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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Maker (MKR) Records Positive Moves As Majority Of Coins Bleed

Kent Tenix
Kent Tenix
1 year ago
3 mins read
Maker

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Amidst the bloodbath present ravaging the majority of cryptocurrencies, Maker (MKR) has managed to maintain its value and shown positive momentum. This current performance is noteworthy and has triggered the interest of investors and market observers.

Its positive performance in challenging market conditions highlights the potential for long-term success. And it may inspire other projects seeking to thrive in a highly volatile market.

Maker (MKR) Thrives With Resilience Amid Turbulent Crypto Market

Maker is a decentralized organization built on the Ethereum blockchain committed to bringing financial stability and transparency to the crypto market.

Related Reading: Bitcoin (BTC) Stored On Exchanges Plummets Amid Regulatory Uncertainties: Santiment

According to data from CoinMarketCap, MKR is currently trading at $655.38, representing an increase of 3.25%. MKR has exhibited bullish sentiment since the last 30-day trading period with an increase of 2.96%. The MKR price is still up in the 7-day trading session, representing an increase of 4.14%.

The asset exhibiting bullish momentum in its 7-day and 30-day trading periods indicates that MKR demand and buying pressure are growing. And it can be further seen as a positive sign for investors and traders.

Both the overall market cap and its 24-hour trading volume are also up today by 3.07% and 24.98%. This represents a value of $639 million and $24 million, accompanied by a circulating supply of 977,631 MKR, which is almost depleted.

Notably, as the circulating supply dwindles, the asset becomes scarcer in the market. This limited availability can potentially drive up demand and create a sense of urgency among investors and traders.

MKR’s price might surge as demand outpaces the available circulating supply, as buyers will be willing to pay higher prices to acquire MKR.

Crypto Market Volume Declines By 30.07% In 24 Hours

In the past 24 hours, the total volume of the cryptocurrency market has amounted to $23.64 billion, showing a significant decrease of 30.07%. Within the crypto market, the decentralized finance (DeFi) sector volume stands at $1.68 billion, accounting for 7.12% of the total crypto market volume. 

Furthermore, stablecoins contribute significantly to the overall market volume, with a value of $22.38 billion, representing 94.64% of the total crypto market volume. Regarding market dominance, Bitcoin currently holds a share of 47.65%, experiencing a slight decrease of 0.06% throughout the day. 

MKRUSD price chart
MKR’s price currently hovers at $655.38 in the daily chart. | Source: MKRUSD price chart from TradingView.com

Several Indicators Signal Bullish Sentiment For MKR Amid Declining Market Volume

Currently, the asset is trading above the middle band of the Bollinger Band, suggesting a potential uptrend. This indicates that the asset’s price is higher than the average and could signal continued bullish momentum in the near term.

Related Reading

XRP

XRP And Ethereum Seeing Increased Social Media Talk As Bitcoin Loses Interest

1 year ago

MKR’s Moving Average Convergence/Divergence (MACD) is above the signal line, also confirming the bullish sentiment and a potential buy signal. Lastly, the asset’s Relative Strength Index (RSI) is at 54.8, indicating a moderate bullish momentum. It implies that the asset’s price has seen some positive movement, and there is still potential for further upward price action.

Featured image from Pixabay and chart from TradingView.com
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Kent Tenix
Kent Tenix

Kent Tenix

Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on crypto, business, technology, or finance, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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