Compound is an algorithmic, autonomous interest rate protocol built for developers, to unlock a universe of open financial applications. Compound is managed by a decentralized community of COMP token-holders and their delegates, who propose and vote on upgrades to the protocol.
Observers of Compound see the critical factor behind Compound’s growth over the past 24 hours in January this year as the launch of a new DeFi cryptocurrency called YAM for the Yam protocol. Compound is a coin supported to “farm” the cryptocurrency; demand for the asset has picked up, increasing the ongoing price. A year ago, Compound proved its mettle when all the other cryptos fell.
Today’s Compound price is $60.87 with a 24-hour trading volume of $112,035,681. Compound is up 7.43% in the last 24 hours. The current CoinMarketCap ranking is #79, with a live market cap of $442,377,557. It has a circulating supply of 7,267,152 COMP coins and a max. supply of 10,000,000 COMP coins.
What is Compound?
Compound is a special decentralized finance (DeFi) protocol that is popularly known to pioneer yield farming. The protocol runs on the Ethereum network, and it essentially allows its users to borrow and lend money without any central entity or governance. The success of this project is a direct boost to the Ethereum token as well.
The DeFi protocol is governed by its native token, Compound coin, with the ticker name of COMP. Compound coin allows community members to make governance decisions about the protocol through a voting system. Voting rights are given to those who hold the Compound governance token.
Users of the platform can vote on several issues such as interest allocation, which coins to add to the platform, and many more. Therefore, it promotes transparency and trust, which is a vital aspect of any blockchain project.
Impressive Bull Run
Arguably, the Compound Comp has had an impressive bull run since its launch in 2018. The Compound coin has increased significantly in price over the years. Essentially, the Compound protocol has witnessed significant growth margins due to the increase in activity within the network. The platform has attracted several investors, which, in turn, has led to enormous increases in its Total Value Locked (TVL).
TVL is the total value of assets locked within a particular protocol. In this case, the Compound platform’s TVL covers its Liquidity pool and collateral deposits available.
According to various compound forecasts, Compound price prediction indicates an excellent token to invest in due to its steady increase in price and powerful technology that is believed to withstand the test of time.
How Compound Works
The Compound project is a decentralized platform that runs on the Ethereum blockchain. The Compound coin governs it. The compound governance coin has appreciated over the years since its launch in 2018. As a DeFi protocol, Compound hosts lending pools to earn interest on various cryptocurrencies. These pools allow token holders to supply their tokens to others who borrow them at algorithmically set interest rates based on supply and demand.
The platform provides cryptocurrency holders with an opportunity to earn extra coins through yield farming. Its governance token, Compound, is used to pay for transaction fees within the Compound blockchain.
When Compound was launched, it aimed to create a platform for users to use their cryptocurrency coins that sit idle on exchanges. It offers an automated lending platform that allows users to take out loans against their collateral. At Compound, cTokens are issued as a token representation of the total amount of collateral deposit.
The Compound coin is a good investment that propels DeFi to the next level, assuring users of the project’s longevity. Comp tokens are expected to continue to rise in value despite the short bearish momentum that has clouded cryptocurrencies recently.
Compound Price History
Courtesy: CoinMarket Cap
The price history of Compound tokens is exceptionally vital in determining the future price of Compound tokens. We try to establish a Compound coin forecast using advanced trend analysis combined with fundamental price action analysis.
The Compound price has been stable since its launch and has increased steadily. It has a total supply and maximum supply of 10,000,000 tokens with 5,708,902 tokens in circulation.
Compound comp price recorded its all-time low price on June 18th, 2020, when it traded at a daily price of $$61.32. Consequently, the asset price of Compound rose tremendously after that until May 12th, 2021, when it recorded an all-time high price of $$910.54.
Compound price analysis of the trend line indicates that Compound prices will continue to increase in value in the following years. According to some analysts, the price of Compound could easily surpass that of Ethereum in the future.
