Maker price USD

A Brief History on the Price of Maker

Maker is one of the earliest DeFi and stablecoin projects in the cryptocurrency space, attracting a lot of interest from investors within the crypto community.

Key News for Maker

One of the leading sectors of the cryptocurrency industry is decentralised finance. The DeFi space has gained massive adoption over the past few years, thanks to the ease with which people can access financial services. The DeFi projects are providing financial services such as lending, which are usually offered by traditional financial institutions.

Furthermore, the Maker ecosystem is also into stablecoins, and issues the DAI token. The DAI is perhaps the most popular decentralised stablecoin project in the cryptocurrency space. Unlike other stablecoins like Tether (USDT) and USD Coin (USDC) issued by central authorities, the DAI is issued by a decentralised community.

Maker’s (MKR) performance over the past year can be attributed to the surge in demand for DeFi, stablecoins and the bull run experienced by the broader cryptocurrency market. The cryptocurrency sector has enjoyed massive adoption, thanks to the Coronavirus pandemic that drove millions of new investors towards crypto. Hence, Maker’s performance could also be attributed to the bull run and the rising interest in decentralised finance and stablecoin ecosystems.

Maker Timeline

• 17 December 2017

The Maker project has been around since 2015, but it was fully launched on 17 December 2017. It was on this date that Single Collateral DAI was launched. At the time, the MKR was already trading on some platforms at $1,394 per coin. (MKR’s price rose from $361 on 5 December  2018 to reach $1,394). 

•  2018

The cryptocurrency market was in a bearish cycle, and there was little development on the Maker project. Similar to the broader cryptocurrency market, MKR’s price also underperformed, losing over 60% of its value during the bearish cycle. MKR’s price dropped from above $1,300 per coin to trade at $498 per coin by the end of 2018. The bearish trend continued in 2019, with the price of the cryptocurrency continuing to struggle below the $700 mark for the best part of the year. (MKR’s price dropped from $1690 in January to $461 by December 2018).

• 8 April 2019

The MKR coin was listed on the Coinbase Pro platform. Coinbase is one of the leading crypto exchanges in the world, and listing a token on the platform usually has a positive impact on its price. The listing on Coinbase Pro comes after MKR was listed on a few other platforms such as COSS. Despite listing on Coinbase Pro, MKR’s price had depressed, and the cryptocurrency was trading just above the $700 per coin mark. (MKR’s price dropped from $723 to $710).

• April 2019

Also in this month, the Maker Ecosystem Growth Foundation (MEGF) made changes to its board, bringing in additional parties. The restructuring of the MEFG didn’t affect the MKR’s price in the short term positively, as the cryptocurrency traded around $549 by the end of the month.  (MKR’s price dropped from $710 to $549).

• 8 July 2019

The Maker ecosystem partnered with the Celer Network. The partnership involves the integration of MakerDAO to allow Celer Network users to directly use the DAI stablecoin to send instant micropayment and play some blockchain-based eSport games. The partnership pushed MKR’s price towards the $750 level at the time.  (MKR’s price rose from $660 to $750).

• 18 November 2019

The Maker network launched the Multi-Collateral Dai (MCD). The MCD has been a part of the MakerDAO roadmap since the project was launched, with Single-Collateral Dai (SCD) serving as the network’s proof of concept. The MCD was an upgrade of the SCD, with the update allowing numerous cryptocurrencies to be used as collateral for creating the DAI. This upgrade made it possible for the Maker ecosystem to expand its position as a leading DeFi platform. The MCD also enabled the implementation of the Dai Savings Rate, called the DSR. The MKR token was still trading around the $700 mark despite the huge upgrade implemented on the Maker ecosystem.  (MKR’s price dropped from $626 to $608).

• December 2019

The Maker Foundation relinquished control of the MKR token contract to the community. As such, the MKR holders took control of the ecosystem’s governance, making it a truly decentralised entity. MKR’s price had dropped even lower and was trading around the $500 region in December.  (MKR’s price dropped from $608 to $430).

• 4 February 2020

The Governance Security Module (GSM) is an on-chain upgrade that saw Maker increase the delay period from 0 to 24 hours. This change allows for an emergency shutdown to be executed once the MKR governance system is corrupted or there are attempts to attack the system. MKR’s price recovered slightly and it was trading around $600 per coin.  (MKR’s price rose from $510 to $549).

• July, August, September and October 2020
  

MKR was listed on some prominent cryptocurrency exchanges, including Binance, TOKOK, Crypto.com, Bitrue, WazirX, P2PB2B and BitHash. During this period, the bull run had started, and the prices of some cryptocurrencies like Bitcoin had begun to rally. (MKR’s price rose from $485 to $594).

• February – May 2021

The alt season began earlier this year, with the prices of most altcoins rising to new all-time highs. MKR was also one of the best performers during this period. Maker began the year trading at $678 per coin but reached an all-time high above $6,000 on 03 May 2021. This represents a rally of roughly 1,000% during that period.  (MKR’s price rose from $2,449 to $6,228).

• June and July 2021

The next two months after the all-time high were bearish, with MKR’s price dropping by over 50% to trade below $2,300 on most cryptocurrency trading platforms. (MKR’s price dropped from $6,228 to $2,987).

