The Reasons Behind BLD’s 200%+ Growth Prediction

Since the turn of the year, the cryptocurrency market has witnessed massive growth in value as all major currencies witnessed 50%+ in gains – Bitcoin leading the way with a 52% gain in 2024. Much of the recent growth has been attributed to the January 10th Bitcoin ETF ruling by the SEC and the upcoming Bitcoin halving but there were tale-tell signs of a crypto market resurgence from deep last year. 

The entry of institutional investors into the field has also played a big role in the skyrocketing markets, with the ETF approval disbursing the notion of cryptos being securities. However, the technological advancements and innovations in the space cannot be overlooked. Unlike the 2021 bull market, which was heavily driven by pure speculation and hype (the NFT hype train), this current market is driven by technological advancements, community and developer engagements and an embrace from regulators worldwide.  

In this piece, we focus on Agoric, a smart contracts platform that simplifies the building of decentralized apps and projects, and its native $BLD token, which has doubled in value since its mainnet announcement in September last year. 

The explosive growth of Agoric’s $BLD token

Agoric blockchain is a proof-of-stake platform built on the Cosmos blockchain aiming to allow developers to seamlessly build applications on multi-chains. The platform is driven by its native $BLD token, which is used for governance and other utilities on the platform. 

Since its October 2023 lows, the $BLD token has burgeoned past the $ 0.27 mark in January to set a yearly high – representing a 237% increase since October. Today, the token has slid to $0.16, following the slight BTC price correction over the past week, but shows signs of regaining its highs once the market resurges. 

$BLD’s price from October 2023 to March 2024 (Image: Coingecko)

One of the biggest hopes across the market is that despite Bitcoin reaching its all-time highs in early March, the wider crypto market has yet to surpass its previous total market cap all-time high of $3 Trillion set in November 2021. This is mainly attributed to altcoins not yet testing their ATH prices, showing the potential of the altcoin market growing even further in the coming months. 

With the altcoin market delicately poised to rediscover its highs, Agoric’s $BLD token could see its price skyrocket, given its strong fundamentals, a strong community of developers behind the project, and planned technological upgrades in the coming months. 

Why $BLD token could reach ATH prices in coming months

The crypto market is currently raging in a bull market hype, as influencers hype up and shill their favorite cryptocurrencies to their followers. While hype and speculation grow during such ‘green’ markets, there is a need for investors to focus on the long-term view of a project to reap maximum rewards from the project. 

$BLD developers have released several technological improvements to their platform as well as building a strong community around it, which shows signs of extended success – even when the bull market is finally over. In this section, we discuss some of the most prominent factors that push $BLD’s success and why the token is poised to reclaim its all-time highs in the coming months.

The latest forecast on coincodex for Agoric suggests that its price could increase by 222.58%, reaching $0.509681 by April 24, 2024. According to their technical analysis, the market sentiment is currently neutral, with the Fear & Greed Index indicating a level of 75, which signifies greed. Over the past 30 days, Agoric has experienced 15 days of price increases, accounting for 50% of the time, along with a price volatility of 9.19%. 

1. Technological innovations on Agoric

Built on the Cosmos SDK, Agoric allows developers to simply build decentralized finance (DeFi) applications using JavaScript smart contracts. It provides built-in DeFi building blocks that support interoperability across blockchains allowing applications to add several currencies, hence facilitating economic activity and maintaining a healthy DeFi ecosystem.

Earlier this year, the platform launched Orchestration, the programming power to create unified user experiences in the world of async messaging across disparate blockchains and connection protocols. This uniquely designed innovation will allow developers to seamlessly connect multi-chain applications, which helps narrow the fragmented liquidity across DeFi and enables the creation of new experiences that combine assets and services from multiple chains, and make the user experience as frictionless as web2 applications. 

𝐎𝐫𝐜𝐡𝐞𝐬𝐭𝐫𝐚𝐭𝐢𝐨𝐧: 𝐄𝐱𝐩𝐥𝐚𝐢𝐧𝐞𝐝Agoric is uniquely designed to reduce the friction in building complex multi-chain applications, and Orchestration is what makes it all possible.Read the post ⤵️https://t.co/2aODbJPqjW

— Agoric (@agoric) February 8, 2024

Notwithstanding, Agoric enables DApps in their developmental stage to create frameworks with ease using the library of contracts and contract components such as options, loans, auctions, AMMs, and more.  