Based on the live Compound coin price, we establish its price forecast for the future years to determine if crypto enthusiasts should consider investing in it for both the short and long term.
Compound’s all-time high price was $179.77 on October 31st, 2019. Since then, the price has been on a steady decline, reaching its all-time low of $61.32 on March 13th, 2020. Prices have recovered since then and Compound is currently trading at $65.29.Consequently, the asset price of the Compound rose tremendously until May 12th, 2021, when it recorded an all-time high price of $$910.54.
In the long run, the COMP price has yet to break out of a substantial downward trend, and the flip may not be confirmed as a breakout.
Compound Price Prediction by Authority Sites
Compound Price Prediction 2022
As per our Compound price prediction 2022, the COMP price could reach a maximum of $64.44 with the average forecast price of $60.00. Compound price is forecast to reach the lowest possible level of $57.38 for the same year.
Compound Price Prediction 2023
The Compound price prediction 2023 places the maximum value at $102.85 with an average trading price of $88.02.The price of Compound is predicted to reach a minimum value of $85.02 in this year.
Compound Price Prediction 2024
The Compound price prediction 2024 gives maximum price of $151.82 with an average trading price of $129.13. According to our technical analysis of past price data of COMP, minimum price is $124.73 for the same year.
Compound Price Prediction 2025
The Compound price prediction 2025 gives a maximum price of $222.00 with an average value of $193.17. As per the forecast and technical analysis, In 2025 the price of Compound is expected to reach a minimum price value of $188.00.
Compound Price Prediction 2026
The Compound price prediction 2026 gives a maximum of $332.38 with an average price of $291.77 throughout. The price of Compound is expected to reach a minimum level of $284.04 for the same year.
Compound Price Prediction 2027
The Compound price prediction 2027 shows a maximum of $494.49 with an average trading price of $407.76.. As per the forecast price and technical analysis, the minimum price of Compound is $396.09.
Compound Price Prediction 2028
The Compound price prediction 2028 shows a maximum of $687.57 with an average trading value of $598.30, According to our technical analysis of past price data, COMP will have a minimum value of $577.91.
Compound Price Prediction 2029
The Compound price prediction 2029 gives a maximum of $1,002.46 with an average price of $844.36.The price of Compound is predicted to reach a minimum level of $820.43 for the same year.
Compound Price Prediction 2030
The Compound price prediction 2030 gives a maximum of $1438.32 with an average trading price of $1275.23. As per the forecast price and technical analysis, the minimum price of Compound is a minimum of $1241.45.
Compound Price Prediction 2031
The Compound price prediction 2031 shows a maximum of $2186.14 with an average price of $1907.44. The price of Compound is expected to reach a minimum of $1856.43 for this year.
Digital Coin Price
DigitalCoinPrice’s COMP price prediction indicates an increase in September, when the currency may be valued at $95.29. The website predicts that by the end of the year, the token will be worth $85.38 and estimates that the average Compound coin price will be $95.26 in 2023 and $89.96 in 2024. The site predicts the price of a Compound coin will be $124.37 in 2025, although it believes it may drop to $112.27 in 2026.
According to Trading Beasts’ Compound price forecast, by the start of December 2022, the compound price is anticipated to reach $86.446. The anticipated minimum price is $86.446 and the highest price is $127.127. By the end of this year, it may trade at around $101.701, according to Compound forecast.
According to Crypto Ground’s Compound coin price prediction, they have estimated the price of compound coins, or you might say we can forecast compound coins. According to our COMP projection, the coin’s price might increase by 114.27% from its present level to reach $289.0866 by the end of this year.
Although it appears that many forecasters anticipate an increase in COMP, projections are not guaranteed. Always remember to conduct your own research and keep in mind that both an increase and a decrease in the value of your investment are possible.
While WalletInvestor predicts volatility, with prices fluctuating between $1 and $3 during the year, DigitalCoinPrice projects that COMP will reach $124.37 in 2025. Keep in mind that throughout the course of the following three years, unexpected occurrences might alter the markets at any point.