to the next and is defined by the balance between buying and selling activity on cryptocurrency exchanges. Orchid is volatile, which is why OXT price can rise or dip by a significant percentage within a short period.

The market cap is calculated by multiplying the number of OXT in circulation with the current market price of OXT. The market cap ranks the crypto against other digital assets in the market, and also reveals the overall demand for OXT tokens alongside trading volumes.

Orchid Price FAQ

What is the highest Orchid price in EUR?

Orchid price history shows that OXT has recorded a peak value of EUR.

What is the lowest Orchid price in EUR?

OXT price history shows that EUR EUR is the lowest recorded Orchid value.

How can I buy Orchid?

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

What is the current Orchid price in EUR?

Kriptomat data confirms that the current Orchid price is EUR.

What is Orchid used for?

OXT is an ERC20 token native to the Orchid network and it serves the purpose of paying for VPN services on the network regardless of the user’s location. OXT can be traded on the crypto market and can generate returns depending on the positions and market trends.

How many Orchid coins are in circulation?

As of May 2021, there are 367.6 million OXT coins in circulation out of a total supply of 1 billion OXT.

Will Orchid Reach $1 Again?

Orchid briefly traded at $1.04, recording this value as its ATH price in April 2021, after which the token dipped and lost nearly 40% of its value by the end of that month. Depending on active market trends and reversals, OXT can rise again to break the resistance of $1 and reach that price target in the future.

Conclusion

Orchid (OXT) is the first incentivized peer-to-peer decentralized VPN network, and as such stands as a unique project with a strong use case and major potential. As the total supply is fixed with the potential to become deflationary, OXT could rise in price if demand is sustained. While the Orchid dev team is working on creating Web 3.0 without limited content based on location, OXT price is rising and dipping to match active trends in the crypto market.

A lot of different specific factors may influence the price of OXT, including utility, technology, the wider economy, adoption, and important events, while traders are trading to earn a profit on these changes and trend reversals.

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 Orchid and cryptocurrencies!