Can COMP Price Reach $500 By Dec. 2020?


Compound is one of the popular cryptocurrency built on the Ethereum blockchain. It is a Decentralized Finance protocol that enables community governance of Compound protocol. Compound (COMP) was the first crypto platform to introduce yield farming.

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The price that traded below $200 before, experienced a drastic rally and hence attracted many strong hands. Therefore, the project is currently becoming more popular as a means of investment in the crypto space.

This guide aims to provide you the brief information regarding the price prediction of 2021 and beyond. This will help you to understand clearly COMP and to further decide on investing in it.

Overview

Cryptocurrency Compound
Token COMP
Price $ 763.3100
Market cap $ 3,923,552,740.0000
Circulating Supply $ 5,135,582.7494
Trading Volume  $ 62,781,738.0000
All time high $ 874.6600     May 2, 2021
All time low $ 61.3200     June 18, 2020

Compound Fundamental Analysis

COMP is an Ethereum token that regulates the independent Compound protocol. The protocol enables anyone to rent and lend Ethereum tokens through a decentralized market. Lenders earn income in the crypto they supply to the protocol and borrowers pay interest to borrow it.

Established by the Compound Finance Team, Compound Governance Token (COMP) or (sometimes verbally Compound Coin) is the main application to rehabilitate the council of the Compound Lending Protocol through community governance. Eventually, users of the Compound Lending Platform are given the ability to suggest, debate, and implement changes to Compound — without relying on, or requiring, the central team whatsoever.

COMP is an ERC-20 asset token that runs on the Ethereum Network, much like the Compound Smart Contract itself. In addition to that, COMP allows its owner to delegate voting rights to an address of their choice; be it the owner’s own wallet, another user, an application, or a DeFi expert.

Also Read: Ethereum Classic Prediction – How High Will ETC Price Reach by 2021

COMP Price Prediction 2021

Compound traded at $152.55 during the start of January and soon smashed $500 in the mid of February. Later the price surpassed $600, later $700 and also $800 in a very short span of time. If the bullish trend accelerates, then the price may eventually hit $1700 to $2000 levels by the end of 2021.

COMP Price Prediction 2022

Compound might initiate the year 2022 with $1298. Compound is anticipated to be bullish as its price anticipated to rise. With certain variations, it might trade between $1345 and $1380 for several months. At the end of 2022, COMP might hit as high as $1800 to $2200

Price Prediction For The Next 5 Years

In 5 years, Compound is anticipated to rise. It might concentrate on several developments and users might increase. It might attain newer heights. It may collaborate with certain projects to improve its protocol. By the end of 5 years, Compound may be traded at the $3000 to $3500 mark.

COMP Market Prediction

 DigitalCoinPrice

  According to DigitalCoinPrice prices are expected to touch $1110 in 2021 and may spike to $2246.22 in 2025.

Wallet Investor

Wallet investors predict Compound could trade in between $749.253 and $1901.760 in the coming year. And by the end of 2026, the price may trade at $6310.960

LongForecast

According to Longforecast, Compound could trade in between $2311 and $2869 by the end of 2021.

Our COMP Price Prediction

Compound entered the year 2021 with a trading price of 152.55. Marketers are quite optimistic about Compound and the price might likely rise. With certain partnerships to enhance its database may result in reaching new heights. By the end of 2021, Compound might be exchanged at $1310.

Historical Market Sentiments

2020

With a trading price of $80.13 Compound made a debut in the crypto world on 17 June 2020 according to Coinmarketcap. The price drastically poured to $301 as it acquired the attention of the market. It also recorded a new All-Time-High by reaching $381.89.

 Later, the price consistently started to decline and dropped to $166.11 by early July and further to $122.97 by early August as the massive supply pressure. Compound reached its resistance level to $230.21 by mid August and $257.72 by the start of September.

 However, the price again started to decline as bears held in pulling the prices. Compound did not perform well in the third quarter as the continuation of the bearish attack and declined to $83.65 in November. Further the price started to rise by hitting $132.03 by the end of November as the expansion of Bitcoin’s price rally. COMP gained $150.53 in December to end the 2020’s trade.

Also Read: Ripple Price Prediction: XRP Price Forecast For 2021 and Beyond

FAQ

How does COMP protocol work?

Compound entitles lenders and borrowers to provide and take out loans by locking their asset into the protocol. The interest paid and received rates are determined on the basis of demand and supply of each crypto asset and the interest rates are generated by mining every blocks.

What are cTokens?

When you supply assets to the Compound protocol, your balance is represented as a cToken, which can be transferred, traded, or programmed by developers to create new experiences, similar to other Ethereum tokens.

Who controls compound protocol?

Compound is managed by a decentralized community of COMP token-holders and their delegates, who propose and vote on upgrades to the protocol.

 Is The Compound Protocol Safe?

The project has invested considerable effort to create a protocol that they believe is safe and dependable. All contract code and balances are publicly verifiable, and security researchers are eligible for a bug bounty for reporting undiscovered vulnerabilities.

How Can Users Get Involved In Compound Governance?

The community has created a Compound Forum to discuss governance proposals, and share ideas.



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