Bitcoin, and by extension, the larger crypto-market, have both done well over the last few weeks. Not only did the world’s largest cryptocurrency allay concerns associated with its price performance, but for the first time since March, BTC was also able to sustain a position above its previous psychological resistance of $10,000. At the time of writing, priced at $11,720, Bitcoin was gaining strength on the charts before it attempts to push past its $12,000 resistance.
The latest surge in BTC’s price had a characteristically profound impact on the market’s altcoins. However, over the past few days, the momentum on some of the altcoins’ charts seemed to have neared a point of exhaustion.
XRP, formerly the second-largest altcoin in the market, was one of the cryptos to surge on the back of Bitcoin’s recent performance. In fact, over the course of a week, XRP, a cryptocurrency long derided for its lack of volatility, rose by an astonishing 52%. Since then, however, XRP’s price movement has been largely stable, if not stagnant. As corrections set in over the past few days, XRP depreciated, with the crypto down by over 4.7%.
Despite the recent correction wave, XRP’s technical indicators underlined the bullish trend in the market. While the mouth of Bollinger Bands was contracting slightly and faced north, Chaikin Money Flow held steady near the 0.30-mark, a sign of healthy capital inflows.
Despite its traditional lack of movement, many have often claimed that XRP is one of the most sustainable crypto-assets in the ecosystem. This sentiment was recently shared by Pantera Capital’s Dan Morehead during an interview.
Ethereum Classic [ETC]
Ranked 26th on the cryptocurrency ladder, Ethereum Classic wasn’t doing so well in terms of price performance, at the time of writing. While the recent hike in BTC’s price did push ETC’s value north, corrections soon set in. In fact, since hitting a local top on the charts, ETC depreciated by over 10% in just one week.
It must be noted, however, that for Ethereum Classic, other factors were at play as well. The network was the target of two 51% attacks this week, attacks that did little to assure people of the network’s safety and security.
The bearishness in the ETC market was evidenced by its technical indicators as while Parabolic SAR’s dotted markers were well above the price candles, Relative Strength Index was noting a gradual decline on the charts.
Following the double whammy, many in the community have called for radical changes. One of them is Ethereum Commonwealth’s Founder who recently proposed the Pirlguard protocol as a way to prevent such attacks from happening in the future.
According to many, the Internet’s favorite meme-coin is more than that right now. After all, Dogecoin did make news weeks ago after a viral TikTok challenge pushed DOGE to unseen heights. In fact, this was followed by the likes of Bitfinex listing MegaDogecoin and others like Binance launching DOGE/USDT perpetual contracts. This period saw DOGE pump by over 100% in just a few days.
However, there are others who argue otherwise and point to DOGE’s price performance after the bullish momentum had exhausted itself. Since topping out, DOGE has fallen, and it has fallen incredibly, noting corrections of over 27%. This, coupled with the fact that its volumes have once again dipped to pre-surge levels lend credibility to such arguments.
Dogecoin’s indicators weren’t definitive in the outlook they foresaw for the market in the future as while the MACD line was almost intertwined with the Signal Line, the Awesome Oscillator noted a mix of minimal bearish and bullish momentum.
$165 Million Bitcoin Moved to Ethereum after Uniswap’s UNI Token Launch
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Uniswap locks up $1.79 billion two days after token launch, UNI surges to $7.50
Decentralized exchange Uniswap has locked up a staggering $1.79 billion in total assets just two days after the launch of UNI, its native governance token.
Uniswap shows who is boss
As per data on DeFi Pulse, Uniswap liquidity pools now lock up over 2.4 million ETH alone, with other assets combining to make a total of $1.79 billion. The figures are over thrice than the first week of September—when investors moved to Uniswap fork SushiSwap to lock their assets up.
For the uninitiated, Uniswap is a fully decentralized on-chain protocol for a token exchange on Ethereum that uses liquidity pools instead of order books. Any users, regardless of nationality or KYC status, can quickly swap between ETH and any ERC20 token and earn fees by supplying liquidity.
The protocol also allows users to create their own market by supplying an equal value of ETH and an ERC20 token: The market creator can then set the exchange rate, which shifts through trading due to Uniswap’s “constant product market maker” mechanism.
UNI token 101
So far, the platform served as a pure-play DEX without a token. But competition from the likes of SushiSwap — and DEXs on other blockchains like Binance Smart Chain — spurred Uniswap to release its token last week.
The token briefly traded at under a dollar, as per data on CoinGecko, but surged shortly after to $2.4. Investors then piled into the token over the next two days, with UNI briefly trading at over $8.40 on Friday night — a rise of over 500%. It trades at $6.32 at press time.
Much of the buying pressure could be explained by the lure of taking part in community proposals, discussions, and governance on Uniswap. As per its token prospectus, a total of 1 billion UNI tokens will ever be available, of which 60.00% belongs to Uniswap community members, 21.51% to team members, and future employees with 4-year vesting, 17.80% to investors with similar vesting, and 0.069% to advisors.
Over 110 million UNI are in circulation at press time. A perpetual inflation rate of 2% per year will start after 4 years, ensuring continued participation and contribution to Uniswap at the expense of passive UNI holders, the prospectus said.
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Why the First US Crypto Bank Is a Big Deal
Kraken became the first crypto exchange to win a U.S. banking license this week. Here’s why that matters.
On this edition of The Breakdown weekly recap, NLW looks at:
- DEXetition – Uniswap’s battle with SushiSwap heats up as the former dropped the UNI governance token in what some likened to a crypto stimulus check
- The Fed has no clothes – After another FOMC meeting of “nothing new,” the mirage of Federal Reserve omnipotence is fading
- TikTok and WeChat banned from U.S. app stores – Is it just a negotiating technique? Whatever the case, people are not happy
- Kraken becomes a bank – What it means now that Kraken has been approved for a Wyoming Special Purpose Depository Institution charter
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