Maker (MKR) Price Analysis: Maker’s Market Outperforms with a Stable Increase in Price

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Maker is a digital and a governance token created on the Ethereum platform, whose main goal was to create a line of decentralized digital assets that would be pegged to the real valuable instruments such as fiat currencies, gold, etc. Its objective was to minimize the price of DAI against the USD. Maker is a utility token, which in itself is highly volatile, whose price increases with the usage of DAI. One of the prime features of Maker is its margin trading platform. The blend of stable coin DAI, the exchange platform Maker and Collateralized Debt Position platform, margin trading represent a complete financial solution.

Current Market

Maker (MKR) is getting traded at 765.05 USD on April 05 at 12:24 UTC. Based on the Mcap value of USD 765,047,643, MKR is ranked the 18th largest cryptocurrency in the market. The market value is influenced by the circulating supply of 1,000,000 MKR coins and the 24h volume of USD 35,987,514. The approximate return on investment is evaluated by coinmarketcap and is estimated to be 3,362.19%.

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MKR Price Chart

 

Elaboration on Market Trend

Maker’s market traded as low as 300 million at the beginning of 2019. However, the market up surged with a dramatic spike in the trading values and the price between February 09 and February 24, where the market capitalization bounced from USD 323,678,958 to USD 765,778,855 with a massive hike of 136.59%. The trading price also grew 72.29% from its low of 444.47 USD to 765.78 USD.  The currency reached its all-time high on the opening of April 03 at 09:34 UTC with the MCAP value of USD 790,836,514 trading at a price of 790.84. The current numbers fall short by 3.37% from its high price.

Price Estimation for MKR

Maker has been on a conservative increase, with a brief upsurge in February and decline in line with the dump in the price of Bitcoin. However, Digital coin crypto believes Maker has a bright future when it comes to long term investments. The analysts expect an increase in trading price up to 808.44 USD by 2020 and by the end of 2023, there will be an optimistic increase of 908.25 USD per MKR coin. Crypto ground is also in support of the hike in the pricing of the cryptocurrency. By 2020, the price will reach up to 926.3007 USD, and by 2024 there will be an increase of 218.51% with values reaching 2,388.9322 USD.

Conclusion

The market is currently on a stable uptrend, and the analysis predicts that this will continue well into the future. Hence, the investors and the traders are in for an advantage with Maker for a very long time period.

 

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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