Is It Worth Investing in COV in 2021?

2021 is shaping up to be one of the most exciting years for cryptocurrency traders and investors over the past decade as it looks as though another bull run is forming this year, with the price of Bitcoin potentially rising to $100,000 or more at the end of 2021.

Many investors are trying to understand which altcoins are the best to invest into throughout this year in order to maximise the profits that they generate, and the COV token is one of the best altcoins to invest into this year with the most promising outlook for its price actions throughout 2021.

This guide takes a deeper look at whether or not it is worth investing in COV in 2021, starting with a look at what COV and covesting actually are, before moving on to look at PrimeXBT’s Covesting module in greater depth, and then looking at a few reasons that COV will be a top performing at coin in 2021.

First Up - What is COV?

COV is the cryptocurrency that was created by Covesting.io in 2017 with the launch of that project, and also with Covesting.io raising more than $18 million during its ICO throughout 2017 with that being one of the most successful token sales of that year.

COV is used in the covesting ecosystem in order to unlock a number of specific utilities that provide advantages and benefits to covesting users such as the reduction of the cost of using the Covesting module, as well as an increase in the revenue that is generated on the module.

Over the past 12 months COV has been one of the top performing altcoins in the cryptocurrency market and in fact its price has increased by more than 1,000% throughout this period of time, with that being one of the best performances throughout the cryptocurrency market.

Covesting Basics

Covesting is the world’s first form of cryptocurrency copy trading and it was introduced to the market in 2017 with the launch of Covesting.io that looks to address the huge unmet demand for copy trading in the cryptocurrency market.

Following the successful launch of covesting in 2017, the team behind the project spent the next two years building the services and infrastructure that will be required to bring copy trading to the cryptocurrency market for the first time, and forged a number of powerful partnerships throughout this period.

Today, covesting is one of the most hype trends of 2020 and 2021, and along with the DeFi craze of 2020, was one of the biggest trends to hit the cryptocurrency market and is largely responsible for much of the influx of investment that has been seen since 2021 until now.

What is the Structure of Covesting?

The basic structure of covesting is that experienced trade is known as “strategy managers” will create peer-to-peer investment funds which are tied to their strategies and allow other users to analyse the performance of and invest into their strategies, with these users being known as “followers” and the investment of capital into the strategies being known as “following” them.

In return for the information that strategy managers provide for them, followers will pay a success fee of 20% on all the profits that their managers generate on their behalf, with this 20% success fee being a big incentive for strategy managers to create the most profitable trades with the lowest risk that they can.

The way that covesting is conducted on PrimeXBT Covesting module is that large amount of data and information are publicly displayed on each strategy in order for potential followers to be able to make data-driven decisions with their capital and for the best performing strategies to be clear to all followers and will allow them to make smart decisions.

What is PrimeXBT’s Covesting Module?

In late 2019, it was announced that PrimeXBT would be partnering with Covesting.io and that a module would be developed within this partnership that would be integrated into PrimeXBT and would bring covesting to that platform for the first time.

In April 2020, the beta phase of PrimeXBT’s Covesting module began and over the following 4 months more than $1 million and equity was provided by different followers into funds on the module.

As well as this, the top forming strategy managers throughout the beta phase of the Covesting module were able to generate up to 1,800% ROI for their followers, with this representing a significantly higher amount of return than most followers are able to generate on their own.

How is COV Likely to Perform in 2021?

There is a lot of talk that COV could be one of the top forming altcoins of 2021 with this being largely as a result of its recent price action, and a number of important developments that have occurred with the milestones of the project.

COV has been one of the top performing altcoins and in the previous 2017 bull run it performed well against most other cryptos in the market, and unlike a lot of the ICO’s that were launched in 2017, Covesting has built tangible software-based solutions to a number of key problems in the cryptocurrency space and provided unique services to cryptocurrency users as well.

While there are a number of different factors that lead analysts to believe that COV will outperform many other cryptocurrencies in 2021’s bull run, it boils down to 3 main factors specifically that all combine to show that COV has a very positive outlook for investors this year.

Reasons Why COV Will Be a Top Performing Altcoin in 2021

New COV Token Utilities

A major factor for the increase in the value of COV recently and moving into the future is the recent release of 4 new utilities for the COV token which allow holders of the token to use the Covesting module on PrimeXBT in optimised ways that lead to a reduction of cost and increase in revenue.

The 4 new token utilities are the new COV token burn program where up to 50% of all trading fees generated on covesting will be put towards buying and burning COV from the open market, the ability for strategy managers to reduce their trading fees by up to 75% by buying and spending some COV, the ability for followers to remove the need to pay a 1% entry fee for following new strategy managers , and the ability for followers to be able to tip the balance in the favour with regards to the split of success fees, with them receiving more of each successfully by spending some COV.

These 4 new token utilities work together symbiotically in order to increase the scarcity of the COV token by cutting its supply with the token burn program while increasing its demand, while the other 3 utilities in order to ensure that long-term holders of the COV token continually see increases in the utility value of the COV that they hold.

COV All-Time High

The COV token was launched in 2017 where it rapidly grew in price to it’s all-time high of $3.28 in that year, with this representing one of the strongest price increases of any cryptoasset throughout the 2017 bull run.

Shortly afterwards, the COV token was dragged down with the rest of the cryptocurrency market in the brutal bear market of 2018 and 2019, however in March 2020 the COV token found its bottom and since then until now its price has already increased by more than 1,000%.

Even with this increase there is a significant amount of growth still potentially there for COV to get back to its all-time higher of $3.28, with analysts predicting that this is likely in 2021 and this meaning that there would be a substantial return on investment when COV does get back to and above its current all-time high.

Growth of Covesting

The third and final factor in the potential substantial growth of the CRV token in 2021 is the growth of covesting over the past few years, and in particular the growth of covesting being exponential over the past 12 months.

This has been as a result of the aforementioned COV token utilities that have been released, but also as well the popularity of covesting has been as a result of the range of unique opportunities that are presented for users.

Since the partnership between Covesting .io and PrimeXBT, a much larger audience within the cryptocurrency market has had direct access to covesting for the first time and has resoundingly positively reacted to the Covesting module by depositing millions of dollars of investments into different strategies there.

In Conclusion

The COV token has been one of the top performing tokens of the past 12 months in the cryptocurrency market, and covesting has become one of the most popular ways for cryptocurrency users to engage with the market profitably and with minimal risk.

In 2020, COV is predicted to outperform a majority of the rest of the market and this largely stems from the fact that COV has an all-time high which is significantly higher than the price of that now, covesting as a whole has grown rapidly over the past few years, and the recent release of the 4 new COV token utilities on primeXBT’s Covesting module as well.

If you would like to learn more about the potential for COV to grow in 2021 and how to use covesting, and the way that the Covesting module on PrimeXBT works, check out this link.