Cryptocurrencies Price Prediction: MKR, Bitcoin & BASE – European Wrap 20 September

Maker price climbs 16% in a week, outperforming other altcoins with increasing DAI supply

Maker price has increased 16% over the past week, emerging as one of the best performing altcoins in the ecosystem. The Ethereum-based DeFi token is used in the generation of the stablecoin DAI.

The supply of the token held by top addresses is gradually increasing since September 6, suggesting that MKR's recent price gains are likely to be sustained.

Bitcoin shy to rise before the Fed

The crypto market has been trading around 1.08 trillion over the last day. The trading range is narrowing as the Fed decision approaches. However, it is worth highlighting the pressure on the markets early on Wednesday and the intensification of cryptocurrency selling as the cap rises towards 1.09 trillion.

Bitcoin encountered resistance at $27.4K. Attempts to break above the 50-day moving average for the third day met strong resistance. All financial markets have taken a wait-and-see approach ahead of monetary policy decisions in the US, Switzerland, the UK, and Japan.

BASE launches new monitoring system after series of hacks, rug pull scams

BASE, Coinbase’s Layer 2 network chain, has launched an open source monitoring tool to help support the security of OP Stack and EVM-compatible chains. Since BASE’s mainnet launch on August 9, there have been security incidents where users lost over $5 million in funds to rug pulls.

Monitoring, assessment and an alert-based system could help tackle such incidents in the future. BASE has, therefore, opened its Pessimism for the entire Layer 2 ecosystem.