With the huge growth of the COV token from Covesting.io over the past 12 months and an increase in its value by more than 1,000%, many analysts are asking whether COV will be a good investment in the 2021 bull run as well, with it looking poised for huge levels of growth this year.

When looking at the fundamentals of covesting in general, and the token or mix of the COV token, it quickly becomes clear that COV is one of the strongest investment opportunities throughout this year.

This guide takes a look at whether COV will be a good investment in the 2021 bull run, starting with a look at what COV actually is and the bull run itself and how it may materialise, then moving on to looking at the reasons why COV may be a good investment in this year’s bull run.

First Up - What is COV?

What is COV?

COV is the native cryptocurrency of the Covesting ecosystem and it is used by covesting users in order to unlock a range of features on the Covesting module at PrimeXBT which allow them to be able to cut the costs of using the module and to boost the revenue that they generate on the platform.

The COV token was launched in 2017 and quickly reached its all-time high price of $3.28, and then along with the rest of the cryptocurrency market over the following two years, COV dropped in price, however over the past four months COV has been one of the top performing assets within the cryptocurrency market and in fact has increased in value by more than 1,000%, with this representing a significant level of return on investment for COV holders.

What is COV Used for?

COV is a utility token that can be used to unlock a number of different value-driven operations on PrimeXBT Covesting module, with these token utilities all over increasing the demand for COV or reducing its supply, and this overall increasing the scarcity of COV.

There are also a number of other COV token utilities that have been announced as future developments for the Covesting module, and the aim of these will be to increase the value that covesting users and COV token holders are able to experience on the platform.

By holding COV over the last 12 months investors have been able to generate more than 1,000% ROI, and by using the COV token on the Covesting module, traders and investors are able to enjoy the benefits of covesting at a lower cost and with a greater return level of revenue.

The Origins of COV

The COV token was created in 2017 at the same time that Covesting.io was created, and in the ICO of the project raised more than $18 million in funding as a result of the huge unmet demand for copy trading in the cryptocurrency market at that point.

The COV token was distributed through the ICO and since then until now has remained as one of the most interesting tokens in the cryptocurrency market, with this largely being based on the tangible value that covesting has been building for the past four years in comparison to many other vapourware projects that did nothing with the funding they received.

In the 2017’s bull run, COV showed strong price action and grew rapidly up to an all-time high of $3.28 as a result of the high levels of hype surrounding covesting and the huge user adoption that the platform made from its inception.

The Crypto bull of 2021

Will There Be a bull Run in 2021?

Many crypto analysts have in fact now confirmed they believe that there will indeed be a bull run in 2021 in the cryptocurrency market.

This is largely based on the huge levels of increased investment in the early part of 2021 and late 2020, and it is now expected a bull run in the cryptocurrency market in 2021 would be huge considering the increased levels of investment from institutional investors from the mainstream financial system, as well as the dramatically higher levels of awareness that the general population has of cryptocurrencies in 2021 compare to what they did have in 2017.

What Happened in the Last bull Run?

Every four years the amount of Bitcoin created and released into the market every day is cut in half in an event known as the halving and following four years after the launch of Bitcoin in 2009, the first bull run took place in 2013, with the last four and taking place in 2017.

The price of Bitcoin increased by roughly 27X over the course of 2017’s bull run and in late December 2017 Bitcoin reached its all-time high price of just under $20,000.

Following reaching the peak in the Bitcoin bull run of 2017, there was a period of around two years of bear market where we saw the price of many assets in the cryptocurrency market reduced dramatically.

Selecting the Right Investments is Critical

Within the 2021 bull run, selecting the right assets to invest into is going to be critical for investors, even though many cryptocurrencies will increase significantly in value over the next 12 months, it is important to select assets that will perform the best.

That's because the difference between the best and worst performing cryptocurrencies in this bull run will be significant, with some assets increasing by more than 100X in value and some only increasing by around 2X or 3X.

There are a number of metrics that can be assessed in order to find which cryptocurrencies have the highest chance of performing, with this largely being based around the impact of the project, the price movement of the token throughout its time of existence, and the hype surrounding the project.

Will COV Be a Good Investment in the 2021 bull Run?

Journey Back to the Previous All-Time High

The all-time high for COV was set shortly after its launch in 2017 and stands still at $3.28, with that representing a significant amount of price growth between the current price and that point.

While there have been other cryptocurrencies that have already increased significantly back towards the all-time highs, COV still presents a huge opportunity and is massively undervalued at the current price.

Crypto analysts have predicted that COV may not just move back to its all-time high price of $3.28, but may supersede this and set new all-time hires as well, with this presenting an exciting opportunity for the generation of profit in 2021.

The New COV Token Utilities

Recently there have been a range of new token utilities for COV which have been developed and integrated into PrimeXBT's Covesting module which allow users to be able to buy and spend an amount of COV in order to gain significant advantages over the rest of the market.

The four new COV token utilities and have been integrated into PrimeXBT are the ability for strategy managers to cut their trading fees by up to 75%, the ability for followers to remove the need for paying a 1% entry fee for following new strategy managers, the ability for followers to increase the amount of each success fee that they are able to retain for themselves, and the new COV token burn program which will see the regular buying and burning of COV from the open market with up to 50% of all Covesting trading fees put towards it.

As well as the four new COV token utilities that are currently operational, it is predicted that there will be more COV token utilities that will be introduced into PrimeXBT's Covesting module, increasing the value that COV token holders as well as covesting users are able to access there.

The Exponential Growth of Covesting

Covesting has been one of the fastest growing trends in the cryptocurrency space over the past few years and today it has grown exponentially in both the amount of trade volume that is conducted each day on the Covesting module, as well as the number of daily users on the platform as well.

The impact of the exponential growth of covesting is that the number of users that require COV tokens is also increasing exponentially, and this leads to higher levels of demand today than have ever been seen before.

It is predicted as well that over the coming years that with the growth of covesting even further that the COV token will see significant demand for it and this will reflect in its price in the market.

In Conclusion

While there are many factors that may contribute to the success of COV in 2021, the three most prominent factors are the journey opportunity for COV to get back to its all-time high of $3.28 and the implications of that from an investment point of you, the four new COV token utilities that are been integrated into covesting recently and that have a dramatic impact on scarcity, and the exponential growth of covesting since its launch 4 years ago.

With these factors and more combined it seems as though the COV token is indeed one of the strongest investment opportunities in the cryptocurrency market this year, and will likely perform well against other altcoins.

To conduct further research into the COV token and learn more about the covesting system in general, check out PrimeXBT’s Covesting module.