MakerDAO Spikes 30% In 24 Hours, Pegs New Year-To-Date Record

The price of MakerDAO (MKR) has increased interestingly. In the last 24 hours, MKR has climbed by nearly 30%.

Even though MKR has now fallen to $680, it traded as high as $720 on some exchange platforms just a few hours ago. This formed a new 2020 high for the market’s 24^th largest cryptocurrency.

Putting MKR next to BTC helps give a clearer picture of the coin’s trajectory. With a top local range around 0.076 BTC, MKR has shot past its upper range, at least so far in 2020. Currently, at a range of around 0.060 BTC, MKR is swinging and trying to cement its support position at 0.070 BTC.

In addition to MKR’s successes, the asset is number 1 according to DeFi Market Cap, a platform that ranks decentralized finance (DeFi) tokens. MKR is closely followed by 0x and the Kyber Network Crystal respectively.

Last year, Maker launched its Multi-Collateral Dai (MCD) to make DAI a lot more stable and to also introduce interesting assets to the DeFi space.

In March, MakerDAO announced a partnership with Simplex payment processor, for a Dai to Fiat on and off-ramp feature. The development ensured that anyone willing to purchase Dai could do so with a wide range of credit and debit cards, as long as they have Simplex support