Uniswap becomes the first Defi token to Crack the Crypto top 10 list -The governance token of Uniswap has become the first token for Defi to be ranked among the top ten capitalised crypto assets. This week, UNI ranked the worlds 8th largest asset in the world with a market cap of 17.7 billion dollars as a result of speculation for the up-coming revamping of V3. Uniswap’s indigenous leading decentral bill of trade has grown by close to 50%.
Uniswap’s UNI Breaks $34
UNI has found support near the $20.00 standard after a significant downside correction from well above $30.00. It sold as low as $18.68 and recently began a new growth. It broke a lot of barriers to enter a positive zone of around $25.00.
The resistance of 28,00 dollars and the 100 simple moveable average were significantly above (4-hours). In the 4 hour chart of the UNI/USD pair, a break was also made up of a key bearish trend at $28.00. The bulls were even higher than the resistance of $32.00.
UNIUSD on TradingView.comA new all-time high is around $34.50 and the price appears to increase even higher. Immediate resistance is close to 36.50 dollars. It is near the 1.236 level of retracing the fibres down from 33.17 dollars to 18.68 dollars.
The next major resistance is close to $40.00. The next big step shortly could be $42.00 for bulls. The downward trend from $33.17 high to $18.68 low is near the 1,618 Fib retracement level.
The trade volume of Uniswap
Messari now ranks UNI behind Tether as the second-largest asset in Ethereum, with almost 50% of the capitalization defeating Chainlink. On 5 March, UNI ran into the top 10 and became DeFi’s first indigenous token. According to CoinMarketCap’s historic snapshots, in 24 hours, UNI’s capitalization grew from US$8.8 billion on 4 March to US$14.7 billion.
UNI prices are currently consolidating nearly the all-time high yesterday above 34 dollars, the last trade token being 33.9 dollars.
UNI/USDT: TradingViewUNI tokens were airdropped to liquidity providers proportionally to Uniswap’s first token distribution and a further 400 tokens had been sent to every wallet which interacted with DEX by September 2020. 400 UNI are worth $13,560.
Uniswap’s V3 upgrade
UNI’s surge is also being speculated that Uniswap’s upgrade to V3 might not be too far away, with Yearn Finance developer Andre Cronje speculating on 4th March that Uniswap lead developer Hayden Adams has recently been increasing social network activity, which could suggest that the new version will be short.
Cronje’s post came when Adams created a Twitter survey asking his followers to read “Unitedwap v3 details” announcements. Replying to the tweet of Cronje, Adams said that “pls delete” may give significant announcements about further raising suspected Uniswap.
The entry into the top 10 of UNI’s cryptography is a record month for trade trading in the trade with four consecutive trading records in February for weekly trade in Uniswaps – culminating in a $31.9 billion monthly, all-time high.
Uniswap seems to have finished with the volume of weekly records, at a volume of 6.4 billion dollars for seven days, down 25 per cent over 8.6 billion dollars last week. Uniswap still accounts for half of all trade in Ethereum powered DEXes, notwithstanding its volume tracking.
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