Maker (MKR) Price Analysis: Maker’s Market on a Large Scale Expansion
Maker is a decentralized autonomous organization (DAO) that operates on the Ethereum platform. The primary focus of the cryptocurrency is to create a highly-decentralized, community-governed, and asset-pegged currency. The advantage of this token is its ability to stand extreme market volatility and would remain legitimate with various circumstances. It is used for voting and influencing DAI network.
MKR opened at its trading rate of $711.81 for its corresponding Mcap value of USD 711,812,218 on April 02 at 07:34 UTC. Based on this Mcap value, Maker is placed as the 16th largest currency in the market. The current trading value equals USD 741,493,892 for the 24h volume of $1,605,939. This trading value is influenced by the circulating supply of 1,000,000 MKR coins. One unit of the Maker is traded for 741.49 USD or 0.16628532 BTC at 10:24 UTC. The overall market has been on a steady rise. The market opened with the trading price as low as 440.47 USD, and the Mcap values were crossing 300 million and reached its low on February 03 at 13:34 when the token traded at 367.85 USD. There wasn’t any significant increase or decrease in the market until February. On February 08, the prices began its inclination and have been on the path steadily until now. The Mcap was at its all-time high when MKR sold for 766.53 USD on February 24 at 17:34 UTC. The exponential moving average is also in support of the hiking price values — the Mcap value traded at USD 657,844,878 on March 12 at 01:34 UTC. The current value has a growth of 12.72%. The increase in price value from its past offers the cryptocurrency good resistance support. The comprehensive positive turnover of the market gives the bulls an upper hand.
The technical analysts for the cryptocurrency foresee the continuation of growth in the market until a minimum of 5 years. The crypto ground site predicts that the price would increase by 17.86% in a year and reach a high of 894.0276 USD. By the end of 5 years, the growth percentage would have risen by 210.90% shooting the price per token to 2,358.3681 USD. Similarly, digital coin price estimates the price to reach 806.8 USD at the beginning of 2020 and further increase to 906.41 USD in 2023. Being crypto expects the price to increase to 1000 USD in 2020 if the current market scenario prevails throughout the year. The site suggests that the current stability in the market is the key to the coin’s growth in the future. If the price devalues and returns to its previous lows of $200-$350 range, there will not be a market growth beyond 2020. This evaluation is supported by wallet investors, which expects a declination of price from the current rate to an average of 482.032 USD by the end of 2019.
However, the present market attracts buyers. These investors, in turn, can be the source of growth of this cryptocurrency in the future. The traders with short term investment plans must utilize this market to earn major returns from the currency while increasing the value of the token with their continuous contribution. The estimations give the coin a bright future, provided there is this continuation in market growth.