As the decentralized finance market is continuously gaining steam, the price value of the Compound protocol’s governance token COMP has climbed high as the coin has gained more than 15% within the duration of the last 24 hours. For over the course of the last day, Compound’s COMP has succeeded in setting a strong uptrend for it.
However, during this time period, the top two cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) were only able to surge by over 2.5% according to the data from CoinMarketCap.
COMP is expected to go higher further in coming weeks
After plummeting down to the $120 level in the previous week, the governance token COMP has made significant moves so far and is pushing its price higher in the recent few days in order to reach its multi-week high. In the last 24 hours, the Ethereum-based DeFi cryptocurrency has gained over 15% to climb over $170.
However, after that, the coin’s price has corrected itself slightly below this level. Currently, the price value of COMP is trading at $165.40 USD with a change rate of -8.05% in 24 hours.
Some cryptocurrency analysts, however, are predicting that the DeFi coin may be able to rise further higher in the coming weeks reaching its 30-day high at around $190. If the coin is able to restore the upward momentum, it may post a new high very soon.
CRV’s launch may put ‘DeFi back in a frenzy’
The further growth in the DeFi market may push the price value of COMP to jump high and an analyst believes that the growth in this sector is likely to happen in the coming days.
According to the head of DTC Capital Spencer Noon, the Curve’s native cryptocurrency CRV’s launch is expected to increase the growth in the decentralized finance sector. As Noon said in a tweet:
Cat’s out of the bag, this is correct. $CRV is likely the next big domino to fall that puts #DeFi back in a frenzy. That’s what happens when you’re critical infrastructure for farms, have huge daily volumes, plus a lean cap table. Watch 2nd order effects of this launch closely…
Cat's out of the bag, this is correct. $CRV is likely the next big domino to fall that puts #DeFi back in a frenzy. That's what happens when you're critical infrastructure for farms, have huge daily volumes, plus a lean cap table. Watch 2nd order effects of this launch closely… https://t.co/Udh4GPQqJ1
— Spencer Noon (@spencernoon) August 6, 2020