According to Sebastian Sinclair – a market analyst, Ethereum-based token, Maker (MKR), has gained 37% over the last 30 days. This performance is the best in the bearish market that is yet to retract from the Bitcoin Cash Wars-induced plunge that started on November 24th, 2018.
The functions and benefits of MakerDAO loan payment system allure investors to adopt MKR and this may be one of the factors resulting in the stellar performance. This is due to the fact that this Token’s price is not under the downward selloff pressures that inhibit growth.
MKR Price Performance Overview
The current MKR price is $520.03. This represents a growth of over 2.17% in the last 24 hours. The market cap is $520,032,837 USD which is an equivalent of 143,087 BTC and 4,061,137 ETH. The daily volume is $1,239,820 USD which is approximately 341.14 BTC. It is the 17th largest Cryptocurrency and chances are high that it could climb higher up the list if the trend persists. There are 1,000,000 MKR in supply.
On February 14th, MKR hit the highest price in the short term at $544. The other peak was recorded on October 9th, 2018 before the Bitcoin Cash wars when the price hit a high of $780. It is important to note that the highest point for MKR in 2018 was recorded at January 21, 2018, at $1, 687. The peaks define the trends and it’s important to also note that the Digital Token is relatively stable compared to other Cryptocurrencies that have shed off more than 80% of their 2018 peak values.
Meanwhile, after the sudden jump in the intraday of trading, MKR is steadily retracting and the price may correct at a range of $518 and $520 as the day ends.
As per the MakerDAO official website, this Blockchain platform is based on Smart Contract features that have Ethereum tools. This ecosystem also has a Stablecoin called DAI that is pegged at a ratio of 1:1 to the US Dollar and backed by Ethereum. 2% of ETH supply is locked in the ecosystem. DAI offers a system of collateralized debt positions (CDP) that governs debt repayment.
It is vital to note that the difference between Maker Coin (MKR) and DAI is that MKR allows the governance of the ecosystem while the Stablecoin guarantees stability. Maker Tokens issuance is based on DAI price movements to maintain the ETH-based peg.
MakerDAO Product Is Unique
According to Tanner Hoban, the steady rally of MKR signifies a general trend in the wider market where Crypto prizes are set to recover as a bull trend is about to break out.
Additionally, there is an increase in demand for MKR as users of Maker platform are increasingly seeking voting rights as well as to cover transaction costs.
On the other perspective, MKR holders are no longer selling off their Tokens as the long-term outlook presents a favorable investment option hence reducing the downward pressures.
Further, MakerDAO management team hiked the stability fee by half a point to stabilize DAI. This is also stabilizing MKR and ensuring long term volatility that investors consider as vital.