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28 March 2024
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Uniswap (UNI) price jumps by 15% in DeFi, cryptocurrency market rebounds

Uniswap (UNI) was among the best performers among the top cryptocurrency tokens by market capitalization in the previous 24 hours, logging better gains than other top cryptocurrencies, namely Bitcoin (BTC), Ether (ETH) and Binance Coin (BNB).

On Wednesday, the UNI/USD exchange rate jumped 13.26% to hit a seven-day high of $25.68. Traders continued to bid higher on the pair entering Wednesday, pushing its value higher to $26.07 at one point, up more than 15% from the previous session’s open of $22.66.

Market-wide recovery behind UNI gains?

The majority of UNI’s gains in the previous 24 hours seems to have surfaced in the wake of a market-wide recovery.

For instance, the said timeframe witnessed Bitcoin, the benchmark cryptocurrency that enjoys heavy influence on the rest of the crypto tokens, climbed above $47,000 following a 4.85% upside move on Tuesday. Meanwhile, Ethereum saw its native asset, ETH, rallying toward $3,500 in a 4.57% price jump.

Elsewhere in the crypto market, BNB, XRP, Dogecoin (DOGE), Terra (LUNA) and Chainlink’s LINK also rose. In contrast, smart contracts platform Solana’s native asset, SOL, fell 6.47% following a denial-of-service disruption on its network.

At the same time, Cardano (ADA), one of Solana’s top rivals, dropped by more than 1%.

The performance of the top 15 cryptocurrencies in the past 24 hours. Source: TradingView

At first, the gains among the top tokens, including Uniswap, looked to have been helped by capital rotations out of SOL and ADA markets.

In detail, Solana’s market cap surged by more than 400% quarter-to-date following its foray into the booming nonfungible token (NFT) sector, providing traders a decent opportunity to lock interim profits. Additionally, the network outage accelerated the profit-taking scenario.

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