Each day new projects aiming to participate in the creation of Web3 appear in the crypto space. One of them that has already attracted a lot of participants is Gitcoin which rewards users for working on the open internet. The native GTC token has been stagnant ever since May and the market analysts don’t see the situation changing a lot in near future. Read our Gitcoin token price prediction to see if that’s the asset to trade now.
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Gitcoin Fundamental Analysis
Gitcoin is a community of builders, creators, and protocols that aim to gather their efforts to build the future of the open internet that will be open-source, collaborative, and economically empowering. The goal of the project is to create community and infrastructure — a diverse range of tools, technologies, and networks that will help people to get access to the open internet and also participate in its creation.
Gitcoin was founded by Kevin Owocki and Scot Moore with the vision to foster the P2P communities to build open-source codes, share open data, and adopt open governance. The idea behind the project is to take an active part in the building of Web3 as an environment of freedom, shared ownership, and collaborative determination.
As of July 2022, Gitcoin has funded $64.4 million for open-source projects and has over 2800 projects created on it with more than 300000 active developers monthly. The main advantage of the project that also makes it different from almost anything on the crypto market is the support of community building. Additionally, the participants can get paid for their efforts. Any user can upload the project on the platform and gather the funding needed for its development.
The focus of the Gitcoin platform is on public good projects, that are designed to benefit everyone without a need for competition, for example, the projects dedicated to the clean environment, personal privacy, and infrastructure. etc. So far most of the funded projects were related to the blockchains within the Ethereum ecosystem. Also, many projects are focused on the creators of educational content.
Gitcoin also supports talented developers and content creators and encourages them to join the platform by funding their participation in hackathons, bounties, and funded community grants. The projects on Gitcoin are matched with the corresponding amount of funding based on the proprietary formula to reward the projects that have more community support.
Gitcoin has a governance token GTC launched in late May 2021. It is an Ethereum token with a total supply of 100 billion tokens. As of July 2022, only 14 billion are in circulation. The distribution of the GTC token is focused on rewarding early adopters as well as further contributors.
Gitcoin Live Price Chart
During the bearish season of the summer of 2021, the GTC token was trading for 6.7, but at the end of July started to grow together with the rest of the crypto market. In one month it reached the price of $14.05 but dropped from this position the next day going to $12.9. The Gitcoin price chart declined even more with its price staying around $12 during the first week of September before dropping to $9.4.
The GTC token didn’t stay at this level for a long time and its price reached $6.2 on September 28 when the trend has changed. At this time the altcoins were gaining value and the price of the Gitcoin was also going up, though it could only reach $11.9 by the middle of October. After that, the price went down and was bouncing between $8 and $10 till the middle of November when it dropped to $7.7 and then skyrocketed, showing incredible gains.
Just in a matter of days, the GTC coin reached its all-time high of $29.3 and almost at the same speed went down. And in one week this coin lost around 60% of its price stopping at $8.7 in the middle of December. At the end of the year, the GTC token price surged again, but this time reaching only as high as $16.1. In the following weeks, the token declined by another 40% and was trading at around $10.7 - $11. On January 17, 2022, the token price went up to $12.7 and then collapsed to $6.9.
The price recovered reaching $9.3 by February 9, but then established a new downtrend and reached $5.3 in the middle of March. At that time the GTC token was showing bullish signals, but it could only grow to $8.2 at the beginning of April. From that point, the price kept declining for almost a month and a half following the tendencies of the main crypto coins of the market. On May 11 the GTC token was trading for $2.3 and stayed stable at this low point until the end of July.
According to the Gitcoin Tradingview profile, the situation is not going to change much for the token. It may swing 3%-5% in the nearby future and most likely will lose more of its value in the long run.