{"id":34908,"date":"2024-01-09T12:53:23","date_gmt":"2024-01-09T16:53:23","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=34908"},"modified":"2024-01-09T12:53:23","modified_gmt":"2024-01-09T16:53:23","slug":"maker-takes-the-spotlight-with-34-gain-can-mkr-hold-this-position","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/09\/maker-takes-the-spotlight-with-34-gain-can-mkr-hold-this-position\/","title":{"rendered":"Maker Takes The Spotlight With 34% Gain \u2013 Can MKR Hold This Position?\u00a0"},"content":{"rendered":"

Maker is making waves as it enters Coingecko\u2019s top gainers<\/a> list this week with massive bullish pressure on the market. MKR is up nearly<\/a> 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.<\/p>\n

The market started the year on a bullish note, with some altcoins leading the charge. The latest market data shows that the broader market<\/a> is up nearly 6% in the past 24 hours.<\/p>\n

The Spark<\/h2>\n

Spark, a DeFi infrastructure protocol on the MakerDAO, is breaking boundaries this year. According to their latest tweet<\/a>, 2024 continues the bullishness it experienced last year.<\/p>\n

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.\u00a0<\/p>\n

Happy New Year!<\/p>\n

New year, same graphs going<\/p>\n

2024 looking promising pic.twitter.com\/htlyiu7058<\/a><\/p>\n

\u2014 Spark (@sparkdotfi) January 2, 2024<\/a><\/p>\n

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.<\/p>\n

Market Enters Bullish Phase\u00a0<\/h2>\n

As 2023 ended, the broader market has entered into a bullish frenzy. CCData\u2019s 2023 Digital Asset Market Review reveals<\/a> 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.\u00a0<\/p>\n

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. <\/p>\n

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.\u00a0<\/p>\n

However, this phase of the market also has its nuances.\u00a0<\/p>\n

Maker: Overhyped And Overconfident?\u00a0<\/p>\n

As of now, MKR\u2019s 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.\u00a0<\/p>\n

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. <\/p>\n

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.\u00a0<\/p>\n

Still, investors should exercise caution on this price level as the market will eventually correct itself toward a more manageable price range.\u00a0<\/p>\n

Featured image from Shutterstock<\/em><\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Maker is making waves as it enters Coingecko\u2019s top gainers<\/a> list this week with massive bullish pressure on the market. MKR is up nearly<\/a> 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.<\/p>\n

The market started the year on a bullish note, with some altcoins leading the charge. The latest market data shows that the broader market<\/a> is up nearly 6% in the past 24 hours.<\/p>\n

The Spark<\/h2>\n

Spark, a DeFi infrastructure protocol on the MakerDAO, is breaking boundaries this year. According to their latest tweet<\/a>, 2024 continues the bullishness it experienced last year.<\/p>\n

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.\u00a0<\/p>\n

Happy New Year!<\/p>\n

New year, same graphs going<\/p>\n

2024 looking promising pic.twitter.com\/htlyiu7058<\/a><\/p>\n

\u2014 Spark (@sparkdotfi) January 2, 2024<\/a><\/p>\n

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.<\/p>\n

Market Enters Bullish Phase\u00a0<\/h2>\n

As 2023 ended, the broader market has entered into a bullish frenzy. CCData\u2019s 2023 Digital Asset Market Review reveals<\/a> 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.\u00a0<\/p>\n

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. <\/p>\n

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.\u00a0<\/p>\n

However, this phase of the market also has its nuances.\u00a0<\/p>\n

Maker: Overhyped And Overconfident?\u00a0<\/p>\n

As of now, MKR\u2019s 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.\u00a0<\/p>\n

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. <\/p>\n

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.\u00a0<\/p>\n

Still, investors should exercise caution on this price level as the market will eventually correct itself toward a more manageable price range.\u00a0<\/p>\n

Featured image from Shutterstock<\/em><\/p>\n

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