KNC / BTC
Kyber Network / Bitcoin
Located in position # 36 in the ranking of Coinmarketcap KNC from June 07 of this year to today, the price value has increased by 145%. In addition, an important news was raised today, July 7, since the Kyber Network recently launched Kyber DAO and launched an update to its "Katalyst" protocol, as well as its decentralized finance or DeFi solution, KyberDAO.
KyberDAO participants can receive payments in Ethereum (ETH) for helping to run the system by staking their KNC tokens or by voting.
The DeFi sector has been on fire in recent weeks, as the blockchain and crypto niche received very significant attention during June. That has been reflected in the price of KNC as I mentioned before obtaining an increase of 145% in just 30 days.
KNC has a total market capitalization of 31,928 BTC with a 24-hour volume of 10,187 BTC. Kyber Network has been far from its maximum history. But with DeFi booming and with this update on its "Katalyst" protocol, the chances of the KNC value continuing to rise are very high.
Keeping up with the DeFi wave, the Kyber Network put Katalyst into action to help with KyberDAO's liquidity.
Given the imminent decline in the price in recent days, this correction could last a short time. Because the bulls will be able to take advantage of this pullback to get a great entry point. Since the Total Value Locked (USD) in the DeFi market has grown reaching today to $ 2.07 B. usd. At the beginning of the month I mean on July 1 the Total Value Locked (USD) was 1.77 B, in just 7 days it has grown to 2.07 B and continues to increase, this is positive for the Kyber Network due to its new KNC update will continue to increase its value against Bitcoin.
Kyber Network barely has a Total Value Locked (USD) $ 6.7 M. occupying the # 16 position as Total Value Locked (USD) refers according to defipulse.com.
This is still very small compared to COMPOUND which is in the first position of this ranking with a Total Value Locked (USD) of $ 678.3 M, MAKER has $ 608.2 M and SYNTHETIX with a Total Value Locked (USD) of $ 343.7 M.
That is why the probabilities that the value of KNC will continue to increase are very high, so in the following days the price could increase another 45%, obviously waiting for a retracement for this, the Fibonacci retracement is very useful for us as the 0.38% and 0.5% key support points. But of course all this is just probabilities. The only good thing about life is that it is unpredictable.
Thanks for reading have a great day or a great night whatever 🤗