The recently launched Uniswap decentralized exchange token has grown by 20% over the past 24 hours and is trading at about $5 at the time of publication. At the same time, most other tokens from the decentralized finance (DeFi) space continue to show negative dynamics, as does the broader cryptocurrency market.
In the first two days of trading, UNI climbed from $ 0.30 to a high of $ 8.40. After that, the token underwent a correction and dropped to $ 3.90 by Tuesday.
At the time of publication, UNI has a capitalization of $ 629 million, which puts it in 32nd place in the market and fifth among DeFi tokens. Over the past 24 hours, its capitalization has grown by more than $ 100 million.
Since the token was launched just a week ago, it is still difficult for analysts to predict its further trajectory based on technical analysis methods, and UNI itself remains in the process of pricing.
The last week has been a tough one for investors who entered the DeFi space late. Chainlink token fell 25%, yearn.finance fell 30%, Aave fell 16%, UMA fell 37%.
In general, the crypto market lost $ 22 billion in capitalization on Monday, while bitcoin fell by 5% to $ 10,400. A similar trend can be seen in the stock market, which, like the cryptocurrency market, has not yet fully recovered from the recent fall.