Bittime - Altcoin enthusiasts are seeing a resurgence in the crypto market, especially as it relates to Uniswap's native token, UNI. According to a Moby Media tweet, UNI's price has jumped more than 43% since May 20, and is now ranked 19th with a market capitalization of more than IDR 107 trillion ($6.7 billion).
This significant price movement triggered a massive buying action among investors. Accompanying the UNI token, PENDLE also soared. What caused these two tokens to rise? Here's the explanation!
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Spotlight on Ethereum Tokens
The surge in UNI prices can be attributed to the increasing attention towards the Ethereum token. Especially, after the recent approval of Ethereum spot ETH.
Many investors are now looking for big profit opportunities among low-cap altcoins in the Ethereum ecosystem. As Patrick H. of CryptelligenceX mentioned, “The mid- and small-cap altcoins of the Ethereum ecosystem are likely in for a big bull run next week.”
Also read: Signs that the DeFi season is near, will Uniswap (UNI) shine again?
Uniswap Effect
Uniswap, as a decentralized exchange of the Ethereum ecosystem, plays an important role in facilitating the trading of altcoins that are not listed on centralized exchanges.
As Patrick H. explains, “If you want to trade altcoins that are not listed on a centralized exchange, you should use Uniswap (because most of them are only listed on Uniswap).”
This dynamic positioned Uniswap as a key player in the altcoin trading space, further fueling demand for its native token, UNI.
Also Read How to Buy Crypto:
Breakout Pattern and Bullish Target
Source: Captainaltcoin
UNI's recent price surge is also part of a larger breakout pattern of the descending triangle pattern, as highlighted by CryptoJack.
Also read: PENDLE: Price Increase and the Future Post EigenLayer
The analyst has entered a long position (long term buy) on UNI, setting a target of IDR 240,000 ($15), indicating potential further upside from the current price of around IDR 160,000 ($10).
Pendle Finance: A Rising Star in DeFi
Along with Uniswap's impressive performance, Pendle Finance (PENDLE) has also become a hot topic in the DeFi (Decentralized Finance) space. According to Decilizer, PENDLE is "unstoppable after breaking through the $4 level (around IDR 64,000)," with the analyst predicting a potential target of IDR 111,200 ($6.95).
Jane Bennet also weighed in, noting PENDLE's impressive 540% rise in the recent past and its recent breakout from $6 (around IDR 96,000), with a target of IDR 135,520 ($8.47).
Driving Factors for Rising PENDLE Prices
This massive buying wave and surge in cryptocurrency prices can be attributed to several underlying factors. Pendle is a protocol that allows tokenization and trading of future yields.
The platform has attracted significant attention for its innovative Automated Market Maker (AMM) which supports assets with time decay. This innovative approach gives users more control over future outcomes, offering options and opportunities for their utilization.
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Furthermore, according to Crypto Koryo, Pendle, with a Total Value Locked (TVL) of more than $6 billion (around IDR 96 trillion), has surpassed Uniswap to become the 6th largest DeFi protocol by TVL.
The restaking narrative (locking up tokens to earn rewards) is also thought to have played a role in this growth, as Pendle offers a restaking feature for its PENDLE token.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Uniswap (UNI) price rises, these are the factors that make its value soar
Uniswap Dominates the Market, Dai Under the Shadow of Risk, Raffle Coin Soars in Presale
Opportunity to Buy Pendle Coin? Latest Analysis End of May!
Best Crypto Assets to Buy: The Potential of PEPE, NEAR, and PENDLE Don't Lie!
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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