UNI, MATIC and AAVE are climbing after bitcoin price rebound above $20,000

UNI, MATIC and AAVE are climbing after bitcoin price rebound above $20,000

Cryptocurrency investors had reason to celebrate on July 14 as the market saw a positive trading session, just a day after the consumer price index (CPI) posted 9.1% in June, the highest level since 1981.

The daily performance of the cryptocurrency market. Source: Coin360

The market rally was not completely unexpected for seasoned traders who are used to a 1-2 day bounce in asset prices after the latest CPI releases. These traders also know that there is no need to give up, as there is usually a further decline afterwards when people realize that high inflation is a negative development.

However, the green is welcome in the market after a difficult start to 2022.

The largest price change over 24 hours occurred at the 5 signals. Source: CoinMarketCap

According to data from Cointelegraph Markets Pro and TradingView, Uniswap (UNI), Polygon (MATIC) and Aave (AAVE) were the biggest gainers in the last 24 hours.

Robinhood UNI List

Uniswap, the leading decentralized exchange (DEX) rose by volume on July 13 after hitting a low of $5.23. The token has since climbed 36% to a daily high of $7.11 on July 14, amid a 104% rise in 24-hour trading volume to $449 million.

4 hour chart of UNI/USDT. Source: Trade View

The sharp reversal in UNI price and trading volume comes as popular brokerage firm Robinhood announced that the UNI token is now available for trading on the platform, exposing the asset to a large cohort of new buyers who do not have accounts on cryptocurrency exchanges another.

Disney news gives MATIC a boost

Polygon is one of the best Tier 2 scaling solutions for the Ethereum network that provides users and protocols with a faster and cheaper transaction experience.

Data from Cointelegraph Markets Pro and TradingView show that after a brief dip to $0.52 on July 13, MATIC’s price rose 36% to a daily high of $0.707 on July 14, thanks to a 120% increase in 24-hour trading volume.

4 hour chart of MATIC/USDT. Source: Trade View

MATIC’s price increase follows the announcement that the protocol is the only blockchain selected by Disney to be part of its 2022 accelerator program.

We’re hitting up the #GreenBlockchainSummit for some fresh news! We are pleased to be the only blockchain selected to be part of the Disney Accelerator program. – Polygon – MATIC (@0xPolygon) July 13, 2022.

Also read: Bitcoin analysts price the drop below $17,500 after the weak reversal in BTC price.

Aave comes back because of the developments of Conradh na Gaeilge dog stable

Aave, a popular decentralized finance platform, is a lending and borrowing protocol that holds $5.63 billion in total value locked (TVL), making it the second largest DeFi platform by TVL behind MakerDAO.

Data from Cointelegraph Markets Pro and TradingView show that over the past 24 hours, the price of AAVE has risen 38.5% from a low of $67.10 to a daily high of $93 in the July 14 evening market.

AAVE/USDT 4 hour chart. Source: Trade View

On July 7, Aave sparked excitement in her community by revealing that she plans to launch her own GHO stablecoin, which dog stable backed by guarantees and the Aave ecosystem.

1/ Calling all GHOSTes. We have created an ARC for a new decentralized, collateral-backed stable native to the Aave ecosystem, called GHO. Read more below and share your ideas for the shot (coming soon)! (@AaveAave) July 7, 2022

The global capitalization of the cryptocurrency market now stands at $927 billion and the dominance rate of bitcoin is 42.6%.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect those of All investment and trading involves risk, you should do your own research before making a decision.

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