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Comp token rises 25% as bitcoin continues to decline

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Why Crypto Fan Tokens Are Coming To F1 in 2021

Comp token rises 25% as bitcoin continues to decline

Comp token rises 25% as bitcoin continues to decline
CONTENT

  • Comp tokens up 200% in less than a week

  • Bitcoin continues to decline in value

  • The DeFi market continues to evolve

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In just a week, the cost of the Comp cryptocurrency has grown from $ 60 apiece to $ 200. Thanks to this increased growth, the coin took the 24th place in the list of cryptocurrencies presented by the CoinMarketCup resource. All this is happening against the backdrop of the rapid decline in bitcoin.

Comp token rises 25% as bitcoin continues to decline

Isn’t it a bubble?

 

The Compound decentralized lending platform was launched earlier this week and became popular with users almost immediately. The main payment instrument of the resource is its own token. As the use of cryptocurrencies grows, new types of tokens appear. They can represent value or something intangible like voices. Two … More Comp, which is used for exchange transactions, as well as for issuing loans in cryptocurrency. In just a few days, the cryptocurrency was able to make an unexpected leap and rise by 245%: from $ 60 per token to $ 200. Due to such rapid growth, the token immediately moved to 24th place in the list of the most popular cryptocurrencies, overtaking even ZCash, NEM, Dogecoin, Enjin Coin and others..

Such a serious leap has attracted the attention of experts and the entire crypto community. Many people suspect that Comp is just another scam or bubble that is about to burst. At the moment, the coin is traded on only a few small exchanges and could not rise so sharply in price. It is still not clear how many tokens are in circulation. Some experts are inclined to assume that the company has issued about 2 billion tokens, while others say that there are no more than 170 million Comp coins. In the meantime, the coin leaves more questions than answers. But it is known for sure that the token will participate in the circulation in the DeFi market for decentralized financeDecentralized finance (DeFi) is financial services built on the basis of blockchain technology that offer users access to an open, efficient and … More.

DeFi Market Continues to Grow Despite the Crisis

 

Decentralized finance is a sector that attracts investors and developers from all over the world. According to Sergei Onishchenko, co-founder of Blaize.tech, the DeFi (Decentralized Finance) market is developing at such a rapid pace that it may well compete with the traditional banking system, which is still quite closed to users. Decentralized finance can provide users from all over the world with access to cheap and understandable loans..

Comp token rises 25% as bitcoin continues to decline

Despite the attractiveness of the entire system, DeFi, like the cryptocurrency market in general, remains quite volatile and prone to sharp drops during crisis situations. Earlier, the editorial staff of BeInCrypto reported that the DeFi market lost over $ 330 million per day due to the market crash. The system turned out to be so overloaded that participants could not promptly deposit funds and respond to extreme volatility. As a result, several major players were on the verge of collapse, and the community even started talking about the need to introduce forced stops, similar to those that exist on traditional exchanges..

This situation clearly demonstrates the risks that exist in the DeFi industry as it is today. And you have to pay for the risk.

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