What will you learn about Compound?

In today’s Blog post we will briefly tell you what Compound (COMP) is, how it grew during last week and how to buy it using the fastest and the easiest way.

In addition, we will involve Bitcoin Cash as honorary mention. The asset has two consecutive appearances in our Coin of the Week issue.

What the highest growing Crypto Asset, Compound is?

Compound is a decentralized lending and borrowing protocol built on the Ethereum platform. But wait, don't let those technical terms scare you away just yet!

Imagine you have some spare crypto lying around in your digital wallet. With Compound, you can put your idle assets to work by lending them to others in the network. And here's the exciting part – you earn interest on your loaned funds!

Compound also allows you to borrow digital assets against collateral. Need some extra crypto for that exciting investment opportunity? Simply deposit your existing assets as collateral, and voila! You can borrow other cryptocurrencies from the platform.

What makes Compound truly special is its decentralized nature. It's not controlled by a single entity but rather operates autonomously through smart contracts. This means that no single party has ultimate control over your assets or the interest rates. It's a level playing field where borrowers and lenders interact directly, free from the whims of traditional financial institutions.

What was the growth rate of the Compound during the week?

During the span of the past seven days (April 26 - July 3), Compound has demonstrated its exceptional performance by achieving the highest percentage gain among all assets in the vast $1.2 trillion cryptocurrency market. Impressively, Compound’s price surged by an impressive 75%, showcasing its potential for substantial growth and capturing the attention of investors.

As of now, the price of the Compound stands at $64, presenting an opportunity for individuals to acquire this cryptocurrency at that valuation. Furthermore, the total market capitalization of Tron is nearing the impressive milestone of half a billion dollars.

If an investor bought $1000 Compound on 26 June, today those assets would be worth $1750 which means $750 profit over the span of 7 days.

According to Coinmarketcap, a cryptocurrency price and trend monitoring platform, Compound ranks 80th among cryptocurrencies with the largest market capitalization.

Buying Compound using the easiest and the fastest Way!

To acquire Compound, one can explore various crypto exchanges, which serve as the easiest and swiftest means of purchasing digital assets.

Cryptal provides a streamlined experience where you can purchase COMP with just a few clicks. But first, you must go through a simple Registration process.

After Registration, you can have two options for asset purchasing:

• Spot Exchange

When you place a buy request for a specific amount of Compound on an exchange, it triggers a process where the exchange endeavors to match your request with a suitable counterparty. This involves connecting traders who are looking to buy with those who are willing to sell COMP. The exchange aims to ensure that your request is fulfilled within a predetermined price range, facilitating a seamless transaction between the two parties. This matchmaking mechanism helps create a liquid marketplace where buyers and sellers can efficiently trade Compound and ensure that orders are executed as efficiently as possible.

• Convert

With the Convert functionality, customers looking to buy or sell Compound can bypass the wait for a suitable counterparty to fulfil their request. This feature enables users to swiftly purchase or sell the desired amount of cryptocurrency directly from a crypto exchange at a fixed price. The transaction occurs instantaneously, and the acquired Compound or the proceeds from the sale are promptly transferred to the customer's digital wallet. This streamlined process eliminates the need for waiting and offers immediate access to COMP without relying on matching orders with other traders.

Honorary Mention: Bitcoin Cash (BCH)

In our weekly column, TOP Cryptocurrency of the Week, the fastest growing cryptocurrency over the previous seven days has been Bitcoin Cash, which had seen a staggering 83% increase.

The coin continues to prove its value to the investor, narrowly edging out Compounds to take second place and gaining 50% in value.

By appearing in the TOP cryptocurrencies of the week two consecutive times, Bitcoin Cash shows that it is ready to maintain the "green wave" in the long run and continues to justify the investments made in it.

Summary

It's important to recognize that while Compound and Bitcoin Cash are established decentralized cryptocurrencies with a track record in investment, trading in any financial market involves inherent risks.

To make informed investment decisions in the cryptocurrency market, it is essential to carefully analyze market trends and stay updated with the latest information. By regularly monitoring our weekly column and other reliable sources, you can gain valuable insights into the performance, potential, and market sentiment surrounding different cryptocurrencies.

None of the sentences mentioned above is financial advice!