Altcoins
Uniswap Price Nears Key Resistance as Daily Users Spike
Uniswap price has crawled back in 2023, helped by the strong performance of digital currencies and increased volume in its ecosystem. UNI token jumped to a high of $7.55 on Friday, the highest point since November 7. It has jumped by more than 44% from the lowest point in 2023.
Uniswap volume and fees rising
Uniswap had a mixed performance in 2022 as cryptocurrency prices plunged. As a decentralized exchange (DEX), the decline meant that more people pulled their money out of the industry. Therefore, daily trading volume slumped, pushing total revenue sharply lower.
According to Token Terminal, Uniswap’s best month ever was in May 2022 when it collected fees worth over $224 million. It was followed by November 2021 when fees rose to $181 million. Since then, fees crashed continually in 2023 and reached a yearly low of $20.6 million.
There are signs that Uniswap’s fees are bouncing back. As shown below, the network’s revenue rose to $37.8 million in January as the volume processed rose.
Other data shows that the situation is encouraging. For example, the number of active users in the ecosystem has bounced back in 2023. It had over 57k users on Thursday, the highest point since November 2021.
The biggest challenge for Uniswap is that the competitive landscape is growing by the day. Popular DEX protocols like dYdX are gradually taking market share. For example, dYdX handled transactions worth over $1.35 billion in the past 24 hours compared to Uniswap’s Ethereum version’s $1.1 billion.
Another challenge is that the highly hyped NFTs in Uniswap did not have a major impact since launch. Data by Dune Analytics shows that the volume of NFTs traded in Uniswap has been in a strong downward trend. The number of unique sellers and buyers in Uniswap were just 61 and 23, respectively.
Uniswap price prediction
The UNI crypto price has made a slow bullish breakout in the past few weeks. It has jumped above the ascending trendline shown in black. It has moved above the 25-day and 50-day moving averages. The coin is approaching the important resistance point at $7.80, the highest point on November 6.
Therefore, there is a likelihood that the coin will continue rising as buyers target the key resistance point at $9.7, the highest point on July 9. The stop-loss of this trade will be at $6.
XRP price has recorded substantial gains in the past week, jumping more than 20% over the period. The altcoin has been among the best-performing cryptocurrencies in the market. XRP’s total market capitalization currently stands at $23.2 billion, ranking it as the 6th largest cryptocurrency after USD Coin and above Cardano. The total volume of the coin traded in the past 24 hours has declined by more than 27%.
Fundamentals
XRP has experienced significant volatility in its market capitalization in recent years, reaching a peak of $140 billion in early 2018 before plunging to under $10 billion in 2019. The coin was designed to be a bridge currency, allowing seamless transactions between different currencies without the need for a traditional financial intermediary.
Even so, XRP faces stiff competition from other altcoins, particularly ones that focus on cross-border payments. Stellar Lumen (XLM) is one of the cryptocurrencies that was created to facilitate cross-border payments. Additionally, traditional financial institutions have also started creating their digital currencies and blockchain solutions, which could potentially compete with XRP.
Over the years, XRP has been adopted by several major institutions including American Express, Standard Chartered, and Santander. Ripple has also partnered with over 300 financial institutions globally to use XRP for cross-border payments. However, even with adoption, the coin still faces regulatory hurdles in several countries including the United States.
XRP price performance has been subdued over the past few years since the
Dogecoin price has been range-bound for the past few days as investors weigh up the recent banking crisis on fears that the global economy may be headed into a recession. The meme coin has jumped by more than 3% in the past week and gained 7% in its year-to-date price. Dogecoin ranks as the 8th largest cryptocurrency by market cap after Cardano and before Polygon.
Fundamentals
Dogecoin price was trading in the red on Friday, wiping its gains from Thursday’s trading session. The coin has been under pressure for the past month as many investors seem to be backing out of their investments in the altcoin. Elon Musk, CEO of SpaceX and Tesla recently showed a loss of enthusiasm for the meme-inspired cryptocurrency as he expressed his new interest in AI.
Elon Musk’s tweets have always had a substantial impact on the Dogecoin price. Earlier this month, Musk took to his Twitter to announce that he had lost his interest in crypto and gained a newfound interest in AI. His remarks saw the DOGE price dip by nearly 5%, contributing to the significant decline in the coin’s price this month.
The global crypto market has been holding steady above the crucial $1 trillion level for the past few days. At press time, it was at $1.16 trillion, a 0.31% decrease over the last day. The total crypto market volume slipped by 13.78%. More specifically,…
Ethereum price has been hovering around its highest level in 7 months for the past few days amid a boost in the crypto market. ETH has jumped more than 49% in its year-to-date price, increasing 5% in the past week. Ethereum’s total market cap has slipped by more than 3% over the last day, while the total volume of the altcoin traded increased by more than 6%.
Fundamentals
Just like most cryptocurrencies, Ethereum price found support in the recent fiasco in the banking sector. The recent vulnerability in the banking sector pumped liquidity in the global crypto market as investors shifted to other assets such as cryptocurrencies. Bitcoin, the largest cryptocurrency by market cap, saw its price hit its highest level in 9 months, while Ethereum jumped to a 7-month high.
The global crypto market was in the red later on Wednesday as investors chewed on the Fed’s latest interest rate decision. The Federal Open Market Committee (FOMC) announced on Wednesday a 25-basis point hike in the federal funds to 5%, down from 4.75%.
According to a statement by the US Federal Reserve, the FOMC remains highly attentive to inflation risks as it seeks to achieve an inflation rate of 2%in the long run. The Committee also announced that it anticipates additional policy firming to help in attaining a stance of monetary policy to aid in achieving the 2% target.
According to the Fed’s…
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