A look at the market from over the past week tells an interesting story. After a week of new heights, the market took a dive. BTC started the week at $54,205 before dropping to $46,966 at the end on Sunday. ETH followed a slightly different path, beginning at $2,077 on Monday and eventually working its way up to $2,356 by the weekend. Things seem to be on the up once more now though.
A glimpse into the market is not complete without altcoins. This week, KuCoin blog has once again identified 3 altcoins that you should keep tabs on going forward - LUNA, MKR and COMP.
Terra is a blockchain protocol that enables the building of algorithmic stablecoins pegged to fiat currencies. Its ultimate goal is to replace banks, credit card networks, and payment gateways. It is through the LUNA token that Terra is able to stabilize the price of its stablecoins.
This week, LUNA was listed on the Crypto.com app, the CEO of Terra held an AMA that was well received, and SCB10X - holding company of Siam Commercial Bank - is now running a validator node for Terra. On top of this, there was also news of the completion of the Axelar network gateway, which will allow assets to move in and out of Terra for use in Dapps and other applications. This great news helped LUNA achieve a 32.5% 7-day ROI.
Trade LUNA and 200+ other altcoins on KuCoin.
MakerDAO is a decentralized organization and a software platform based on Ethereum that allows users to issue and manage DAI, a stablecoin pegged 1:1 to the US dollar. MKR is the governance and utility token of MakerDAO, giving holders voting rights over the development of Maker Protocol.
One of the main driving forces behind MKR’s growth this week was the news that it is expanding its services. Maker is already the biggest DeFi platform by some measures, so when it announced and executed a bridge that will bring real world assets such as real estate to the platform. This not only represented a major new use case for Maker, but also shows that the project is well on the path of removing the need for banks and other intermediaries. This is why MKR achieved a 24.5% 7-day ROI.
Trade MKR and 200+ other altcoins on KuCoin.
Compound is an algorithmic, autonomous interest rate protocol that has been built for developers. Its purpose is to unlock a universe of open financial applications. The COMP token is used to empower community governance of the Compound protocol and allow them to debate, propose, and vote on all changes to the protocol.
It seems that COMP has been going from strength to strength as of late. As we all know, the market loves DeFi, which has played into the success of Compound. There has been an increase in trading volume and volatility in the market, which has drawn attention to projects like this. It is Compound’s interest-focused products that have given them the edge at a time when banks are really dropping the ball. It is from this that COMP has achieved a 21.7% 7-day ROI.
Trade COMP and 200+ other altcoins on KuCoin.
Investing in cryptocurrency is akin to being a venture capital investor. The cryptocurrency market is available worldwide 24 x 7 for trading with no market close or open times. Please do your own risk assessment when deciding how to invest in cryptocurrency and blockchain technology. KuCoin is not liable for investment gains or losses.
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