• August 2021

The market has started to recover, and MKR’s price is also up. MKR is trading above $3,500 in August and could possibly go higher in the coming months.  (MKR’s price rose from $2,987 to $3,527.63).

Compare Maker with Fiat Currencies, Commodities and Crypto

MKR is the governance coin of the MakerDAO and the Maker Protocol. It has become a popular cryptocurrency within the decentralised finance space, and thanks to its performance over the past year, it is one of the leading cryptocurrencies in the world. We now compare MKR’s performance against some fiat currencies, commodities and other cryptocurrencies.

Compare Maker with US Dollar

The US Dollar, similar to other fiat currencies globally, was affected by the Coronavirus pandemic. The pandemic caused central banks to take some actions, resulting in increased inflation levels and a decrease in the value of some fiat currencies.

While the US Dollar has performed well against most of the major and minor fiat currencies, cryptocurrencies have outperformed it. MKR’s performance against the US Dollar has been exceptional since the start of the year. MKR is up by over 500% since the start of the year against the US Dollar.

Compare Maker with Gold

Gold has maintained the status of a leading investment asset over the past few centuries. It remains one of the most valuable assets in the world. However, cryptocurrencies have generally outperformed Gold in recent years, with the pandemic pushing more people towards cryptocurrencies than Gold.

MKR’s performance over the past few months has surpassed even Gold. While MKR’s price is up by over 500% year-to-date, Gold’s price had actually dropped during that same period. Gold has so far underperformed in 2021.

Compare Maker with Ethereum

Ethereum is currently the leading altcoin, and it is only right to compare the two tokens. In terms of performance (YTD) Ether and MKR are evenly matched. Both cryptocurrencies are up by over 500% since the start of the year after declining from their all-time highs in May.

Maker Future Price Predictions

Maker remains one of the most exciting cryptocurrencies in the industry. The Maker project is involved in both the DeFi and stablecoin sectors, two of the hottest areas in the cryptocurrency industry. Thanks to MKR’s role in the governance of the MakerDAO and Maker Protocol, investors would be keenly watching to see how it performs in the short and long term.

Maker Price Predictions for 2021

Maker reached an all-time high above $6,000 in May this year but has lost nearly 50% of its value since then. For the remainder of 2021, Maker, and in fact, the broader cryptocurrency market could focus on regaining those losses and reaching the all-time high level again. MKR could attempt to reach the $6,200 region again if the bullish run in the market can be sustained. By the end of the year, MKR could be trading between $5,000 and $7,000. This would be in line with the current recovery of the cryptocurrency market after losses recorded over the summer. 

Maker Price Predictions for 2022

The cryptocurrency market is highly unpredictable, thanks to the price volatility of the coins. Hence, making it tough to predict how the market will play out over the coming months. However, the DeFi sector has experienced massive growth over the past few months, and market experts believe it is just the beginning phase for DeFi. The sector could experience further growth and innovation over the coming months, and Maker is a leading protocol in this area.

Furthermore, stablecoins have also become very popular in the cryptocurrency space, and their adoption could increase by next year. With the MKR coin tied to the DAI stablecoin, Maker could also experience further growth in terms of value in 2022.

By next year, MKR could rally towards the $10k region, making it one of the first leading coins to make such a move. Stablecoins are becoming more important in the cryptocurrency space. MKR and the DAI could be the big winners as the decentralised nature of its stablecoin ecosystem could lead to massive growth. 

Beyond 2022 for Maker

The past decade has been an interesting one for cryptocurrencies and everyone involved in the sector. Due to the many changes that took place in the market, it is almost impossible to accurately predict how a coin would perform in the long term. However, the DeFi sector holds a lot of promise and is expected to provide financial services to more people around the world. Maker is a big player in the DeFi sector, and this could affect the MKR’s performance in the long run.

Another area that has recorded excellent adoption in recent years is the stablecoin sector. Stablecoins have become popular within the crypto space and are available on virtually all cryptocurrency exchanges. MKR is also involved in this sector as it is tied to the DAI stablecoin.

Despite the promises that cryptocurrencies hold, the crypto market is a volatile market and usually experiences long periods of bearish and bullish cycles. The bear cycle of 2018 lasted until the later part of 2020 while the bull run has been in play since then. The uncertainty in the market makes it hard to predict the coin’s performance. Fundamentally, MKR is a good coin and holds a lot of promise within the cryptocurrency space.

Beyond 2022, MKR could establish a firm position above $10k and probably trade around the $12k—$15k region. The long-term outlook of the market is bullish and DAI’s adoption and that of the Maker Protocol could propel MKR to higher values. 

Maker Price Conclusion

The Maker coin is one of the most interesting cryptocurrencies, thanks to its participation in both the DeFi and stablecoin sectors. As a governance token, MKR has thrived in recent years, thanks to the performance of the MakerDAO and the Maker Protocol. As the DeFi and stablecoin sectors continue to grow, the MKR coin could also see an increase in value as the adoption of the Maker protocol could also rise. For most investors, it would be interesting to see how the MKR coin would perform in both the short and long term.