A quarter of the top 100 cryptocurrencies in the crypto market saw daily losses of over 20 percent. Bitcoin continues to be defended at the level of $ 30,000 today, but during the day, the largest cryptocurrency was seen to fall as low as $ 29,000. Due to higher losses in the altcoin market, the Bitcoin dominance rate has increased to 43.65% today.
Due to the increase in volatility, Ethereum, which is the largest altcoin, was traded in the range of $ 2,130 - $ 2,450 today. There was a slight increase in demand towards the evening hours, while Ethereum (ETH) was trading at the opening price of $ 2,340.
MKR Challenges the Market
Maker (MKR), ranked 43rd in the ranking, is the top percent, the only crypto-asset to rise with gains of more than 15% (as of 18:30). It is an important detail that the algorithmic stable crypto asset DAI in the market, the reserve crypto asset Maker, rises in contrast to the depreciation of its biggest rivals UST and Luna, which do not fall from the market agenda. In these days when the selling pressure is extremely high, the stability of DAI causes the demand for Maker to increase as well. In these days when the selling pressure is extremely high, the stability of DAI causes the demand for Maker to increase as well.
What Is Maker (MKR)?
Maker (MKR) is the governance token of the MakerDAO and Maker Protocol — respectively a decentralized organization and a software platform, both based on the Ethereum blockchain — that allows users to issue and manage the DAI stablecoin.
Initially conceived in 2015 and fully launched in December 2017, Maker is a project whose task is to operate DAI, a community-managed decentralized cryptocurrency with a stable value soft-pegged to the US dollar.
MKR tokens act as a kind of voting share for the organization that manages DAI; while they do not pay dividends to their holders, they do give the holders voting rights over the development of Maker Protocol and are expected to appreciate in value in accordance with the success of DAI itself.
The Maker ecosystem is one of the earliest projects on the decentralized finance (DeFi) scene: the industry that seeks to build decentralized financial products on top of smart-contract-enabled blockchains, such as Ethereum.
Solana (SOL) and Dogecoin (DOGE) are the crypto assets that lost the most, with their value losses reaching 20 percent, in the list ranked by capital value. While XRP and Cardano (ADA) are down 10 percent, BNB Coin is currently struggling to hold onto the $300 level, down 8 percent. When we expand the list as the top 100, except for the depreciation of Luna, which reached 94 percent in the last 24 hours, and UST, which reached 45 percent, Fantom (FTM) draws attention with a decrease of 40 percent to $ 0.35. Gala, Waves, Apecoin and Avax are other altcoins that stand out with over 30 percent losses today.