April 2, 2018
IRYO Distributed Healthcare Network- zero-knowledge encryption powering medical AI & Big Data research
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Opinion: Can Uniswap’s UNI Break Into the Top 10 Cryptocurrency Token Rankings?
The launch of Uniswap’s governance token UNI caught the cryptocurrency market left, right, and center. Some folks who received the airdrop for being a loyal Uniswap user before September 1, dumped it on the market to avail their free helicopter money. Some held on.
Nonetheless, UNI got listed on Coinbase Pro, Binance and it’s price shot through the roof. It’s now on number 32 as per CoinGecko. But can it break into the top 10?
UNI Token Price Pumps, Dumps Then Again Pumps
As reported by CryptoPotato, the listing of UNI on Coinbase and Binance led to a massive pump in the token’s price. UNI surged 300 percent from $1 to $4 before dropping to the lower $2 levels later in the day.
Then, the token went on a rampage and reached a high of just shy of $9 before retracing to where it’s currently trading at around $6.7. But the explosive price action has generated tremendous enthusiasm amongst traders and DeFi fans who are calling for UNI’s break into the top 10.
So much is the frenzy that users were found to buy ETH to collect their ‘UNI helicopter money’ despite surging gas prices on the Ethereum network.
— The Wolf Of All Streets (@scottmelker) September 17, 2020
Can Uniswap’s Governance Token Break Into Top 10?
Since the launch and a super volatile bout of trading activity, Uniswap’s governance token is already a number 32 cryptocurrency according to data from CoinGecko.
Uniswap is currently the top DeFi project according to DeFi Pulse. And has assets with a total USD value worth $1.8 billion docked up in the DEX. An increment of 90 percent in the last 24 hours.
UNI has a $720 million market cap and is handling a $4.5 billion daily trading volume. Something which is unusual for a digital asset at such lower rankings. But according to hopium laced optimistic predictions on Twitter, the token will actually be a ‘unicorn’ cryptocurrency with its entry in the top 10.
Prediction: $UNI will soon be the #3 crypto asset.
— Cole Kennelly ⬙ 🦄 (@ColeGotTweets) September 17, 2020
And actually there may be some substance in such a claim as out of a maximum supply of 1 billion, only around 106 million UNI tokens are in circulation. The coin is trading currently for a price of $6.7.
It must be taken into consideration that Coinbase has an equity stake in Uniswap’s parent company Universal Navigation Inc and also holds a sufficient number of UNI tokens, as mentioned in their UNI token listing blog post.
This imparts a certain dose of legitimacy to the decentralized token swapping protocol. As per CoinGecko with current prices, UNI would have a ‘fully diluted valuation’ of more than $6.5 billion. That would be enough to push it comfortably amongst the top 10 cryptocurrencies.
Cardano, Ontology, Crypto.com Coin Price Analysis: 19 September
Cardano formed a bearish pattern on the charts as it braced for another dip in its price. The bearish pressure on the crypto-asset abated briefly, but sellers once more stepped in at a level of resistance to effect a slide for ADA. Crypto.com Coin, on the other hand, formed a bullish pattern. Ontology also displayed signs of bullishness.
However, since major altcoins seem to bleed whenever Bitcoin makes a move to the upside or down, another move could invalidate altcoin chart patterns.
Cardano appeared to form an uptrend from its recent lows as it briefly rose past its resistance at $0.097. However, sellers have prevailed since and the price was forming lower highs over the past week.
ADA formed a descending triangle pattern, as shown by the white line. This was accompanied by falling trading volume, also highlighted by the same. Such a bearish pattern signaled an imminent drop in the asset’s price.
The next level of support for ADA, beneath $0.091, lay at $0.085.
Cardano was in the news recently when IOHK announced a $250K public fund for Cardano community innovation, Project Catalyst. “Anyone can bring their idea and create a proposal,” the announcement said. “Through a public vote” winning proposals will begin a development process, it added.
The 20, 50, and 100 SMA (white, yellow, and pink respectively) showed that the past couple weeks have seen an uptrend. Their crossovers also indicated bullishness in the near-term.
Further, the MACD was forming a bearish crossover over the past few days. And yet, the previous week saw every price drop beneath this support being bought up as many candles near the $0.78-support level had significant tail wicks.
The outlook for ONT remained bullish, but a close beneath the support might suggest short-term bearishness.
Crypto.com Coin [CRO]
Crypto.com Coin was forming a bull pennant on its 4-hour charts. The same was evidenced by the white lines which formed the pennant, while the yellow line formed the flag pole of the pattern. The height of the flagpole is generally the upside target for this pattern. Here, the target would be $0.19.
The Parabolic SAR also gave a buy signal. The dots formed by the indicator would be a good place to set a stop-loss, as the pattern would be invalidated if the price closes beneath the pennant.
MyCoinStory is the 1st exchange to list SUN and KLAY derivatives
MyCoinStory is the first cryptocurrency exchange to launch SUN and KLAY tokens derivates SUNUSDT and KLAYUSDT future contracts are the first MCS’s “Colorful Quanto” products This comes as a part of expanding MCS’s portfolio of products Today comes the news of the world first. MyCoinStory (MCS), a global exchange specialized for trading cryptocurrency derivatives, has […]
- MyCoinStory is the first cryptocurrency exchange to launch SUN and KLAY tokens derivates
- SUNUSDT and KLAYUSDT future contracts are the first MCS’s “Colorful Quanto” products
- This comes as a part of expanding MCS’s portfolio of products
Today comes the news of the world first. MyCoinStory (MCS), a global exchange specialized for trading cryptocurrency derivatives, has listed SUNUSDT and KLAYUSDT future contracts.
Both of these products are the very first of their kind in the world. They are also among MCS’s first two offerings in what they call the “Colorful Quanto” group of products.
SUN token in SUNUSDT futures is widely considered to be the most acclaimed experimental Decentralized Finances project run by the TRON Foundation. As a reminder, TRON Foundation is the company behind TRON Protocol.
KLAY token is the native currency of the Klaytn blockchain behind which is the Ground X. This company is the subsidiary of the largest South Korean mobile platform, Kakao Corporation.
MyCoinStory offers quanto futures
Quanto contracts are special derivative instruments that are not settled in either base or counter currency of the pair. Instead, they are settled as a different asset. In the case of these two products, settlements are in bitcoins.
MyCoinStory has announced that it will continue to focus on introducing new unique quanto contracts products. This they hope will preserve their position as leaders in the market.
There is a wealth of different cryptocurrencies on the market, and often they show a high frequency of fluctuations. With quanto features, MCS is striving to increase the diversity of products they offer on their trading platform.
What is MCS?
MyCoinStory or MCS is a brainchild of financial and blockchain experts. It’s a trading platform centered around bitcoin derivative products.
As their mission, MCS states the curation of a democratic trading platform for cryptocurrency derivative. One where anyone can trade with disregard for their location of level of expertise.
For this purpose, MCS has partnered with custodian BitGo, one of the leaders in the digital assets custody industry. Based on the customers’ feedback, MyCoinStory continually improves its trading platform and diversifies its products’ offer.
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