Mirror Protocol Price Overview
The current Mirror Protocol price is EUR. The price has changed by EUR in the past 24 hours on trading volume of EUR. The market rank of Mirror Protocol is based on a market capitalization of EUR. Mirror Protocol has a circulating supply of . The highest recorded Mirror Protocol price is EUR. And the lowest recorded MIR price is EUR.
Built by Terraform Labs on the Terra blockchain, Mirror Protocol facilitates the creation of synthetic assets which track the price of real-world assets. These mirrored assets can be minted by locking up collateral and use a decentralized price oracle to give traders exposure to an asset with the benefits of open access, fractional ownership, and none of the usual burdens of owning the underlying asset.
MIR is the protocol’s governance token and can be staked to create and vote on proposals and earn rewards. In the relatively short time that MIR has been on the market, its price has already seen significant change and if you want to know why then you’re in the right place. We’ve compiled everything you need in order to get a better understanding of MIR price – as well as the factors which influence it.
Mirror Protocol Price History
MIR began trading in the first week of December 2020 at about $1.12. The first month was fairly volatile. Prices were heading towards $2 for the first couple of days but dipped back below $1 a couple of days after that. This was immediately followed by another surge to above $1.80 and another pullback to under $1. After some further turbulence, MIR ended the year with a price of $1.08.
January 2021 saw prices climb, especially during the second half of the month when MIR traded as high as $5. After a couple of weeks of consolidation, prices spiked to more than $7.80 in February, before pulling back to about $4.20 at the end of the month.
March was mostly bullish as MIR broke above $8 for the first time. This rally continued into the start of April, with MIR surging to its all-time high of $12.90 on April 10. Mirror Protocol had a market cap of about $700 million around this time. The following week brought a 45% retracement towards $7, though prices had recovered to more than $10 by the end of the month.
MIR continued to climb for the first few days of May, peaking just below its all-time high. At that point, however, the trend reversed and the month took a much more bearish trajectory. After crashing by 34% during a single day, MIR went on to hit a low of $3.27, before recovering slightly at the end of the month to finish May at about $5. In the first half of June, though, MIR dipped back below $4.
Analyzing Mirror Protocol Price History
Mirror Protocol price history can be analyzed with many of the same techniques as the stock market. Technical analysis involves using various indicators while studying price charts in order to make sense of previous price movements. With MIR, as with many other tradable assets, large price swings are often accompanied by spikes in trading volume, as a large number of traders buy or sell their coins on exchanges.
Fundamental analysis, on the other hand, looks at the finances and activities of a company, as well as the state of the wider market and economy. Terraform Labs, the company behind Mirror Protocol, has raised $25 million in funding according to Crunchbase and its founder previously founded peer-to-peer connectivity solution Anyfi and was named one of Forbes 30 under 30. Mirror Protocol is now a community-driven project governed by MIR holders, meaning governance decisions made will likely be beneficial to protocol users and token holders. These could be good signs for the fundamental Mirror Protocol value.
Broader market trends have also played a role in the price history of MIR. Its surge early in 2021 wasn’t unique – the entire crypto market pumped around this time. Bitcoin was in the midst of a major bull run then, and with such strong market dominance, any significant price movement for Bitcoin often impacts other cryptocurrencies.
The sudden crash in May 2021 was also market-wide, affecting every single major cryptocurrency. Various contributing factors have been suggested, including comments made by Elon Musk, a crackdown by Chinese authorities, liquidations, and a healthy market correction.
The overall price trend of MIR tends to follow what’s known as a boom-and-bust cycle. This is a pattern in which a period of growing excitement leads to a surge in price before doubt and disillusionment set in and result in a crash.
Factors Influencing The Price of Mirror Protocol (MIR)
A variety of different things can affect the market price of MIR, including project news and developments, the flow of assets on exchanges, public sentiment, and emerging trends in the wider crypto and global economies.
MIR has a capped max supply of 370,575,000 tokens, making it a scarce asset like Bitcoin, and so potentially a good store of value in the long term. The supply of MIR tokens will be distributed over four years. Once the max supply is reached, no new tokens will be minted, meaning any increase in demand at that point will raise the price of MIR.
Demand for MIR is driven partly by the governance rights it provides users. A deposit of MIR tokens must be paid when a new governance poll is created and the token must be staked in order to vote on it. Decisions made have the potential to directly affect the bottom line of Mirror Protocol users, creating an incentive for them to buy the governance token.
MIR staking further drives demand. Protocol fees are collected from collateralized debt positions and sold for TerraUSD, which is used to buy MIR through Terraswap. Those tokens are then distributed to MIR stakers as rewards, along with poll creation fees for polls that didn’t reach the voting quorum. This opportunity to earn a passive income could encourage more people to buy MIR for staking.
There are also plans for the token to serve other purposes that increase its utility and value in future versions of Mirror Protocol. This includes the ability to use MIR as collateral to mint mirrored assets and a variety of derivative products. If these changes create more MIR demand, they could lead to a price rise in the future.
Live Mirror Protocol Value and Market Cap
The market price of MIR varies from moment to moment as it’s dictated by the balance of buy and sell activity on exchanges, which is in constant flux.
Given MIR’s volatility, its current price can change by a large amount in a very short space of time. The market cap of Mirror Protocol is equal to the price of MIR multiplied by the number of MIR in the circulating supply.
Mirror Protocol Price FAQ
What Is the Highest Price of Mirror Protocol in EUR?
Mirror Protocol price history shows that MIR has recorded a peak value of EUR.
What Is the Lowest Price of Mirror Protocol in EUR?
Kriptomat data confirms that EUR is the lowest recorded Mirror Protocol value.
How Can I Buy Mirror Protocol?
There’s no need to consult an expert to tell you how to buy Mirror Protocol. It’s fast and easy to buy MIR at Kriptomat. Mirror Protocol is available for immediate purchase at the current MIR price quote of EUR. Current prices are always displayed in the MIR chart.
What Is the Current Price of Mirror Protocol in EUR?
Mirror Protocol is available for immediate purchase at Kriptomat. The current price is EUR.
How is the price of MIR calculated?
MIR’s price at any given time is decided by the balance of supply and demand on exchanges. When more people are buying MIR than selling it, the price goes up, and when more are selling than buying, the price goes down.
Why is the price of MIR different on different cryptocurrency exchanges?
MIR’s price is based purely on trading as there is no standard global Mirror Protocol price, so no one knows what it is “supposed” to cost. The trading volume and liquidity are different for each exchange and those differences are what affect the price.
What will MIR be worth in the future?
It’s impossible to make price predictions with any kind of absolute certainty, as a whole host of different factors could play a role in determining the future value of MIR. However, the introduction of other utilities for MIR in the future could drive demand for the token and therefore boost MIR price.
In the relatively short time that MIR has been on the market, its price has seen significant change, going from lows of under $1 to highs of almost $13. Its journey hasn’t been smooth, however, as MIR’s volatility has led to surges and crashes along the way.
Many different factors have played a role in determining the price of MIR, including demand for governance and staking, the possibility of broader utility in the future, and trends in the rest of the crypto market and wider economy. Its current valuation is derived from the balance of supply and demand in the markets and constantly changes.
If you want to get started with the most user-friendly trading experience on the market, register with Kriptomat today to begin your journey into the world of Mirror Protocol and cryptocurrencies!