Maker (MKR) Price Analysis : An Overview on Maker’s Expanding Market
Maker (MKR) is a cryptocurrency and a governance token, created on the Ethereum platform which serves to create a line if decentralized digital assets that would be tied to valuable real-world instruments such as currency, gold, etc. It is planned to create a platform where margin trading is carried out on the ERC20 protocol. It is also created in the objective to minimize the price volatility of its own stable coin DAI against the USD. This is done through a system of Collateralized Debt Positions (CDP), autonomous feedback mechanisms and appropriately incentivized external factors. MKR tokens are created or destroyed in accordance with the price fluctuations of DAI to keep it as closer to 1 USD as possible. Makers provide their shareholders with the voting rights within eh maker’s continuous approval voting system, and the MKR tokens are used to pay the transaction fees.
According to Coinmarketcap, Maker (MKR) is the largest cryptocurrency in the market. The market cap value of MKR as on 05 March at 10:54 UTC is USD 630,865,703 for the corresponding 24h volume of $1,252,443 which is relatively higher by a massive 113.28% from its value on February 05 at 18:34 or USD 295,796,164, raising the values by two times in a month. The digital currency started this year with the MCap value of around 300 million US dollars. However, the market was slow and had sharp falls before it began to enhance. The first was on Jan 08 when the price fell to USD 288,452,668 from 350 million USD which was 18.78% decrease. The price shot up to 360 million dollars afterward. The second setback was on January 14 19:34 UTC when the numbers plunged to USD 254,397,763 from its previous value of $312,759,104 from the same day at 17:34 UTC. Before the boom in price, the market cap remained low between January 28 and February 04. The market started going uptrend after that and reached its all-time high of USD 766,534,570 on 24 February at 17:34 UTC. The current value is 17.70 percentage lesser than its peak MCap value. The 14-day moving average also shows an uptrend in the market. The values rose from USD 614,028,585 to its current value by 19.90% driving the cryptocurrency into the bullish market.
And Stats from Coinmarketcap show that the current prices of USD and BTC are $603.87 and 0.16750469 respectively on March 05 at 10:54 UTC. The price of USD has been on a major swing but similar to market cap value of MKR, the price of BTC has been on the increase with sharp falls on the same day as the MCap Values. Bitcoin’s price dipped fiercely on January 08 and January 14 with the values of 0.09894884 and 0.09757757 which is 69.28% and 71.66% lower than the current value. The price of BTC reached its highest on February 24 with the value of 0.18408339. The price of USD with its major swings reached its lowest on January 14 with a value of $349.34. Before reaching its peak price of $766.53, the USD’s price so major fluctuations of increasing and decreasing values. However, the currency reached its milestone, when the price of USD reached its highest. The values bounced from $568.30 on February 19 to $766.53 on February 24, which is a 34.88% increase in 5 days.
The 20-day EMA also exhibits a major uptrend of the digital currency, when the values rose from $536,151,712 on February 13 to the present-day value with a 17.67% significant increase. This puts the digital currency under bullish pressure. With the cryptocurrency in its peak period and an overall rise in a market, the balance points in favor of buyers. The investors with long term investment plans must indulge in the current market which will prove beneficial for them in the future. The traders investing short term will help increase the value of the currency further which will work out profitable for both the currency’s market and the trader in the future.
