Uniswap's cryptocurrency UNI was the top sensation of the past day, soaring about 80% after a proposal to reward UNI holders with a percentage of fees generated by DEX.
Uniswap has become the top sensation of the past day, with its native #cryptocurrency exploding by 80% following a proposal for a major upgrade.
Meanwhile, the #bitcoin price is holding around $51K as bulls and bears continue to battle for market leadership.
Bitcoin has failed to break the $51,000 mark in the last 24 hours. The good news is that the bears have also failed to go below that mark.
At one point, the price fell to $506,000, but buyers intervened and managed to bring it back up to where it is now trading at $BTC Bitcoin's dominance has dropped from 49.25% to 48.6% in the last 24 hours. This suggests that the altcoin market is outperforming BTC.
The Cryptocurrency Fear and Greed Index remains in "greedy" territory at 72, down from 76 yesterday.
The mood in the altcoin market is mostly mixed, with most altcoins barely up or down over the past 24 hours.
However, Uniswap's #UNI #token is a clear exception. In the last 24 hours, this cryptocurrency has risen by nearly 80% due to proposals to change key components of the protocol.
Specifically, the Uniswap Foundation is proposing that UNI holders receive a percentage of the fees generated by DEX. If this proposal passes, UNI will transform from a simple management token to a revenue-generating token.
UNI's surge has led to rapid growth in other DEX-related tokens, including dYdX (up 29%) and Quickswap (up 14.1%).
Overall, the past 24 hours have been quite turbulent and it will be interesting to see how the market develops further.
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