Anchor Protocol (ANC) is booming today, even as the broader crypto market sees a major sell-off. The coin is expected to continue to outperform the rest of the market over the next 24 hours. Here are some of the key developments:
ANC has gained almost 13% even as the broader market sees a decline of about 7%
The DeFi protocol is also up 2% in the past 7 days
Trading volume for ANC is also up 300% in the last 24 hours
Data source: Tradingview
Anchor Protocol (ANC) – Can It Hold Up?
The recent 13% rise in 24 hours is a welcome surprise to ANC investors. Outperforming the broader market is always a good sign. However, this trend is unlikely to last for long. In fact, we expect earnings to be relatively short term unless market sentiment improves.
Therefore, expect the ANC to report gains for the next two or three days before finally pulling back and following the broader trend in the crypto industry. Anchor Protocol should be on your radar, though.
A jump in TVL right now is not something to take lightly. Since the beginning of the year, DeFi protocols have seen a sharp drop in overall value across the board. The fact that Anchor still has nearly $17 billion in TVL at this point is a huge plus.
Is ANC a good future investment?
Anchor Protocol is the largest DeFi protocol on the Terra network. It also has one of the largest TVLs. The DeFi protocol also still offers a low risk return for UST deposits with an annual return of up to 18%. With these foundations, it is likely that the project will continue to grow very steadily in the future. It is therefore a worthy investment in DeFi.
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