Bitcoin Price: Top Cryptocurrency Prices Today: Polkadot, Uniswap rally up to 14%. What tech charts suggest
NEW DELHI: Crypto tokens saw a general rebound on Friday, with Bitcoin briefly exceeding $ 40,000 on some exchanges before giving up profits. Polkadot and Uniswap led the rally with double-digit jumps. Ethereum and Binance Coin also showed decent gains.
Global investors are switching from Bitcoin and other cryptocurrencies to so-called meme stocks like AMC Entertainment and Gamestop – whose prices have trembled as they are under increased scrutiny by regulators. Digital tokens have taken a breather due to the recent volatility.
The value of Bitcoin, the world’s largest cryptocurrency, is down about 30 percent this month, in part due to concerns that its negative environmental impact will deter companies from including Bitcoin on their balance sheets.
The DubaiCoin (DBIX) cryptocurrency recently launched by Dubai made a spectacular debut. According to Crypto.com, the digital token rose over 1,000 percent within 24 hours of its debut. However, the virtual currency is traded on a selected number of exchanges.
At home, cryptocurrency exchanges will turn to the Supreme Court for instruction on whether the Reserve Bank of India (RBI) can instruct lenders to cease operations, despite an earlier ruling by the Supreme Court overturning the central bank’s order to ban cryptocurrencies.
This happened after the RBI had asked the banks through an “informal” dictation to stop dealing with cryptocurrency exchanges. For the past month or so, some of the banks have stopped providing services to the exchanges, which has created a major disruption.
“Markets continue to be choppy as we consolidate towards the new normal. Stable markets are usually a sign of good things. They show stability and eliminate bad players, which is great for overall growth,” said Edul Patel, CEO and co-founder, Mudrex, a crypto trading platform.
Historically, altcoins followed whenever leading cryptocurrencies by market capitalization showed signs of recovery.
Analysts advise investors to remain cautious although the market will see an upward trend over the next few days and possibly weeks.
Crypto prices from 9:40 a.m. IST (Source: coinmarketcap.com)
- Bitcoin: $ 38,151.20, up 3.76 percent
- Ethereum: $ 2,711.92, up 1.43 percent
- Tether: $ 1.00, unchanged
- Binance Coin: $ 363.80, up 4.58 percent per
- Cardano: $ 1.67, up 0.86 percent
- XRP: $ 0.9689, up 0.91 percent
- Dogecoin: $ 0.3432, up 2.6 percent
- Polkadot: $ 25.74, up 14.4 percent
- USD coin: $ 1.00, up 0.02 percent
- Uniswap: $ 28.79, up 7.30 percent
Tech View from ZebPay Trade Desk
The most popular asset in Decentralized Finance (DeFi), UNI, is the native token of the Uniswap protocol. Lately the asset has undergone several upgrades that have made room for some important attributes and improvements in the log.
First came the Uniswap V2 upgrade, which allowed liquidity providers to create pair contracts for any two ERC-20 tokens. Previously, the protocol had required that ETH be a fixed asset alongside other ERC20 tokens. From then on, Uniswap saw the launch of its largest and newest upgrade, now called Uniswap V3.
This makes Uniswap V3 a pretty significant upgrade:
It will offer concentrated liquidity, better capital efficiency, active liquidity, range order capabilities, non-fungible liquidity, flexible fees, and a license to operate its open source code.
These upgrades have significantly increased Uniswap’s value proposition and have been established among the leaders in the DeFi ecosystem in the crypto space.
Market Capitalization and Rank: $ 16 billion
Resistance: $ 35.43 and $ 30.00
Support: $ 24.69 and $ 19.89
Uniswap consolidates and trades in a range of $ 24.5 to $ 29.5. A breakout on either side with good volumes will continue to set the trend for the asset. UNI is currently trading at $ 28.52.
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