Why Maker, Lido DAO, and Ethereum Classic Are Absolutely Skyrocketing Today
It's been a very turbulent week in the world of cryptocurrencies. Today's recovery among many top tokens has followed a weekend that saw steep declines, as investors sought to price in the collapse of three banks: Silvergate Capital, a prominent traditional bank with close ties to the crypto sector; SVB Financial Group's Silicon Valley Bank, which funded many VC companies operating in the crypto realm; and most recently Signature Bank, another commercial bank with exposure to digital asset banking.
Among the biggest gainers in today's session in the crypto market is Maker (CRYPTO: MKR), which has surged 34.5% over the past 24 hours as of 1:45 p.m. ET. This move comes as Maker's decentralized autonomous organization (DAO) approved an emergency proposal to limit its USDC collateral for its important DAI stablecoin.
Lido DAO (CRYPTO: LDO) and Ethereum Classic (CRYPTO: ETC), two projects uniquely tied to the Ethereum network, also surged 24.8% and 12.1%, respectively, over the same time frame. This came as investors appear to be viewing Ethereum-related projects as much more insulated to this ongoing market turmoil, on a relative basis at least.
Source Fool.com
