◆ The reason for the stagnant bitcoin price
Cointelegraph, a media specialized in cryptocurrency, analyzed that Bitcoin faced selling pressure at a resistance line between $32,500 and $33,000. Despite the good news that Blackrock, the world’s largest asset management company, has reviewed the investment of bitcoin futures through two funds, bitcoin is not exceeding $33,000.
One of the reasons for the weakness of bitcoin is that miners are steadily leaving the exchange after bitcoin hit a high of $42,000, citing cryptocurrency data analysis company CryptoQuant Analysis, a cryptocurrency media outlet. YouTube added that it seems that miners are continuing to make profits.
◆ Strong DeFi Token
While Bitcoin and Ethereum are weak, DeFi tokens are strong. Among these, the Uniswap governance token, UNI, is leading the uptrend. Since its launch in September of last year, it has traded for less than $1, and has soared to $13 with a recent surge in purchases. By coin market cap, Uni soared 53.8% in a week. One of the reasons for the price surge is that 400 Uni tokens, usually worth 3 dollars, are distributed for free.
He said, “News BTC is dominated by Uniswap among decentralized exchanges.” According to a recent report by Arcane Research, the volume of Uniswap transactions reached 39.5 million dollars, a surge of more than 1100 times from a year ago. Uniswap accounts for $20 billion, or 46% of the total volume of decentralized exchanges.
NewsBTC said the advantage is that Uniswap can quickly and easily transact token transactions through the Ethereum wallet. In addition, it was analyzed that the unique UI/UX with the unicorn as an icon also strengthened the brand power of Uniswap.
Among the DeFi tokens, the most soaring coin is Terra. Terra is trading at $1.2, up 34.28% based on the coin market cap. This is thanks to the fact that it has attracted 25 million dollars of investment to famous investors such as Galaxy Digital, Coinbase Ventures, and Pantera Capital.
The buying trend also flowed into altcoins such as Phantom and Alpha Finance. The two coins rose 22% and 35%, respectively.