2023-8-25 15:11 |
Maker’s MKR price has staged a strong recovery in the past few days.
Spark Protocol is seeing strong inflows because of its higher rates.
Maker (MKR) crypto price jumped on Thursday as investors cheered the rising demand for the Dai stablecoin. The coin jumped to a high of $1,100, which was much higher than last Friday’s low of $978. Its recovery also coincided with the strong comeback of tech stocks following Nvidia’s earnings.
Dai demand jumpsMakerDAO is one of the biggest players in the blockchain industry. Data compiled by DeFi Llama lists its total value locked (TVL) at over $5.12 billion, making it the third DeFi player after Lido DAO and AAVE.
MakerDAO is known for the Dai stablecoin, the 12th-biggest cryptocurrency and the third-biggest stablecoin in the world. Dai’s market cap has jumped by more than $1 billion in the past few weeks, giving support to MKR’s token.
Dai is thriving thanks to Spark Protocol, a rival to AAVE that was launched by MakerDAO a few months ago. Spark is a DeFi protocol that makes it possible for people to earn returns by simply depositing cryptocurrencies like ETH and Dai.
Spark also allows people to borrow Dai against their collateral and swap other coins without slippage. Data shows that depositors are earning a return of as much as 8%. Like AAVE, it generates these funds by lending in the platform. Spark has grown so much such that its total value locked has jumped to over $578 million.
MakerDAO and other DeFi protocols are facing the challenge of high-interest rates since money market funds are now generating a higher rate, thanks to the relatively higher interest rates by the Federal Reserve. Some funds are returning as high as 6%.
Maker price forecastThe 4H chart shows that the MKR price dropped sharply last week as cryptocurrencies plunged. It dropped to the important support level at $978. The coin still remains below the 50-day moving average and is slightly below the 50% Fibonacci Retracement level.
Therefore, there is a likelihood that the MKR price will likely continue rising as buyers target the key resistance level at $1,150. A drop below the support at $1,050 will invalidate the bullish view.
How to buy MakereToro
eToro is a multi-asset investment platform with more than 2000 assets, including stocks, ETF’s, indices, commodities and Cryptoassets. eToro offers over 60+ Cryptoassets to invest or invest in their CryptoPortfolio where investors can benefit from the accumulated growth of Bitcoin, Ethereum, XRP, Litecoin and other leading cryptocurrencies. eToro users can connect with, learn from, and copy or get copied by other users.
Buy MKR with eToro today Disclaimer BinanceBinance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.
Buy MKR with Binance todayThe post Maker (MKR) price regains momentum as Spark Protocol inflows rise appeared first on CoinJournal.
origin »Bitcoin price in Telegram @btc_price_every_hour
Maker (MKR) на Currencies.ru
|
