Maker (MKR), an ERC-20 token native to the Maker Protocol, has seen an optimistic rise of over 20% in the last 24 hours time frame while all other cryptocurrencies faced major losses.
The recent controversies surrounding the FTX crisis and Alameda Research in the crypto-sphere caused chaos for all cryptocurrencies.
The two biggest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH) were both shaken away from their key supports amidst this turmoil. Whereas FTX’s token FTT saw its price tumble nearly 77% yesterday.
The crypto market has a long history of extreme volatility – Bitcoin itself has had multiple price drops throughout its history, most recently on June 18th, when BTC fell to $17,708.62. So this latest drop isn’t anything new.
However, according to CoinMarketCap, the market appears to be on the rise again as of today evening, with the majority of cryptocurrencies turning green and posting modest increases, showing some indications of life.
The global crypto market cap increased by about 6.39% in 24 hours time frame after three days worth of steady declines. Meanwhile, among other coins, ETH increased by over 7%, ETC increased by more than 5%, Polygon (MATIC) by about 14%; and Avalanche (AVAX) increased by more than 8% over the last 24 hours frame.
Maker (MKR) On The Rise Mode
Maker (MKR) rises to the position of top gainer among the top 100 cryptocurrencies during the current market recovery period. As per CoinGecko, at the time of writing, the token was trading at $840.21.
MKR’s pricing began at a low point today and fluctuated above the $700 mark for a while. As the bullish activity took hold due to the bears’ seeming exhaustion, MKR was pushed up into the $800 range.
The price of the token will go farther into the bearish zone if the bulls are unable to maintain this level of trade. On the other hand, if they exhibit signs of stabilization, the price may increase toward its prior high point of $850 after a brief period of stagnation (between $800 and $700).
However, according to Coinmarketcap’s data, Maker has seen a market cap increase of roughly 26.59% to $803.58 million and a 6.34% increase in its 24-hour trading volume.
Despite being on an upward trend, the price of the token is currently 86.82% below its all-time high price, which was $6,339.02 on May 3, 2021.
Nevertheless, the most recent price forecast indicates that Maker will be worth a minimum of $857.66 and a maximum of $933.36 price range by the end of the current year.
Related Reading | As Binance Backs Out Of FTX Deal Bitcoin Crashes To Two-Year Low
