Crypto Daily: Uniswap Airdrop and New Ethereum Growth
Over the past day, the Bitcoin price has remained virtually unchanged (-0.17%) and moved to a sideways trend. The price briefly jumped to $11,000, and then dropped back to $10,900. Volatility was 3% yesterday which is a small value for Bitcoin. After three days of growth, we see a significant decrease of market activity and small trading volume.
We have serious concerns about the future possible growth of Bitcoin. First of all, it is due to the lack of strong fundamental news, because of which Bitcoin could rise. The second factor is the weakness of the indicators. Stochastic has already reached the overbought zone, and there is still a small range for price growth.
Most likely, in the next few days the price will remain near these levels, and next week we may see the market collapse. In this case, the Bitcoin price will go to $10,000 and will consolidate below this level.
Ethereum
The ETH price per day increased by 6.5%, reaching $390. We said earlier that it is the strong level of resistance for Ethereum now. In case of an upward breakout, the price may grow to $440, and now there are all the prerequisites for this.
Yesterday, the largest DEX in the world Uniswap, announced the launch of its token, with an initial value of $2. The project team announced that they will distribute 60% of tokens in the form of an airdrop. Only those who used Uniswap before September 1st will be able to take part in it.
After this news, users paid $1 million in commissions, literally an hour after the airdrop started! All of this money went to miners who processed a record 1.5 million transactions yesterday.
Many DeFi cloned Uniswap and added farming of their token. With varying degrees of success, they managed to achieve high performance. Sometimes tokens grew by hundreds and thousands of percent, for example, SushiSwap or Kimchi. As a result, Uniswap was losing users and trading volumes. So just a week ago, the amount of funds blocked in their pools decreased by $1 billion. Now this value has practically returned to its previous levels and amounts to $1.32 billion.
DeFi’s heyday continues, and Ethereum provides the infrastructure for them. Therefore, the rise in the price of ETH can take a long time. We also want to note that the uptrend for this coin has not yet been reversed.
