(CVC) Civic Price Prediction & Forecast
[Updated 12 February 2019]
Thinking of investing in Civic (CVC) in February 2019? Here is our honest price prediction and forecast.
- Fundamental Analysis
- Technical Analysis
- Specialists’ Perspective
- Civic Price Prediction 2019
- Civic Price Prediction 2020
- Civic Price Prediction 5 years
- Our Prediction
Update (Feb 12, 2019): With the entire cryptocurrency market surging after nearly five days of upward momentum, Civic (CVC) is finally seeing some positive price movement. In spite of a solid business plan, Civic has seen its token continue to lose value over the past several months rather than stabilize. Experts have suggested that it has possibly been oversold. Several high-risk investments and collaborations have also been called into question. A recent listing on Coinbase, however, has indicated the potential for market stability.
Civic (CVC) provides identity verification services in order to help clients better manage their personal digital identities. Personal identity verification is a part of everyday life in current society. Using most systems currently available, the process may take days — or even weeks.
Civic has created a modern and effective digital identity verification process using distributed ledger technology.
Personal identity information entered once into the Civic system is manageable on two levels:
- First, any organization can use Civic to proceed with identity verification of clients or collaborators.
- Second, Civic puts individuals in control of their own digital identity.
Built on the Ethereum blockchain, Civic uses what it calls a Secure Identity app to execute these processes. Through smart contracts on the Secure Identity app, personal data is distributed to requesting entities. It is paid for with Civic’s native token, CVC.
As an investment, CVC has aligned with typical market trends over the past 18 months of its existence. The token launched in Q3 2017, just months before BTC and ETH led the cryptocurrency market to hitting all-time high prices in December 2017.
With a relatively small market cap of about $18.5 million USD and a price of $0.053726, as of this writing, CVC is highly susceptible to market fluctuations. However, the Civic platform fills an undeniable need. This need exists not just in blockchain businesses but everywhere. Therefore, the long-term outlook for CVC is positive.We at BeInCrypto expect the price of Civic (CVC) to remain relatively stable at $.05 through the end of 2019, before beginning its recovery into the beginning of 2020. Click To Tweet
CVC’s value, like so many other tokens currently on the market, lies in the service it provides. In the case of the Civic network, there is definitely value in its services. Identity verification services are a growing need for everyone, both in business and personal life. With a growing number of people experiencing identity theft and the negative consequences of it, this is an ongoing issue that appears to only be getting worse.
Downloading personal identity-verification information into the Civic Secure Identity app makes this process quick and painless. Through a series of validations performed on the Civic ledger, a user’s personal identity is then verified.
Civic provides a high level of security throughout this process. In order to verify someone’s personal identity, the approval of the individual in question is required. This level of security is not always available with other systems.
Additionally, all information entered into the system is encrypted with a private key. No personal information is stored directly on the Civic blockchain. Rather, validators perform authenticity attestation and know-your-customer (KYC) confirmation through the private key. Encrypted data is fully stored on the identity owner’s mobile device. The system is extremely secure.
Given the market need and the robust solution Civic offers, the fundamentals for the company are strong.
The current price of CVC is $0.05 USD. Its $18.5 million USD market cap, as well as its current low price, are certainly of concern for investors.
Immediately after its 2017 launch following an ICO that raised $33 million, CVC saw tremendous growth. The token grew to nearly $1.25 USD during the Jan 2018 peak. However, it quickly dropped in value.
Over the course of 2018, CVC saw dramatic losses alongside other cryptocurrencies. In fact, it was plagued by a series of questionable business decisions that seemed to have an effect on its price.
Like every other project-based coin, CVC requires a large number of users taking advantage of its services in order to see growth. In late 2018, Civic entered into partnerships with other select blockchain technology projects, including Paragon and Dentacoin, in an effort to boost its user base. However, this did not pan out well for Civic, as Netherlands-based Dentacoin, in particular, was already under scrutiny over the value and transparency of its operations.
The CVC token has remained at record lows since then, after dropping from over $0.1 to its current price following that announcement. Nevertheless, the coin has shown stability at the $.05 price point since late November. This is largely due to a functional low achieved by the current user base.
Civic has seen a lot of scrutinies lately. The platform has been in the news for partnerships, investment choices, and controversial trading platform listings. Identity security is a sensitive issue, and specialists do not appear to be immune to that reality.
However, there is a need for identity services. With increased identity hacking to the tune of over 15 million people affected by identity theft in 2017 alone, total losses from this identity theft approach $16 billion.
Additionally, the need for KYC and AML regulatory compliance is a growing issue in crypto. It is a service on which traditional banking institutions spend over $500 million annually.
