Altcoin
Toncoin (TON) vs. Uniswap (UNI): Where will the bulls settle?
Amid negative market sentiment, some crypto assets outperformed with double-digit weekly inflows. Huge losses occurred in cryptocurrencies last week after Bitcoin traded below $70,000, while altcoins fell below previous resistance levels. This downward trajectory has dragged assets lower, leading to billions being liquidated from the market.
Amid the uncertainty, Uniswap and Toncoin have seen inflows over the past seven days. Today, crypto assets attempt a rebound with the market capitalization rising to $2.42 trillion while Uniswap rose 10%. However, Toncoin posted losses today despite positive weekly momentum.
Uniswap attracts bulls
Decentralized cryptocurrency exchange, Uniswap has raked in gains leading the top 20 crypto assets by market capitalization in the near-term recovery. While other assets recorded inflows of between 0.5% and 2%, UNI rose more than 10% as bulls raced toward broader gains. As of this writing, UNI is trading at $11.46, breaking above the $10 resistance level.
Over the past seven days, Uniswap has seen gains of 15% and inflows of more than 50% over the previous 30 days. This shows bullish momentum from the asset as holders build on the rally. UNI’s market capitalization stands at $6.8 billion, while trading volume increased 3% to more than $378 million. Assets have broken above resistance levels, but are 74% below the all-time high of $44 during the 2021 bull run.
Uniswap continues to rise due to whale activity. On June 15, a wallet linked to
Amber Group bought $20 million worth of Ethereum and Uniswap, signaling an upward push.
Toncoin seeks to consolidate weekly trading
Toncoin fell 2.9% today, while other assets saw slight inflows. This week, TONNE rose by 12.41% while several altcoins recorded massive losses. Asset growth occurs as their total value locked (TVL) increases with increased adoption. The success of the network is linked to the popularity of Notcoin and TapSwap. Both platforms boast 30 million and 49 million users respectively. At the moment, bulls appear to be leaning towards Uniswap, although a change in sentiment could send TON soaring.
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David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in learning about emerging technologies and has an eye for the latest news. Staying up to date on trends, David has reported in several niches including regulation, partnerships, cryptocurrencies, stocks, NFTs, etc. Away from the financial markets, David cycles and rides horses.