The rise of Ethereum’s DeFi space has significantly helped Uniswap (UNI) to grow to a leading decentralized exchange (DEX) in the recent past.
Uniswap UNI $5.19 24h volatility: 0.9% Market cap: $3.12 B Vol. 24h: $111.49 M , the largest decentralized exchange on the Ethereum ETH $1 589 24h volatility: 0.5% Market cap: $191.77 B Vol. 24h: $12.94 B network among other chains, has attracted notable attention from both retail and institutional investors seeking to diversify their crypto portfolios. The mid-cap altcoin, with a fully diluted valuation of about $8 billion and a daily average traded volume of around $615 million, pumped over 5 percent in the past 24 hours to trade around $7.99 on Tuesday, October 22, during the mid-London session.
The notable UNI price pump was largely attributed to the listing on a leading crypto exchange in South Korea, Upbit. According to the announcement, Upbit will provide its customers with trading of UNI ERC-20 tokens against Tether’s USDT USDT $1.00 24h volatility: 0.0% Market cap: $144.80 B Vol. 24h: $23.70 B and KRW to begin with as more trading pairs will be added with time depending on demand.
The listing of UNI tokens on Upbit will further enhance its market liquidity and daily trading volume. Moreover, the crypto space has grown significantly in the South Korean market amid notable favorable regulations.
Why Consider Uniswap (UNI) Ahead
The Ethereum network has grown to a major tokenization blockchain with thousands of tokens both utility-based and meme coins. Additionally, the Ethereum network has registered a notable increase in its decentralized financial (DeFi) protocols in the past few years, especially with its rising adoption of layer two (L2) solutions and the successful implementation of the proof-of-stake (PoS) consensus mechanism.
As the leading DEX protocol on the Ethereum blockchain, with over $4.9 billion in total value locked (TVL), Uniswap is well-positioned to grow further in the near term.
Backed by reputable web3 developers led by Hayden Adams, Uniswap has grown to one of the best-automated market makers (AMM). As of this report, the UNI token had a total liquidity of over $40 million, with more than 383k non-zero on-chain addresses.
Meanwhile, Uniswap recently hired Katherine Minarik, a former legal executive at Coinbase Global Inc (NASDAQ: COIN), as its new Chief Legal Officer (CLO) amid the ongoing fight with the US SEC.
Midterm Targets
From a technical standpoint, UNI price has been forming a multi-year bullish pennant, which could yield a major uproar in the near term. As a result, the UNI price will soon spike toward $20 if the ongoing bullish breakout sustains in the coming weeks.
$Uni#Uni Preparing For Massive Breakout Expecting Move Towards 20$+ After Successful Breakout https://t.co/QV3ACgMifG pic.twitter.com/bu5rYkEyCK
— World Of Charts (@WorldOfCharts1) October 22, 2024
However, UNI prices could further be trapped in a short-term falling trend if Bitcoin BTC $84 163 24h volatility: 0.4% Market cap: $1.67 T Vol. 24h: $25.66 B and Ethereum (ETH) prices drop further from the current levels. Nonetheless, the altcoin space is about to register a major bull run in the near term after Bitcoin dominance in the weekly timeframe kickstarts a reversal and a falling trend.
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