Anchor Protocol rallies despite a market collapse

Even as the broader cryptocurrency market sees a dramatic sell-off, the Anchor Protocol (ANC) has continued to surge today. The coin is anticipated to continue outperforming the rest of the market in the coming 24 hours.

Here are some of the more notable changes:

  • An altcoin is now the third most valuable cryptocurrency by market capitalization, with a value of $70 billion. This is up from $50 billion yesterday.
  • ANC has gained around 13% while the broader market has seen a drop of around 7%.
  • The total market capitalization of all cryptocurrencies has fallen to $2.3 trillion, down from $2.6 trillion yesterday.
  • The DeFi protocol’s TVL has increased by 2% in the last seven days.
  • The ANC trade volume has increased by 300% in the last 24 hours.

Data Source: Tradingview 

Can Anchor Protocol (ANC) keep up its current performance?

ANC investors were relieved to see a 13% increase in 24 hours, which was a pleasant surprise. It’s always a good sign if you outpace the market.

However, this pattern is unlikely to last long. The upward momentum should be relatively brief unless market sentiments improve.

The overall market capitalization for all crypto coins has fallen to $2.3 trillion, down from $2.6 trillion yesterday. The DeFi protocol’s TVL has increased by 2% in the last seven days.

The ANC trade volume has increased by 300% in the last 24 hours. Data Source: Tradingview

The chart above serves as a guide to how anchor networks and anchor protocols should react. Expect ANC to register gains in the next two or three days before finally retreating and following the broader market trend.

However, Anchor Protocol should be on your radar.  The project is one to keep an eye out for in the long term.

The Altcoin market has been on a free fall over the last few days with Bitcoin leading the way.

This has been attributed to many factors including but not limited to, concerns over government regulation and crackdowns. As well as, bearish sentiment in the traditional financial markets.

Despite this, Anchor Protocol has been one of the few gainers in the Altcoin market over the last few days. The project is up by almost 5% in the past 24 hours while most other Altcoins are down by double-digit percentages.

A significant increase in TVL at the moment is not to be taken lightly. Across the board, DeFi Protocols have had a substantial drop in overall value locked since the start of the year.

The fact that Anchor still has nearly $17 billion worth of TVL right now is an advantage.

This is a good sign for the future of the project. As it means that users are still confident in its long-term prospects despite the current market conditions.

About Anchor Protocol

Anchor Protocol is a decentralized network that aims to provide global financial access and stability through the use of blockchain technology.

The project is backed by several well-known investors, including Polychain Capital, Andreessen Horowitz, and Coinbase Ventures.

The protocol is designed to offer a wealth of features and services that traditional financial institutions cannot provide. Such as 24/7 global access, instant settlement, and low fees.

Anchor Protocol has been live since 2019 and is currently one of the most popular DeFi protocols in the space.

The protocol’s native token, ANC, is currently ranked 36th on CoinMarketCap with a market cap of $1.6 billion.

Is ANC a good future investment?

The Anchor Protocol is the most widely used DeFi protocol on Terra. It also has a large TVL. The DeFi protocol has also kept delivering low-risk returns for UST deposits, with an annual return of about 18%.

With these building blocks in place, the project should continue to expand at a steady rate into the future. As a result, it’s a smart investment.