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Compound (COMP) Defies Bearish Trends With a 3+% Price Ascent

Published 31/07/2023, 14:08
Compound (COMP) Defies Bearish Trends With a 3+% Price Ascent
ETH/USD
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  • COMP’s price rose by more than 3% over the past day despite the cryptocurrency market going through a bearish slump.

  • Many believe COMP was benefiting from Curve Finance’s recent troubles.

  • A daily close above $74.66 may clear a path for COMP to rise to $85.19 in the coming week.

Compound (COMP), a decentralized finance (DeFi) lending platform, experienced bullish momentum today, surging by 3.69% to $74.66, according to CoinMarketCap. This happened despite the fact that the digital currency ecosystem is going through an emphatic bearish slump, leading to major losses for some of the most popular cryptocurrencies.

COMP’s 24-hour success enabled the altcoin to gain strength against the two market leaders, Bitcoin (BTC) and Ethereum (ETH). At press time, COMP was up 3.13% and 3.75% against BTC and ETH, respectively. Furthermore, the cryptocurrency’s trading volume during this period surged by over 200%, reaching $169,596,804 as a result.

The significant rise in the cryptocurrency’s price has brought short-term gains and propelled its weekly performance further into the green zone to an impressive +11.33%. COMP’s latest feat has piqued the DeFi community…

The post Compound (COMP) Defies Bearish Trends With a 3+% Price Ascent appeared first on Coin Edition.

The post Compound (COMP) Defies Bearish Trends With a 3+% Price Ascent appeared first on Coin Edition.

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