Business News

Maker (MKR): Price Analysis

Maker (MKR): Price Analysis

Maker (MKR) is an ownership token for Maker, and it is backed by Ethereum rather than fiat currency. It is a concept of a simple banking system built on blockchain technology that allows international payments and peer-to-peer transfers. Maker is made-up of stablecoin, collateral loans, and decentralized governance. As per CoinMarketCap its current market value trades $300,704,200 (12:42 UTC) on February 04 typically reduced in value by 27.4% when compared to January 06, but the MKR/USD pair achieved an increase in value by 19.12% relative to December 10.

The fall in value relative to December is due to rough pressure that almost all alternate cryptocurrencies have experienced.

The MKR/USD pair remained up in economic value for a long time from December 17 to January 09 but from recent data analyzed the current value is a downtrend. It is to be noted that with the visible down in value the traders should remain on the sideline and should wait for the next uptrend to take place.

Let us see the achievements of the cryptocurrency in the recent past. The MKR/USD pair remained in range bound from December 18 to December 28 last year, as the cryptocurrency marched ahead from a low of $385.93 to a high of $524.64 which is a 35.9 percent return within ten days.

Coming to the trade and market capitalization analyzed by CoinMarketCap:

The market cap trades at $300,704,200 (12:42 UTC) on February 04 with the Price (BTC) 0.11948795 and Price/USD is at 420.60. Overall of 455,992USD (12:40 UTC) can be expected. So, with the results, we can see the market cap trade reached the best value of all time on January 07 above both price conversion BTC and USD However, from January 25th BTC took a lead which we can clearly see until today.

If the stock market succeeds above the current resistance level 420 (12:51 UTC) (i.e., price traded above the EMA), the investors will buy more currency and increase the value. But when we consider the current trend the next level could be $393.

When we start a discussion about Dai stablecoin which is asset-backed, hard currency and it is the first decentralized stablecoin on the Ethereum blockchain. The value is stable relative to the US dollar. The digital assets Dai stablecoin is essential to realize the full ability of blockchain technology.

It should be noted that Dai stands to transform the financial industry by creating a decentralized and stable currency that will allow businesses to realize the future of money. Maker is a smart platform on Ethereum that backs and stabilizes the value of Dai through a dynamic system of Collateralized Debt Positions (CDPs) and independent feedback mechanisms. Interestingly, Maker enables anyone to make maximum advantage of their Ethereum assets to generate Dai on the Maker Platform. Once created, Dai can be used in the same way as any other cryptocurrency which can be sent freely to others, used as payments for goods and services or held as long-term savings. The DAI stablecoin protects individuals and institutions from fiat currency fluctuations and hyperinflation. Maker stays in the race due to its complete transparency about the development of its blockchain project. For example, you can find around two years of semi-weekly meeting recordings on the Maker DAO SoundCloud page. Despite facing competition from numerous new stablecoins Maker has positioned its place in the crypto community.

About author

James Hoskins has been journalists from last 5 years and covers finance and business news. Recently, He joined FinanceBottom team as a journalist. He graduated in journalism and from the beginning of his career, he loves to cover financial news stories.
Related posts
Business News

Apple Closes New York City Stores to Shoppers as Covid-19 Cases Rise

Business News

Businesses Demand Federal Rules Be Shaped for Disclosing Hacks

Business News

Lockheed Martin set to acquire Aerojet Rocketdyne in a $4.4 billion deal

Business News

Cannabis Black Marketing Exists Even After Legalization of Weed In The Canadian Market

Leave a Reply

Your email address will not be published. Required fields are marked *