COMP is a token of platform Compound. Its current price is around $229.91 by the time of writing, was at $127.83 at the start of 2021, and has a market cap of 1 billion dollars.
What is the Compound Finance?
The Compound is an open-source, decentralized, blockchain-based protocol that facilitates peer-to-peer lending and borrowing of ERC20 tokens. Robert Leshner founded it in 2017. The platform aims to provide the best of both worlds to investors and traders by providing safety and liquidity for their coins.
Compound is a powerful financial technology that has been designed to make cryptocurrency safe, transparent, and fair. It offers users a simple way to invest in cryptocurrency and earn interest. Compound is a company that wants to make cryptocurrency more accessible for everybody. The company has focused on safety since they designed their custom security protocol. Compound aims to provide a decentralized, automated, and protocol-based solution that enables investors to keep their money working using smart contracts.
What is COMP Token?
$COMP/USDT is the coin of the Compound platform, which is around $229.91 by the time of writing which was at $127.83 at the start of 2021. Its current ranking is #80 according to CoinMarketCap, with a market cap of 1 billion dollars.
It reached a high of $911.20 in 2021 with a low of $127.83. COMP is a decentralized, autonomous cryptocurrency using Proof of Stake as a consensus mechanism. The COMP cryptocurrency focuses on providing a solution to the mining centralization that Bitcoin and other cryptocurrencies are experiencing.
COMP Token Market Analysis
It has a max supply of 10,000,000 coins, worth around $229.91 with a market volume of 146 million dollars, whereas the market capitalization is 1 billion dollars at the time of writing.
COMP Price Prediction
On the 8H timeframe, the price has just broken out the resistance with a strong uptrend and is now retesting the marked area. Further, on successful retest and break-out of the Ichimoku cloud, we can expect a strong upward rally.
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Nothing in this article is financial advice, and you should only invest in the market you believe is suitable for your portfolio.