1. Strategic partnerships across the Web 3 ecosystem 

One of the biggest advantages Agoric holds is the multiple strategic partnerships it has created across the DeFi ecosystem.  Launched in 2019, Agoric swiftly partnered with several ecosystems – most notably Interchain Foundation (ICF) – to enhance $BLD’s utility and adoption. ICF and Agoric entered a strategic collaboration in June 2019  to improve cross-chain interoperability.  ICF is a non-profit foundation that supports R&D in the Cosmos ecosystem.

The partnership helped launch the Inter-Blockchain Communication (IBC) protocol, in collaboration with Cosmos developers, to provide true interoperability across multiple blockchains, and expand the market available to millions of current and future smart contracts developers worldwide.

In November 2020, Agoric announced its Chainlink integration enabling DApps to access reliable market data to trigger their contract’s execution and transfer real-world value between users.

Inter Protocol is a community-governed, decentralized application launched on Agoric’s chain. Their IST stablecoin facilitates the operations and transactions within the Agoric ecosystem.  The stablecoin is used to pay gas fees, create over-collateralized vaults, and exchange with external stablecoins. Its integration into the Agoric ecosystem enhances the platform's functionality and appeal to a broader range of users and developers.

1. Education, community building and hackathons

Technological innovations and strategic partnerships have played a big role in $BLD’s recent exploits. However, it is the strong community around the project that kept the project alive, even during the drawbacks of the long crypto winter. Agoric has played a huge role in educating its community by launching the Agoric Bootcamp for aspiring developers, participating in hackathons and offering grants to innovative developers. 

The 10-week boot camp combined lectures and small projects to help developers get up to speed with Agoric. By the end of the boot camp, tens of developers were able to build, test, and deploy their own dApps on the Agoric blockchain. This helped grow its developer community hence the rapid innovations that contribute to its ecosystem development. 

1. The bullish market dynamics

$BLD’s growth has strongly been affected by the bullish sentiments across the crypto space. The shift in investors’ sentiments since the Bitcoin ETF ruling has seen more capital flow into the crypto ecosystem, with investors looking out for fundamentally sound projects to place their money into. 

In addition, the DeFi market has witnessed a resurgence in adoption rates following the crypto bear markets in 2022 and 2023. The total DeFi market crossed the $100 billion mark in TVL earlier this month, according to DeFiLlama, the highest TVL for two years. This could be the catalyst for a DeFi comeback and $BLD could benefit greatly given its superior fundamental qualities mentioned above. 

What does the future hold for $BLD? 

Agoric is building an enterprise-grade platform that simplifies the development of interoperable, multi-chain applications, which enhances the adoption of the platform. Additionally, it empowers developers to create DApps using composable JavaScript smart contracts, a language used by millions of developers worldwide. 

This could spark widespread use of Agoric, as well as its $BLD token. By lowering the barriers to developing DApps, it may well support a thriving community of developers and help solve the challenges to DApp creation. The interoperability and multi-chain features will also allow developers to create more effective and widespread platforms that enhance economic incentives to users.  

For these reasons, the $BLD token could witness higher adoption rates, which could further increase its value in the coming months. Nonetheless, the token depends heavily on the market sentiments, which if bearish, could slow down its value growth potential. 

Conclusion

In summary, the remarkable growth of Agoric's $BLD token is not merely a byproduct of speculative fervor within the cryptocurrency market but rather a reflection of the solid foundation and strategic execution orchestrated by the Agoric team.

As the broader crypto market continues to evolve, Agoric's emphasis on interoperability, multi-chain functionality, and developer empowerment positions the $BLD token for further appreciation, contingent upon market sentiments. With a focus on enterprise-grade solutions and widespread adoption, Agoric's trajectory suggests a promising future for the $BLD token, provided it continues to navigate the dynamic landscape of cryptocurrency markets with resilience and strategic foresight.

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