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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Uniswap Slingshots 45% – Can UNI Blaze Past Its 7-Day Rally?

Christian Encila
Christian Encila
3 years ago
2 mins read
Uniswap

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Uniswap is once again hogging the headlines following the token’s comeback in the wake of optimistic signs that the bear market may be winding down.

In the past week, UNI, its native token, has seen enormous growth, as the decentralized exchange’s trading volumes have rivaled those of Ethereum, the blockchain on which it is constructed.

Multiple news agencies stated that Uniswap had exceeded the Ethereum network in terms of transaction fees. The flagship DEX collected more than $4 million, surpassing the second-largest blockchain.

UNI increased by roughly 45 percent in the last week, reaching $5.46, its highest level in more than three weeks.

Suggested Reading | Sandbox (SAND) Blows Up 20% Over Last 24 Hours Following ‘Takeover’ Rumors

Uniswap Making Northbound Trajectory

The biggest DeFi exchange has been trending upward since the beginning of the week. Looking at the price trend over the last few days, it appears that UNI’s main objective is to close June on a positive note.

In addition, the stockpiling of UNI tokens by whales is a significant component in the token’s price bump.

After a debilitating first half of the year, rising fees on Uniswap may be an indication that the DeFi market is beginning to recover.

UNI total market cap at $4.14 billion on the weekend chart | Source: TradingView.com

This year, total value locked (TVL) in DeFi has shrunk by more than 60 percent, according to data from DeFi Llama.

Katie Talati, an analyst at Arca, attributes the DeFi exchange’s most recent accomplishment to quickly increasing volatility, which led to a substantial increase in trading volumes.

Simultaneously, Ethereum has witnessed a significant fall in user activity, whereas layer-2 solutions are gaining popularity because of their low transaction fees.

UNI Facing Bullish Momentum

Uniswap is among those that have benefited from the recent market restoration, having lately attempted a price turnaround. UNI is up 2% in the last 24 hours, which is a significant increase for the token since it dropped to $3.39 during the last slump.

Faced with the continued bullish advance, there is no selling opportunity for bears in the $5.8 to $6.2 resistance zone, which has been in place for more than 30 days and has been repeatedly retested.

Suggested Reading | Storj (STORJ) – A Relatively Unheard Crypto – Leads Gainers With 30% Rally

Although bears are still prominent in the bull market, bulls do not wish to relinquish their UNI token holdings.

This year, Uniswap has lost less than 50 percent of its total value locked (TVL). This week has also seen modest inflows, with the TVL increasing by 11 percent to $5.1 billion.

Enhanced participation with Ethereum Layer 2s may contribute to the exchange’s rising popularity. Already embraced by major organizations like Polygon and integrated into other Ethereum-based applications, Uniswap has a large user base.

Featured image from Cryptokio, chart from TradingView.com
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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