Amid the rise of the cryptocurrency market, the price of Uniswap's token significantly increased, reaching its peak in two weeks.
Sharp Rise of Uniswap
On May 8, Uniswap's token (UNI) rose by 17%, surpassing the $5.50 mark. This occurred concurrently with the global growth of cryptocurrencies, as Bitcoin reclaimed the $100,000 level. The trading volume for UNI in the past 24 hours exceeded $214 million, representing a 70% increase compared to previous periods.
Global Trends and Market Influence
According to analysts at the Santiment platform, the rise of Bitcoin could provide new momentum, though they caution about potential risks. They noted: "On one hand, retail investor interest can fuel this rally, but on the other hand, when there is an overwhelming amount of calls for 'higher,' rallies often put on the brakes."
Support from Unichain and Ethereum
The recent Ethereum upgrade Pectra, which includes 11 improvement proposals, has also played a role in supporting Uniswap's growth. The upgrade enhances user experience and staking mechanisms. Additionally, Unichain has emerged as a leading platform for the Uniswap community, showing a volume of $1.99 billion with a 14% weekly increase.
As a result, Uniswap's growth amid the overall rally of the cryptocurrency market and the successful Ethereum upgrade highlights its significance for users and investors, marking substantial increases in volumes and attracting new traders.
