UNI, MATIC and AAVE rise after the Bitcoin price jumps back over $ 20K

by · July 14, 2022

Crypto investors found reason to celebrate July 14, when the market experienced a positive trading session just one day after the consumer price index (CPI) released a June print of 9.1%, the highest level since 1981.

Daily performance in the cryptocurrency market. Source: Coin360

The movement higher in the market was not entirely unexpected for experienced traders who have become familiar with a one- to two-day rise in asset prices following the recent CPI printouts. These traders also know that there is nothing to get too excited about, as returns have usually been accompanied by several disadvantages when people realize that high inflation is a negative development.

Nevertheless, the green in the market is a welcome sight after the tough start to 2022.

Top 5 coins with the highest 24-hour price change. Source: CoinMarketCap

According to data from Cointelegraph Markets Pro and TradingView, the biggest gains in the last 24 hours were Uniswap (UNI), Polygon (MATIC) and Aave (AAVE).

Robinhood lists UNI

Uniswap, the top decentralized exchange in terms of volume, saw the token price rise on July 13 after hitting a low of $ 5.23. The token has since climbed 36% to reach a daily high of $ 7.11 on July 14, amid a 104% increase in 24-hour trading volume to $ 449 million.

UNI / USDT 4-hour chart. Source: TradingView

The sharp shift in UNI price and trading volume comes when the popular brokerage firm Robinhood announced that the UNI token is now available for trading on the platform, exposing the asset to a large group of new buyers who do not have accounts on other cryptocurrency exchanges. .

Disney news gives a boost to MATIC

Polygon is one of the top two-scaling solutions for the Ethereum network that offers a faster transaction experience with lower fees for users and protocols.

Data from Cointelegraph Markets Pro and TradingView show that after a brief fall to a low of $ 0.52 on July 13, the price of MATIC rose by 36% to reach a daily high of $ 0.707 on July 14 on the back of a 120% peak at 24 hour trading volume.

MATIC / USDT 4-hour chart. Source: TradingView

MATIC’s price increase follows an announcement that the protocol was the only blockchain chosen by Disney to be part of the 2022 Accelerator Program.

Related: Bitcoin analysts weigh a drop of less than $ 17.5K after “weak” BTC price jump

Aave gathers on the development of stablecoin

Aave, a popular decentralized financial platform, is a lending and lending protocol that currently has $ 5.63 billion in total value locked in (TVL), making it the second-ranked DeFi platform by TVL behind MakerDAO.

Data from Cointelegraph Markets Pro and TradingView show that over the past 24 hours, the price of AAVE has risen 38.5% from a low of $ 67.10 to a daily high of $ 93 in the afternoon of July 14.

AAVE / USDT 4-hour chart. Source: TradingView

Aave aroused enthusiasm in society on July 7 when it revealed plans to release its own GHO stablecoin, which will be a security-supported stablecoin that is native to the AAVE ecosystem.

The total market value of cryptocurrency is now $ 927 billion and Bitcoin’s dominance is 42.6%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trade involves risk, you should conduct your own research when making a decision.