Maker Takes The Spotlight With 34% Gain – Can MKR Hold This Position?
January 09 2024 - 6:00AM
NEWSBTC
Maker is making waves as it enters Coingecko’s top gainers list
this week with massive bullish pressure on the market. MKR is up
nearly 34% in the bi-weekly timeframe, but long-term investors are
enjoying bigger rewards as the token is up 205% year-to-date, and
currently trading a little above $1,800. The market started the
year on a bullish note, with some altcoins leading the charge. The
latest market data shows that the broader market is up nearly 6% in
the past 24 hours. Related Reading: Polygon NFTs Explode: 6-Month
High Volume Ignites Market – Details The Spark Spark, a DeFi
infrastructure protocol on the MakerDAO, is breaking boundaries
this year. According to their latest tweet, 2024 continues the
bullishness it experienced last year. In total, over $2.87 billion
is supplied by the community as lenders. Total borrowing within the
protocol now surpassed $1 billion, with available liquidity sitting
safely at $1.81 billion. Happy New Year! New year, same
graphs going🆙 2024 looking promising ⚡️ pic.twitter.com/htlyiu7058
— Spark (@sparkdotfi) January 2, 2024 It is by far the biggest news
for Spark this year. Last year, the protocol made progress in
several other fields, like the deployment of the brand-new
stablecoin, sDAI. Market Enters Bullish Phase As 2023 ended,
the broader market has entered into a bullish frenzy. CCData’s 2023
Digital Asset Market Review reveals that the market entered 2024
with a big jump in important metrics, like assets under management
(AUM) which increased by nearly 15%. The growth observed was last
seen in 2022. MKR market cap currently at $1.701 billion.
Chart: TradingView.com Digital asset management companies also
benefited heavily from this bullishness, with AUMs on companies
like Grayscale, Bitwise, and Van Eck growing steadily as the year
ended. This brings the focus to Maker. With the current bullishness
observed in this market environment, the opportunity for growth is
significant as new and seasoned investors enter the market.
However, this phase of the market also has its nuances.
Maker: Overhyped And Overconfident? Chart: TradingView As of
now, MKR’s market is completely overtaken by the bulls, as they
attempt to push the price toward the $2k mark. This is great news
for investors in all time frames. However, the current situation
demands caution. Related Reading: Injective Poised For
Breakout? Unlock Event Sparks $60 INJ Price Surge Forecasts The
majority of the top coins and tokens are experiencing meager gains,
only being propped up by minor cryptocurrencies that started the
year on the green. This can lead to pain in the short to medium
term depending on the circumstance. However, if the bullishness
continues, MKR hitting above $2k is not far-fetched. Still,
investors should exercise caution on this price level as the market
will eventually correct itself toward a more manageable price
range. Featured image from Shutterstock
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