Sushiswap’s SUSHI is surging 10% higher today, continuing the rally for the past few days and weeks. As of the time of writing, the cryptocurrency is up 10% in the past day and reached a price of $4.50. But, what’s behind this price increase today? Let’s find out in today’s altcoin news.
Sushi’s rally came as ETH was quite flat on the day when bitcoin reached all the way to $41,000. The ETH-based altcoin seems to have a good time because of the number of fundamental trends that indicated that the market will move higher in the weeks and days ahead. Sushi remains a relative value play for Uniswap’s UNI token according to analysts. Tomorrow, the SushiSwap team will launch the roadmap for the project which could be another reason why the token increased. The general manager of the project under the pseudonym 0xMaki, wrote on Twitter that the team will release the 2021 roadmap tomorrow.
— 0xMaki 源 義経 (@0xMaki) January 8, 2021
SushiSwap is a decentralized exchange that is integrated into the Yearn.Finance ecosystem while SUSHI is the native token of the platform and all holders of the coin could earn dividends by staking their tokens in the “Sushibar.” The roadmap will give more information about the platform’s cross-chain ambitions and upgrades for the protocol as well as the release date for BentoBox. BentoBox is being audited currently by Quantstamp and will go live in the next few weeks. Sushiswap’s Sushi is surging 10%becuase of the release of these updates but there could be some more increases in fees that will accrue to holders over time because of them.
Although SUSHI was not related to other crypto assets in the past few weeks, Bitcoin is still deciding how the market trends will play out. BTC has been on a bull trend in the past few months and pushed from the $20,000 region to almost $42,000 now. The leading cryptocurrency is in overbought territory as analysts stay, but the long-term macro trends remain intact. SUSHI will continue outperforming as long as it is able to ship new products and made regular updates amid this BTC bull market.
As previously reported, The leading decentralized-financed cryptocurrency became the worst performer in the top 100 coins by market cap. Despite the strong drop in SUSHI’s price, the coin remained up by 25% in the past seven days. With the 25% performance, the coin became one of the better-performing assets in the top 100 aside from NXM, Aave, Ethereum, Polkadot, Dogecoin, and SNX.
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