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    MKR, AAVE & ZEC: 17 March Price Digest

    Maker, Zcash and AAVE proce digest

    Maker

    On Thursday, the cryptocurrency market rose along with major stock indices, with the latter experiencing the biggest two-day rally since last April. The recovery in equity markets can be partly attributed to the US Federal Reserve's move to raise interest rates by a quarter of a percentage point to a range of 0.25-0.5% after two years of near-zero interest rates to protect the economy from the COVID-19 pandemic. However, some analysts believe that a long period of rate hikes will actually be a strong drag on digital assets in general. 

    At the time of writing, BTC is consolidating above the $41k level. ETH is now stabilizing above the $2,700 level, with most of the major altcoins also in the green zone. Some of them lead the rally with double-digit percentage gains.

    At the time of writing, the price of the MKR token is $2,024.08. Over the past 24 hours, it has increased by 12.81%. Recently, the MakerDAO community has been actively discussing a proposal that has the potential to positively affect the development of the project.

    Maker price change

    Namely, on March 14, the MonetSupply team submitted a proposal to the MakerDAO DeFi community to change the management and staking model using stkMKR tokens.

    On March 16, the project developers proposed a new development strategy: stimulating the real world asset market and diversifying the DAI collateral pool. The developers proposed to raise funding through the sale of MKR tokens from the treasury and the issuance of debt, and to use the funds received to increase the size of System Surplus. In their opinion, this will allow taking out loans with higher risk involving real world assets. The community response appears to have been positive.

    Aave

    At the time of writing, AAVE is trading at $146.53. The protocol has managed to break a multi-month downtrend, rising by 18.66% in the last 24 hours. The launch of Aave V3 was the catalyst for positive price dynamics. The update includes: cross-chain transactions, reduced gas costs, and additional risk management tools for credit positions.

    AAVE price growth

    Zcash (ZEC)

    Zcash is one of the largest privacy coins. As of lately, the interest in ZEC has been steadily growing: the number of active addresses within the blockchain has increased from 30K last month to 81K at the time of writing. The network’s volume of transactions is currently $248M.

    Zcash goes up

    Since early December, ZEC has been in a downtrend on the daily timeframe. However, over the past two months, the price has made a series of higher lows. Although it has not been able to overcome the $130 resistance until recently, at the time of writing, the price of Zcash is $154.53. Over the past 24 hours, the price of the token has increased by 8.75%.

    The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research. This text is not a guide to action. The author's opinion may not coincide with the opinion of CoinJoy.

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