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Defying a broader market downturn sparked by the Fed’s interest rate hike, leading decentralized finance () tokens have posted gains over the past 24 hours.
UNI, the token behind decentralized exchange () , is up over 8% in the past 24 hours, leading the gains among the top 20 cryptocurrencies by market cap.
At time of publication, UNI is changing hands at around $5.80, with a whopping 55% increase in trading volume to $130 million.
With a market capitalization of slightly above $4.4 billion, UNI is the 19th-largest cryptocurrency, according to data from CoinMarketCap.
Despite today’s price action, UNI is down 87% from its all-time high of $44.97 recorded in May 2021.
LDO, the token powering popular Ethereum staking platform Lido, has also gained over 6.7% in the last 24 hours and currently trades at around $1.89, per data from CoinMarketCap.
The 67th-largest cryptocurrency by market capitalization, LDO, is down over 80% from its historical all-time high of $11 in November 2021.
COMP, the governance token powering decentralized lending protocol CoinMarketCap., posted gains of 4.5% over the day and currently trades at around $55.60, according to
DeFi, crypto, and the Fed
The primary driver behind the crypto market’s bearish price action is the U.S Federal Reserve’s decision to hike interest rates by 0.75% (or 75 basis points) announced yesterday.
The overall market capitalization of all cryptocurrencies has dropped by 0.04% to $919.45 billion over the past 24 hours, per data from CoinMarketCap.
Leading cryptocurrenciesand have posted significant weekly losses, with Bitcoin dropping by over 5%. Ethereum, meanwhile, dropped more than 20% over the past seven days, and is now trading at under $1,300.
Ethereum (ETH) is on a continuous downtrend following its much-anticipated merge last week. ETH’s investors saw their wealth drop by nearly 21% since the merge, according to data from CoinMarketCap.
Of the $332 million liquidated in the crypto market over the past 24 hours, Ethereum, the largest liquidated asset, accounts for over $148 million, per data from Coinglass.
Despite the broader crypto market slipping in the wake of the Fed’s rate hike, DeFi tokens are on a tear, with their total market cap up over 30% to $45.89 billion over the past day, per CoinMarketCap.
Over the past day, trading volume for DeFi tokens has also jumped over 30% to $5.4 billion.