
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
$108,902.00
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1.99%$0.066702
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0.01%$0.182314
3.35%$35.48
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1.66%$0.00399264
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3.98%$0.000063
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2.10%$2,655.02
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3.57%$23.56
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0.46%$0.99931
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5.32%$3.21
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-1.25%$0.999674
0.01%Reading
The newborn token that now allows the Ethereum-based decentralized exchange Uniswap to be community run has spiked by more than 20% in the last 24 hours. It’s now trading for roughly $5 per token. Meanwhile, however, the rest of the DeFiDeFi market isn’t faring so well—and the same goes for the broader cryptocrypto market, too.
The birth of UNI was bombastic. Two days of hype pushed the token from just $0.30 at launch to $6.90 the next day. Since then, trading on UNI has cooled, and the price dropped all the way down to $3.90 yesterday. Something changed overnight, however, and Uniswap fans have seemingly grown tired of seeing UNI in the red.
Uniswap’s token currently ranks 36th among all cryptocurrencies by market capitalization, which today rebounded to $614 million. That’s enough for sixth among so-called DeFi tokenstokens, according to CoinGecko.
Studying charts won’t get you very far with UNI. It is still only a week old after all. The token is still only finding its way within the crypto market, and there are no past trends to reference to make any future predictions on its price.
For UNI, it all seemingly comes down to market sentiment at the moment. Though, curiously, as hot as the DeFi market has been in 2020, most tokens associated with decentralized financedecentralized finance are down today. In fact, some of the biggest tokens in the DeFi space are down a lot within the past week.
It didn’t even exist 48 hours ago, but Uniswap’s governance token is already the fourth-most-traded token on cryptocurrency exchanges. According to data from CoinGecko, 24-hour trading volume for UNI stands at $4.7 billion, behind only Tether ($38.9 billion), Bitcoin ($20.7 billion), and Ethereum ($12.7 billion). That means that Uniswap isn’t just setting the pace among DeFi platforms, but that it’s running with the established players in all of crypto, at least for now. UNI is decentralized exc...
Chainlink, for example, is down 24% over the last seven days. Yearn.finance’s YFI has lost 30% to its price, now trading for $25,000 per token. DeFi lending protocol Aave’s token LEND is likewise down 16%, while UMA, the seventh-most capitalized DeFi coin, is down a whopping 37% in the last week.
Of course, the same basically holds true for the entire market. Crypto took a $22 billion hit on Monday as Bitcoin’s price fell close to 5%, settling around $10,400. Traditional markets likewise have felt the pain, with the Dow falling 800 points. Neither crypto nor stocks have yet fully recovered from that drop.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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Ethereum options markets are pricing in a lower chance to surpass even conservative targets before the year ends, while volatility has stayed put despite increasing trader demand. Those factors convey a broader uncertainty about Ethereum's trajectory, even as the crypto market matures and attracts sophisticated capital. That's according to data shared by digital asset and market intelligence platform Amberdata, whose director of derivatives, Greg Magadini, told Decrypt that investor appetite fo...
Solana's price will probably underperform rival Ethereum's over the next "two to three years" because of scaling issues that currently prevent the blockchain from having wider application than its current meme coin focus, international banking group Standard Chartered said in initiating coverage of the crypto on Tuesday. The Solana-Ethereum price ratio is likely to rise from its current level of 14 to 17 through 2028 before dipping again in 2029, Standard Chartered Head of Digital Assets Geoffr...