Uniswap (Up 9%) Enters Top 10 As “Boring Bitcoin” Awaits Market Direction

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Last Updated on 23 March 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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This weekend saw a lot of sideways action for the major cryptocoins while Bitcoin was able to reclaim it’s $50k level, though still trading within it’s narrow (and therefore boring) $46-$52k range.

Ethereum is slowly gathering pace towards the $2k level again and is now trading at $1,700, up 2% in the last 24 hours, benefitting from the news that a Chinese app maker Meitu started directly buying Ethereum as an investment.

One of the more remarkable feats seen from the major cryptocoins was that decentralized finance (DeFi) protocol Uniswap’s UNI token entered the top 10.

Advertentie.

Bitcoin awaits market direction

During the heyday of the Bitcoin bull run (which saw its top in the third week of February with a price level of $58k), Bitcoin and the rest of the altcoins would see large gains during the weekend as retail traders tried to catch up with institutional investment apparently.

All that ended a few weekends ago, when Musk claimed both Bitcoin and Ether’s prices were “too high” and US Treasury Secretary Janet Yellen followed up the Monday after that with a blistering anti-crypto statement.

Markets have since dropped and leveled off at a level just underneath their tops.

It has since become clear that Bitcoin and tech market Nasdaq seem to co-exist at least partly in tandem because of the heavy investments by groups like Tesla, MicroStrategy and ARK. When these move down, Bitcoin tends to follow suit.

From a technical perspective, it will be interesting to see how markets react to President Joe Biden’s approved $1.9 trillion stimulus plan today.

Uniswap breaks top 10

One of the cooler crypto tokens doesn’t simply have a mathematical figure (Ether) or letter (Bitcoin) as it’s sign, but an Unicorn. Uniswap has become quite a popular decentralized trading protocol and its native token Uni has surged in both usage and popularity as of late.

It has now overtaken the place of Chainlink and Litecoin as it entered the top 10 of CoinMarketCap where it trades at the 8th place.

At the moment of writing, UNI trades at $33, up some 9% over the last 24 hours.

spaxiax / Depositphotos.com