Bitcoin Struggles to Break Above $51K
Bitcoin has been unable to break above the $51,000 mark in the past 24 hours. The bears have also been unable to push it below this level. The price dipped to as low as $50,600 at one point, but buyers stepped in and managed to push it back up to $51,000.
Bitcoin’s dominance has declined to 48.6% in the past 24 hours, down from 49.25%. This indicates that the altcoin market is outperforming Bitcoin.
Uniswap’s UNI Token Leads Altcoin Push
The altcoin market is mostly mixed, with the majority 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.
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.
DEX
DEX (Decentralized Exchange) is a cryptocurrency exchange that operates on a decentralized blockchain network. This means that it is not controlled by a single entity, and instead relies on a distributed network of computers to process transactions. DEXs offer several advantages over centralized exchanges, including:
* Transparency: All transactions on a DEX are recorded on the blockchain, making them transparent and verifiable.
* Security: DEXs are less susceptible to hacking and fraud than centralized exchanges, as they do not hold user funds.
* Decentralization: DEXs are not controlled by a single entity, making them more resistant to censorship and manipulation.
Note: yield-generating tokens are cryptocurrencies that provide holders with a regular income stream, typically in the form of interest or dividends.
Conclusion
The past 24 hours have been relatively eventful in the crypto market, with Uniswap’s UNI token leading the altcoin surge. It will be interesting to see how the market unfolds next.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial advice. Please do your own research before making any investment decisions.