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PancakeSwap Price Gains Momentum as Daily Users Jump
Centralized and decentralized exchanges (DEX) have started the year well, helped by the strong comeback of cryptocurrencies. Coinbase shares have soared by over 150% from the lowest point in December. Similarly, Uniswap and PancakeSwap have seen inflows, daily users, and revenue rise. As a result, CAKE price was trading at $4.23, about 35% above the lowest point in December.
PancakeSwap volume rises
PancakeSwap is a major player in decentralized finance (DeFi). It was originally created in the BNB Chain although recently it has expanded to Ethereum and Aptos. According to DeFi Llama, the network has a total value locked (TVL) of more than $3.69 billion in dollar terms.
Its BNB Chain ecosystem has a TVL of over $3.6 billion while Aptos and Ethereum have a TVL of $36 million and $16 million, respectively. In BNB terms, PancakeSwap has seen its TVL plunge to a low of 811 million, the lowest point since April 2021.
PanckaeSwap has struggled in the past few months. Like Uniswap, the network struggled as the overall trading volume plunged in 2022 as cryptocurrencies retreated. At the same time, competition from other fast-growing DEX platforms like dYdX, Kine Protocol, and Curve Finance has risen.
Recently, however, the recent crypto rebound has done well, helped by the strong performance of most digital coins like Bitcoin and Ethereum. This performance is mostly because of the rising expectation of a Federal Reserve pivot.
As a result, data compiled by Token Terminal shows that the number of daily users has been in a strong uptrend since January. On December 24, it had over 96.4k active users. This figure has grown to over 144k, the highest level since December 15.
As a result, total revenue has jumped by 26.5% in the past 30 days albeit from a low base. Indeed, total revenue has crashed by 61% in the past 30 days.
PancakeSwap price forecast
The 4H chart shows that the CAKE crypto price has made a strong comeback in the past few days. As it rose, the token has formed an ascending channel shown in black. It has moved slightly above the important resistance level at $4.11 (November 26 high). The price is nearing the upper side of the ascending channel.
Further, CAKE price is being supported by the 25-day and 50-day moving averages. Therefore, the outlook of the PancakeSwap price is still bullish, with the next key level to watch being at $5.
Bitcoin price has been hovering above its highest level since June 2022 over the past few hours. The largest cryptocurrency by market cap has jumped by 28.30% in the past week, while its year-to-date price inches higher to 70.63%. Bitcoin’s total market cap has increased by 4.77% over the last 24 hours to $547.7 billion, while the total volume of the coin traded rose by 50%.
BTC Skyrockets
Bitcoin price was rallying on Monday as most altcoins slumped, led by the largest altcoin by market cap, Ethereum. The global crypto market cap has increased 2.49% over the last day to $1.18 trillion, while the total crypto market volume jumped 34.88%. Bitcoin’s dominance inched 0.98% over the past 24 hours to 46.34%, its highest level since June 2022.
The recent global banking crisis in which three major banks in the US were closed within days has pushed the BTC price higher. Silvergate Capital, Signature Bank, and Silicon Valley Bank recently disclosed operational difficulties, prompting regulators to shut them down.
Switzerland’s largest banking institution, UBS, announced on Sunday that it had entered a merger deal with its embattled rival Credit Suisse. UBS announced that it would buy its rival for $3.25 billion, with Swiss regulators playing a key role in the ideal. According to the Swiss National Bank, the merger will secure financial stability and protect the Swiss economy.
Bitcoin reacted positively to the news, cruising…
Solana price joined in on the recent rally in the global cryptocurrency market, jumping nearly 17% in the past week. Solana has made substantial gains this year, climbing 102% in its year-to-date price. SOL ranks as the 11th largest cryptocurrency after Binance USD and ahead of Polkadot. Despite the altcoin’s recent rally, the total volume of the coin traded has continued to dwindle.
Fundamentals
Solana price was trading slightly higher on Friday as Bitcoin and other altcoins extended their rally despite the bank contagion fears weighing on the markets. Bitcoin and Ethereum have been leading the recent rally in the market, jumping more than 30% and 20% in the past week, respectively.
Investors have welcomed the resilient crypto prices amid the recent crisis in the banking sector this week. The week started with the collapse of Signature Bank and Silicon Valley Bank on Sunday until the focus shifted to Credit Suisse and First Republic Bank. Traders have been digesting the fate of Credit Suisse even after the bank said that it would borrow up to 50 billion Swiss Francs from the Swiss National Bank.
Several analysts have linked the recent rally in the crypto market to lingering bank worries. Even so, crypto prices are heavily influenced by inflation and the Federal Reserve interest rate hikes. According to analysts, the recent decline in banking stocks points to the vulnerability of traditional institutions, raising liquidity concerns…
Bitcoin price has been on a 4-day consecutive rally, jumping more than 29% since Friday when Silicon Valley Bank collapsed. Despite the tough year so far, BTC has been among the best-performing cryptocurrencies, jumping 57% in the year to date. At the time of writing, Bitcoin was trading 7% higher at $25,820.
BTC is Outperforming
Bitcoin price has been rallying in its recent trading sessions despite the collapse of the Silicon Valley Bank last week on Friday. The coin’s recent rally has been largely boosted by the current bullish momentum in the markets. Bitcoin’s coin market cap has increased by more than 7% in the past 24 hours, while the total volume of the coin traded slipped 8%.
Data by Coinmarketcap shows that the global crypto market cap has increased further by 5.19% to $1.13 trillion, while the total crypto market volume has decreased by 15.96% over the same period. Bitcoin’s dominance has increased by 0.83% over the last day to 44.24%.
The rally in the crypto market has been intricately linked to the recent US Consumer Price Index (CPI) data. The Bureau of Labor Statistics (BLS) reported a 0.4% increase in inflation in February from January, matching consensus estimates by analysts.
The CPI reading declined to 6% year on year, down from 6.4% in January, in line with market expectations. The core CPI, which excludes volatile food and energy prices, came in at…
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