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Uniswap Skyrockets 80% as Bitcoin Stalls at $51K (Market Watch)

source-logo  cryptopotato.com 24 February 2024 10:08, UTC

Uniswap has been the main story of the past day, as its native cryptocurrency exploded by 80% following a proposal for a major upgrade.

Meanwhile, Bitcoin’s price remains stuck at around $51K as bulls and bears continue their fight for control over the market.

Bitcoin Price Stalls at $51K

Bitcoin has been unable to break above $51,000 in the past 24 hours. The good news is that the bears were unable to push below it either – and it wasn’t for the lack of trying.

The price dipped to as low as $50.6K at one point, but that’s when buyers stepped in and managed to push it back up to where it currently trades at $51K.

Bitcoin’s dominance has declined to 48.6% in the past 24 hours – down from 49.25%. This is indicative of the fact that the altcoin market is outperforming BTC.

The cryptocurrency fear and greed index remains in “Greed” territory, clocking in at 72, down from 76 yesterday.

Uniswap (UNI) Leads Altcoin Push

The sentiment in the altcoin market is mostly mixed, with the majority of them charting slight gains or losses over the past 24 hours.

However, Uniswap’s UNI token is the obvious exception. The cryptocurrency exploded by almost 80% in the past 24 hours, driven by a proposal to change an important component of the protocol.

Namely, the Uniswap Foundation proposes that UNI holders receive a percentage of the fees generated by the DEX. This turns UNI from a mere governance token into a yield-generating one, should the proposal pass.

The surge in UNI propelled other DEX-related tokens also to soar. These include dYdX (up 29%), Quickswap (up 14.1), and so forth.

All in all, the past 24 hours turned out to be relatively eventful, and it’ll be interesting to see how the market unfolds next.