Anchor Protocol (ANC) is rallying despite a broader market tumble

Anchor Protocol (ANC) has been surging today even as the broader crypto market sees a major sell-off. The coin is expected to continue outperforming the rest of the market over the next 24 hours or so. Here are some of the main developments:

• ANC has gained nearly 13% even as the broader market sees a drop of around 7%

• The DeFi protocol has also seen its TVL increase by 2% over the last 7 days

• Trade volume for ANC has also shot up by 300% over the last 24 hours

Data Source: Tradingview 

Anchor Protocol (ANC) – Can it keep it up?

The recent 13% surge in 24 hours is a welcome surprise for ANC investors. Outperforming the broader market is always a good sign. However, it is unlikely that this trend will last long. In fact, we expect the gains to be relatively short-term unless there is an improvement in sentiment across the market. 

As a result, expect ANC to report gains over the next two or three days before it finally pulls back and follows the broader trend in the crypto industry. Anchor Protocol should however be on your radar. 

A jump in TVL right now is not something to take lightly. Since the start of the year, DeFi Protocols across the board have seen a sharp decline in total value locked. The fact that Anchor still has nearly $17 billion in TVL right now is a big plus.

Is ANC a good future investment?

Anchor Protocol is the biggest DeFi protocol on the Terra network. It has one of the largest TVLs too. The DeFi protocol has also continued to offer low-risk returns for UST deposits with an annual yield of up to 18%. With these fundamentals, it is likely that the project will continue to grow very steadily into the future. It is therefore a worthy investment in DeFi.

The post Anchor Protocol (ANC) is rallying despite a broader market tumble appeared first on Coin Journal.

Credit: Source link