In September 2018, Civic CEO Vinny Lingham of Shark Tank fame announced that the company would be waiving fees for all identity checks through the end of the year. This decision was made in an effort to boost the Civic user network. With a mix of over 100 blockchain and traditional businesses already on board, what Civic needed was more users.
John Lee Quigley noted in Feb 2019 that, despite consistent underperformance since the late 2018 partnership issues, Civic is finally showing signs of recovery. He notes that it has been a top performer in the short-term. This could be indicative of future growth.
TradingBeasts, a cryptocurrency price analysis site, sees substantial growth for the company. It predicts that the price will reach $1.40 by 2020 — a growth of several thousand percentage points.
However, CVC’s market ranking is just above 150. The token has a long way to go to see actual success.
Civic Price Prediction 2019
Even though the platform offers a strong value proposition, CVC has struggled to retain its value and is unlikely to increase to price levels above $0.05 over the course of 2019.
Despite having been listed on a variety of trading sites by the end of 2018, including Binance and Coinbase Pro, the token has yet to see much upward movement. In fact, the Coinbase Pro listing generated quite a bit of negative press for both the token and the trading platforms.
The good news is, Civic has already invested a lot into growing its user base. Most notably, the purchase of identity.com and the platform’s fee-free promotion during the last quarter of 2018 were big steps toward overall business development and, ultimately, a price increase.
Unfortunately, Civic does have the potential to drop to zero this year, particularly if this rough bear market lingers and the platform cannot attract a sustainable user base. This would potentially result in the platform being shuttered.
However, given the existing identity verification market needs, and the dramatic uptick in cryptocurrencies generally, we see stability for the coin throughout the year.
Civic Price Prediction 2020
2020 may be a better year for CVC, with prices beginning to increase to as high as $.50. This will be especially likely if the heavy investments the network has made into growing its user base pay off. A substantial increase in user numbers would quickly generate a similar increase in coin price.
Due to the strong focus on blockchain business value in the market, the Civic token could see extraordinary growth. It fills a need that will only become more important in the years to come.
However, strong competition and the continued terrible overall performance of the cryptocurrency market could factor strongly into the value of CVC, with prices potentially staying near the current $0.05 throughout the year. Civic’s heavy investments may not be enough to bolster it against the existing challenges plaguing the crypto market — especially if the bear market continues another year or more.
Assuming the platform remains viable through 2019, our analysis would indicate that the coin will continue to gain traction — though at a relatively slow and organic rate. If this is the case, a price of $.50 in 2020 is not at all unreasonable.
Civic Price Prediction 5 years
Long-term Civic price predictions are almost all positive, with prices forecast to reach anywhere from $1.21 to as high as over $3.50 within five years.
Civic was founded by a respectable team and has produced a viable product within a reasonable time frame. Additionally, the need for greater identity security is exploding right now. Reusable KYC and other forms of blockchain personal identity needs, as well as general use identity verification, do not have a stronger option than CVC.
SelfKey and THEKEY both offer blockchain identity solutions on Ethereum (ETH) and NEO (NEO), respectively, but neither provides the biometrics services Civic brings to the table. With few strong competitors in the blockchain space, most prediction sites concur that long-term predictions for CVC are very good.
With an influx of users continuing at a stable rate and the recovery of the crypto market generally, CVC could well see prices in the $1.50-$2.00 range within the next five years. The contingency is, of course, platform growth. However, the market space for Civic is open, and the company’s solution is viable.
At BeInCrypto, we have been watching and waiting as a multitude of factors has moved in to influence the value of CVC in recent months. While we have been concerned over a general lack of positive performance, we believe the token will remain stable at $.05 in 2019.
Even though the likelihood for any coin to drop to zero is extraordinarily high after the past year’s poor market performance, prices will probably turn around for CVC in the near future. The network has taken significant measures by investing so heavily in infrastructure and user base. However, the identity.com purchase may also attract non-crypto users to the platform. The presence of over 100 business partners may also help boost CVC prices from within the industry in the months to come.
Conservative estimates over five years would indicate Civic (CVC) prices reaching $2.00. Of course, should the market remain bearish, CVC’s user base growth will not have quite the same effect, and prices could remain relatively low — perhaps in the $.10 range.
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Nevertheless, investors should always do their own research and tread lightly before investing in cryptocurrency. All cryptocurrencies, including Bitcoin (BTC), are extremely volatile. Never invest more than you can afford to lose and be prepared to lose everything.
What do you think of our prediction for the price of Civic (CVC) in 2019? Think the investments in user growth will pay off? Let us know your thoughts in the comments below!
Images courtesy of Shutterstock, CoinMarketCap.
Disclaimer: The contents of this article are not intended as financial advice, and should not be taken as such. BeInCrypto and the author are not responsible for any financial gains or losses made after reading this article. Readers are always encouraged to do their own research before investing in cryptocurrency, as the market is particularly volatile.