The price of MakerDAO (MKR) has risen by approximately 30% in the last 24 hours, reaching a new high of $720 in some exchanges.
The increase comes after a late May high of 45% for MKR’s second Coinbase Pro quote. The day’s high showed a 100% increase in two weeks.
Maker rallies 30% in one hour after the announcement of its next inclusion in Coinbase Pro
MKR/USD on Bitfinex
MKR/USD pair in Bitfinex: TradingView
When compared to Bitcoin (BTC), the rebound showed that Maker broke above its upper range for 2020 and climbed to a local high of 0.076 BTC, before rapidly retreating to 0.060 BTC. MKR is currently trying to set support near 0.070 BTC.
MakerDAO’s Marketing Leader in Latin America highlighted the advantages of acquiring IADs in countries with devaluation
MKR/USD on Bitfinex
According to DeFiMarketCap, Maker currently represents almost a third of the total $2.4 billion capitalization of the DeFi token market.
Coinbase Pro lists MKR again
Coinbase Pro removed MKR from the list last year after it failed to attract significant liquidity, but the major U.S. crypt-currency exchange is now betting that DeFi’s growth will fuel further speculation in the markets.
MakerDAO is now among the top 24 crypto assets by market capitalization. It represents more than 50.5% of the total amount locked in DeFi with almost $500 million.
Bitso seeks to attract customers by giving away 5 IADs for every 100 that are deposited
Maker supports „real world“ asset collateral
The latest MKR peak comes in the midst of an EU vote showing strong support for non-crypto-native assets as collateral for the creation of IADs.
Currently, MakerDAO users can block Ether (ETH), Wrapped Bitcoin (WBTC), Basic Attention Tokens (BAT), or the stablecoin USD Coin (USDC) to finance IAD loans.
The vote meant support for a protocol developed by Centrifuge, which would allow „real world assets“ to be converted into ERC-20-based securities that can be used as collateral for the minting of IADs.
The vote also showed positive sentiment towards the DeFi project which supports 0x (ZRX), Decentraland (MANA), Uniwswap’s Dai Liquidity Token, and tBTC.