Nano price prediction 2024

Where could Nano's price be heading this year?

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By

Tim Falk

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Nano, formerly known as RaiBlocks (NANO), is sometimes described as “what bitcoin should have been”. Unlike other coins, each Nano account has its own blockchain, and each transaction has a block of its own. The end result is near-instant transactions with zero fees and all the usual benefits of security, transparency and decentralisation that the blockchain can offer. The benefits are undeniably useful, and Nano has seen impressive price growth despite staying off the major exchanges. But is it enough? There’s a downside to each piece of good news.

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Quick facts

Coin nameNano
SymbolNANO
Algorithm typeDirected acyclic graph
MineableNo
Launch dateMarch 2017

Nano price prediction

If you want to form a clear picture of where the price of Nano, could be headed, you first need to examine the factors that could cause price growth and decline. Cryptocurrencies are complicated beasts, so there are several variables you’ll need to consider. Some of the most important ones are outlined in the table below.

What could drive Nano’s growth?

  • Widespread adoption. In the long run, whether Nano keeps growing will in large part be determined by its acceptance as a payment method in the future. The good news for buyers is that Nano users have gotten a reputation as devoted coin evangelists, and there are many who believe it to be one of the most efficient coins around.
  • Rebranding. In early 2018, Raiblocks was renamed Nano, mostly due to confusion surrounding the correct pronunciation of its original moniker. The change saw the price of Nano rise 20% in 24 hours, with the rebranding designed to help the project better resonate with a mainstream audience.
  • Simplicity. Cryptocurrencies are complicated and confusing, especially to newcomers. One factor that might help Nano stand out to anyone new to the crypto space is its simplicity – it’s a payment coin with solid fundamentals, providing almost-instant payments, zero fees and impressive scalability.
  • Twitch support. In February 2018, news broke that video streaming service Twitch had started accepting Nano payments. This could provide decent exposure for the currency, and if Nano can also gain acceptance at other merchants this could further increase its popularity.

What could hold Nano back?

  • Lack of widespread adoption. If Nano cannot break into the mainstream and achieve widespread popularity as a viable alternative to fiat currency, this will harm its chances of price increases.
  • Competitors. Low- or no-fee transfers will increasingly become the norm as new coins are launched, and existing coins are upgraded to tackle scaling problems. Nano will face stiff competition from a number of other crypto coins and tokens, and their rise could have an impact on the level of uptake NANO achieves.
  • Other price factors. Function isn’t everything when calculating cryptocurrency prices – Nano’s functionality won’t necessarily help it grow and won’t be as impressive in the future as it is now. If bitcoin has taught the world anything, it’s that functionality is much less important than other market factors, such as sheer quantity of buying and price manipulation. This is especially true of a token like NANO that’s designed to hold value and be transferred.
  • The BitGrail incident. On 10 February 2018, news surfaced that 17 million NANO, 10% of the total supply, had gone missing from cryptocurrency exchange BitGrail. Up until this time, BitGrail was the most widely used exchange for NANO, and while no fault for the scandal lies with Nano, it has still had a big impact on public perception of the currency.

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What’s coming up in Nano’s roadmap

The latest version of Nano’s roadmap, released in October 2017, reveals the following key goals for 2018:

  • Development of a Nano light wallet. This is designed to provide a fast, easy and convenient way to manage NANO.
  • Adding chain pruning to reduce chain size. This development aims to improve the efficiency of the NANO network.
  • Launching an enhanced block explorer. This will provide increased functionality and make the block explorer more user-friendly.
  • Getting Nano listed on more exchanges. This could increase the coin’s credibility and legitimacy in the eyes of investors, and therefore potentially have an impact on demand.

However, at the time of writing (20/03/2018) an updated roadmap was expected to be released soon.

Nano’s competition

Nano is far from the only cryptocurrency aiming to offer fast and affordable payments. There are plenty of other projects that could have a bearing (either positive or negative) on the price of NANO, so you’ll need to keep an eye on them to see how they stack up against Nano.

  • Litecoin (LTC). A top 10 coin by market cap and commonly known as “the silver to bitcoin’s gold”, Litecoin was created in 2011 and designed to offer faster and cheaper transactions than bitcoin.
  • Dash (DASH). Launched in 2014, Dash (short for “digital cash”) aims to offer instant, secure and optional private payments around the world.
  • IOTA (MIOTA). Another project that uses directed acyclic graph technology, IOTA offers many of the same features as Nano, including zero fees, fast transfers and impressive scalability. However, while Nano is built purely as a payment coin, IOTA is being developed for the Internet of Things (IoT).
  • Cardano (ADA). Launched in September 2017, Cardano is a project with the lofty goal of creating the most practical cryptocurrency ever made. Developers claim it will “allow complex programmable transfers of value in a secure and scalable fashion”, but at the time of writing the platform is still in the early stages of development.
  • Ripple (XRP). A top 5 coin by market cap, XRP has a host of partnerships with major banks and financial institutions and aims to offer fast and inexpensive global payments.
  • Stellar (XLM). Designed to let anyone in the world send and receive money quickly and at almost no cost, Stellar aims to support worldwide transfers and exchanges in any fiat currency or cryptocurrency.
  • Bitcoin (BTC). The world’s largest and best-known cryptocurrency may currently be facing issues with slow transaction times and high fees. However, if efforts to tackle its scalability problems are successful, these issues could become a thing of the past.
  • Bitcoin Cash (BCH). A hard fork of bitcoin designed to offer faster transaction speeds and lower fees, Bitcoin Cash was launched in August 2017.

Beyond 2024: What does the future hold for Nano?

The good news is that Nano aims to simply be a store of value that can be quickly and reliably transferred. This is an essential function, so by excelling at it, Nano might naturally grow.

The bad news is that these won’t qualify as standout features for much longer. All cryptocurrencies are transferable, and low- or no-fee transfers will increasingly become the norm among a much wider range of coins.

Nano has relatively poor availability on exchanges and doesn’t offer anything except those core features. As such, its success largely comes down to its acceptance as a legitimate payment method in stores and elsewhere.

The hammer might fall around the time IOTA or Cardano become fully functional. When they do, there’s little reason why anyone would accept payment in a “useless” currency like Nano rather than one like IOTA, which has inherent functionality.

If it’s going to survive, Nano needs to get big fast.

Bottom line

Nano does exactly what it’s designed to do, and it does it well. However, quick, zero-fee transfers are increasingly becoming the norm, and without anything else to offer, NANO might not reach the highs some may be hoping for.

That said, if it can hold its own against myriad competitors and achieve a wider level of acceptance, Nano could still be worth a look. Do your own research to decide whether you should buy any NANO or steer clear.

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Images: Shutterstock

At the time of writing, the author holds IOTA and XLM.

*Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. Your capital is at risk. Capital gains tax on profits may apply.

Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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