What's driving CRV crypto to new highs?

2 min read | October 23, 2021 02:22 AM AEDT | By Manu Shankar

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What's driving CRV crypto to new highs? — Image source: WHYFRAME, Shutterstock

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Highlights

Launched in January 2020, Curve Dao (CRV) is a decentralised stablecoin exchange and is powered by the Ethereum blockchain.

After the Curve Dao hit a purple patch registering impressive gains in the past 48 hours, the token grabbed the attention of market on Wednesday.

Curve Dao (CRV) has been on a bullish trend off late. CRV is one of the few DeFi tokens whose bull run was largely driven by the reduction of Ethereum gas fees and the launch of Convex Finance. Launched in January 2020, Curve Dao (CRV) is a stablecoin exchange, which is powered by the Ethereum blockchain.

On Friday, Curve Dao was doing well in the market, registering impressive gains of 4.06%. With the token hitting the purple patch, it was trading at US $3.10 with a 24-hour trading volume of US $192,968,484. Ranked 82 on CoinMarket Cap, it had a live marketcap of US $1,323,398,704 with a circulating supply of 426,748,438 CRV coins.

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What made the CRV token rise?

The interest was generated largely post CRV’s announcement of raising a US $350 million grant for future DeFi Projects. The grants DAO aims to distribute up to 40 million tokens in the next four years. The application process is open to all projects, with grants ranging from US $5,000 to millions.

The Ethereum-based token has managed to cash in on the decentralized finance (DeFi) phenomenon wave and registered significant growth in the second half of 2020. Previously as well, CRV token had a good rally after the announcement of the much-anticipated project, Arbitrum.

Also Read: Why Altura (ALU) crypto is a Smart NFT

Price prediction & investment prospects

CRV is heading for a strong rally in future and could well be one of the breakouts DeFi projects. According to market experts, CRV can be considered as a valuable investment proposition. Especially with the bullish run, it is expected to have a +193.44% profit its price could well go up to US $293.44 by 2026.

Conclusion

CRV is one of the ideal DeFi projects that helps the users to be in control of their tokens. With trading being conducted through automatic liquidity pools, it is definitely useful for the decentralized finance sector. As users can benefit from staking, it also allows them to earn passive income. With DeFi growth giving much-needed momentum, we could see Curve DAO reach for newer heights going forward.

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