Uniswap was the main story of the past day as its native cryptocurrency exploded by 80% following a proposal for a major upgrade.
Meanwhile, Bitcoin price remains stuck at around $51,000 as bulls and bears continue their battle for control of the market.
Bitcoin price is stagnating at $51,000
Bitcoin failed to break the $51,000 mark in the last 24 hours. The good news is that the Bears weren't able to get underneath either – and it wasn't for lack of trying.
The price temporarily fell as low as $50.6K, but then buyers intervened and managed to push the price back to the current level of $51K.
Source: CoinGecko
Bitcoin dominance has fallen from 49.25% to 48.6% in the last 24 hours. This is an indication that the altcoin market is performing better than BTC.
The Cryptocurrency Fear and Greed Index remains in the “greed” zone and is at 72, up from 76 yesterday.
Uniswap (UNI) is leading the altcoin push
Sentiment in the altcoin market is mostly mixed, with most of them recording slight gains or losses in the last 24 hours.
However, Uniswap’s UNI token is the obvious exception. The cryptocurrency exploded by almost 80% in the last 24 hours, fueled by a proposal to change a key component of the protocol.
Namely, the Uniswap Foundation proposes that UNI holders receive a percentage of the fees generated by the DEX. This will transform UNI from a mere governance token to a yield-generating token should the proposal be adopted.
Source: Quantify Crypto
UNI’s rise also drove other DEX-related tokens higher. These include dYdX (up 29%), Quickswap (up 14.1) and so on.
Overall, the last 24 hours have been relatively eventful and it will be interesting to see how the market develops next.
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