BTC back over $US50k; Uniswap first DeFi token to crack top 10
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Crypto markets have been solidly in the green today, with both Bitcoin and Etherum both posting strong gains after the US Senate approved a massive $US1.9 trillion ($2.5 trillion) coronavirus relief package.
BTC was trading at $US51,510 ($67,000) and Ether was changing hands at $US1,736 ($2,250) at 1pm AEDT, up 4.8 and 5.4 per cent respectively from 24 hours ago, according to Coincap.io.
Of the top 100 crypto-assets listed on Coingecko, 81 had posted losses over the past 24 hours, while only 18 had lost ground — including six “stablecoins” that tend to slightly lose their peg to the US dollar when the market is ascendant.
At least judging from social media, positive sentiment seemed to have well and truly returned to the market after a major case of the jitters following the correction a fortnight ago.
Monday morning bitcoin energy building.
You can feel it.
Institutions ready to pop off with the buy button.
— Pomp 🌪 (@APompliano) March 8, 2021
— Satoshi Nakamoney 🍥 (@nakamoney) March 7, 2021
Enjin Coin had been the best performer in the past 24 hours (as of 1.15pm AEDT), gaining a 29 per cent to $US1.54 and hitting an all-time high of $US1.57 around 1pm.
It was just five days ago that Enjin coins were trading at under US90c and they were available for around US13c at the start of the year. The gaming coins have benefited from the hype around “non-fungible tokens” – unique tokens that are often used to represent digital or physical assets, including art.
— Ace Mason (@laysbricks) March 8, 2021
Other top 100 coins setting all-time highs since Friday are Ocean Protocol, Uniswap (UNI), SwissBorg and Terra.
UNI is a governance token for the Uniswap decentralised exchange – a platform that lets users swap one Ethereum ERC-20 token for another. It’s a form of “decentralised finance,” or DeFi, in which a smart contract platform (in this case Ethereum) is to let traders transact safely with one another without middlemen.
The UNI token is up 50 per cent in a week, going from the No. 13 spot on Coinmarketcap to No. 8.
— AnthonΞ Sassano | sassal.eth 🏴 (@sassal0x) March 7, 2021
The token was only created in September 2020, to fend off a so-called “vampire attack” on the platform by SushiSwap, a fork of the protocol.
Basically, in the drama-filled crypto-space, an anonymous developer (“Chef Nomi”) cloned Uniswap and lured away some of the users that provide liquidity to the trading pools by offering them better rewards.
To re-incentivize its community, Uniswap created the Uni tokens and handed out 400 of them to every wallet that had ever used the platform.
Those tokens initially traded for less than $US4, but now over US$33, meaning that the coins from that free airdrop are now worth over $US13,000 ($16,900).