The UNI market cap increases by $120 million as the token becomes the big winner in the trading on Wednesday with a rebounding price level as we reported in the latest altcoin news today.
The data from CoinGecko shows that the price of the UNI token increased by less than 20% from $3.80 to over $4.60 over the same time frame which led to the UNI market cap hitting $120 million from the $460 million to less than $580 million in a few hours. At press time, UNI was the 33rd biggest cryptocurrency with a market cap of $581 million while the tokens trade at $4.75.
The concerns over the second possible lockdown in the United States and Europe have sparked a macro sell-off which has had a knock-on effect on other crypto-assets with about $30 billion cuts off the total market cap since Saturday. UNI was no exception and hit a record high of $8.40 on Friday as the coin slid across the weekend and into the new week hitting a new low of $3.44 a few days ago. With the rebounding price of the past day, it is different from the lackluster movement of the established cryptocurrency.
The biggest cryptocurrency, Bitcoin, got his price around $10,400 to $10,500 since the $500 fall back on Monday. The second-largest, Ethereum, climbed just $4 over the same time frame. The net inflow of BTC into exchanges show that holders are preparing to sell which also shows this movement has risen to new levels not seen since March 13. Launched a few days ago, UNI is designed to power on-chain governance decisions on Uniswap which has become the most popular trading platform in the decentralized finance space.
It’s also possible that the DeFi coin that is a week old, the price could be shielded from some of the real world macro effects that have put the most traded crypto asset into the deep freeze. It could also be that the market is awaiting a greater institutional involvement in the Defi space. Back on Wednesday, we witnessed that the crypto money manager Panxora is looking to raise up to $50 million for a new Defi fund. Gavin Smith, the CEO of the company said that the firm saw this new branch having a huge potential.
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