The prices of most cryptocurrencies have been in the green zone over the past 24 hours. This comes as the broader crypto market slowly recovers from the slump that has affected its performance in recent weeks.
Curve DAO Rallies as Market Recovers
CRV, the native token of the Curve DAO ecosystem, has added more than 17% to its value over the past 24 hours. As a result, CRV is currently outperforming numerous coins amongst the top 100 by market cap list.
Curve is an exchange liquidity pool on the Ethereum blockchain and is designed to ensure efficient stablecoin trading. CRV is the native token of the Curve ecosystem, and it is used for voting in the platform’s governance. The token is also used as a reward for the liquidity providers.
There is no major catalyst behind the token’s rally. DAO, the native coin of the DAO MAKER ecosystem, is up by less than 2% at the moment. Meanwhile, BIT, the coin that powers that BitDAO platform, has been down by less than 1% over the past 24 hours. BIT’s poor performances come despite the community forming a decentralized autonomous organization (DAO) with Harvard and Oxford students last week.
Called the EduDAO, the DAO comprises various student and campus research organizations in the United States, United Kingdom and China. The DAO will allocate $11 million annually to help the member groups to conduct research and design blockchain innovations.
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See all Ethereum forecastsCRV is Up by Over 600% in 2021
CRV is one of the best performers amongst the top 100 cryptocurrencies this year. Since the start of 2021, CRV has added more than 690% to its value, outperforming numerous coins in the process.
CRV’s technical indicators are quite strong at the moment. It is trading above its 50-day simple moving average at $4.23, with the coin currently trading at $4.93. The MACD line recently crossed into the positive territory thanks to the coin’s strong performance. Furthermore, the RSI of 61 shows that CRV could soon be an overbought cryptocurrency.
The token could rally towards its recent high of $6.52 if the broader market can put together a consistent run of strong performances.