Uniswap’s new token, UNI launched last week, skyrocketed its value in the first two days, going as high as $6.50 USD on September 19th, followed by a little fall in the next three days.
As of today, trading at almost $5, Uniswap saw a great surge in the last 2 days while the rest of the DeFi market stays at a halt same as most of the crypto market.
Rollercoaster Week for UNI
The up and coming token, UNI currently ranks at 36th among the rest of the cryptocurrency in terms of market capitalization on coinmarketcap. The launch of the token saw a rocketing surge due to the overwhelming hype, pushing the token’s value from $0.30 at the launch to $6.90 the next day. After that the trade cooled off on UNI sending the price back down to $3.90 on September 22nd. Maneuvering itself in a rollercoaster ride, UNI began its ascend again to $4.95 USD today.
While covering quite a journey in the past week, there is not much that can be analyzed and hence predicted about UNI, given it’s only a week old. The token is still making its way into the crypto market and there is not enough data to be analyzed to make any price predictions. For now it all seems to change with the market sentiment for UNI.
Crypto Market at Sudden Downfall
It is a towering curiosity that with the heat in the DeFi market in 2020, most of the tokens associated with decentralized finance are quiet. To be bold, some of the biggest tokens in the Defi market have remained down throughout the week with ChainLink being down by 24% in the past week, YFI losing 30% to its market. The seventh-most Capitalized DeFi coin, UMA is even down by a meteoric 37% in the last week.
Mirroring the same situation, the crypto market took a gigantic hit of $22 billion on Monday as the market price of bitcoin fell to 5%, coming down at $10,400.