Following the major XCN price surge in January, many analysts have been optimistic, believing that the project still has a lot more to offer. However, it started to struggle, and the ongoing bearish sentiment in the crypto market has affected its price.
Despite this, a top analyst who is behind the “Lee the Captain” YouTube channel still thinks $1 is possible from the current $0.022. In an 8-minute long video, the analyst explains his thoughts and why investors could still expect such targets.
Lee acknowledges that XCN has experienced ups and downs since he first began covering it. When he initially started talking about XCN, it wasn’t performing well. Then it experienced a period of strong performance, followed by the current pullback where things seem relatively quiet. Nevertheless, he maintains an optimistic outlook, believing that better days are ahead for the project.
One of the key reasons for Lee’s continued confidence is the significant potential return. He calculates that $1 represents approximately a 43x return from current prices. To put this in perspective, he explains that a $1,000 investment at current prices could potentially grow to approximately $43,000 if XCN reaches his target price.
Lee believes this potential return is very impressive. While some might not see this as extraordinary, he considers anything over a 10x return to be fantastic. At over 40x potential, he finds the opportunity very appealing.
What you'll learn 👉
XCN Market Cap Considerations
Lee the Captain also addresses the question of whether a $1 price target is realistic from a market cap perspective. According to his analysis, at $1 per token, XCN would have a market cap of around $32.5 billion based on current circulating supply.
He considers this reasonable, noting that XRP currently has a market cap exceeding $100 billion. While he doesn’t expect XCN to surpass established players like XRP or XLM, he believes there’s ample room for growth within the sector.
Comparing XCN With XRP and XLM
Throughout the video, Lee draws parallels between XCN and more established projects in the payments and financial services space. He feels XCN gives off similar vibes to Ripple (XRP) and Stellar (XLM), which he considers proven projects focusing on the right market.
This comparison forms a significant part of his investment thesis. He points out that while XRP and XLM are established, they’re unlikely to deliver 40x returns in the next six to twelve months. In contrast, he believes XCN has a higher probability of achieving such growth due to its lower starting market cap.
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Onyxcoin Growing Community
Another positive sign Lee highlights is the growing community around XCN. He observes that the community is expanding at a good pace and shows remarkable passion for the project. Despite the current market lull, he notices that many people genuinely believe in XCN’s potential.
This passionate community support is essential for any cryptocurrency project aiming for long-term success, and Lee sees it as a bullish indicator for XCN.
XCN Market Position
According to Lee the Captain, XCN occupies an interesting position in the market. As the native token of the Onyx protocol, XCN powers a decentralized blockchain infrastructure focused on improving financial services. Lee emphasizes that projects in this sector are currently gaining momentum.
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He notes that while the financial services sector in crypto is dominated by established players like XRP and XLM, there’s no clear third or fourth place contender. This creates an opportunity for newer projects like XCN. The market beyond the top players remains relatively open, giving XCN the potential to claim a significant position.
Throughout his analysis, Lee the Captain maintains that while XCN might be experiencing a quiet period now, the fundamentals of the project and its positioning within the growing financial services sector in crypto make it a compelling investment opportunity with significant upside potential.
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