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

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



The Anchor Protocol (ANC) has been surging 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 in the next 24 hours or so. Here are some major developments:

ANC rose nearly 13% even as the broader market fell about 7%

The TVL of DeFi protocols has also increased by 2% in the past 7 days

ANC volume has also surged by 300% in the past 24 hours

Binance

Data source: Tradingview

Anchor Protocol (ANC) – Can it keep up?

A 13% surge in the last 24 hours was a welcome surprise for ANC investors. Outperforming the market is always a good sign. However, this trend is unlikely to continue for long. In fact, unless sentiment improves across the market, we expect gains to be relatively short-term.

As such, expect ANC to report earnings over the next two or three days before eventually pulling back and following broader trends in the crypto industry. However, Anchor Protocol should be on your radar.

TVL’s leap now is not something to be taken lightly. The total value locked across DeFi protocols has fallen sharply since the beginning of the year. The fact that Anchor still has nearly $17 billion in TVL is a big 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. DeFi protocols also continue to offer low-risk returns on UST deposits, with yields as high as 18% per annum. With these fundamentals, it is likely that the project will continue to grow very steadily in the future. Therefore, this is a worthwhile investment in DeFi.

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



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