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As the cryptocurrency markets move away from the challenging bear season, we are seeing impressive developments in altcoins. A popular DeFi platform has achieved a significant milestone. Despite short-term volatility, smart contracts that reach more users every day look to the coming years with hope. Today, Uniswap was in the spotlight.
Uniswap Trading Volume
According to the announcement made by the team, the cumulative trading volume of the DeFi protocol has successfully exceeded 1.7 trillion dollars. This figure represents the total volume executed on the platform across all versions of Uniswap. According to DefiLlama’s analysis of Uniswap’s daily volume, the volume continues to be strong and stable.
The daily volume found significant support over 1 billion dollars and is quite a good figure when compared with major centralized exchanges. Although the TVL decreased to 3 billion dollars in October due to fluctuations throughout the year from 3.3 billion dollars in January, it turned its direction upwards again in November.
At the time the article was prepared, the total value locked in Uniswap was over 4 billion dollars. The increasing interest in the DeFi area after the FTX collapse underlines the growing importance of platforms like Uniswap for the upcoming bull season.
Investors are heavily using DeFi platforms to ensure the security of their assets, even though they operate in a more complex way. Increasing volumes and TVL indicate that this trend continues on other platforms as well.
UNI Coin Price Prediction
Bitcoin‘s price was struggling to exceed 42,000 dollars at the time the article was prepared, but it formed its first red candle after weeks. Unless we see a big surprise, there is a risk that the last corrective move could deepen over the next week. If BTC surpasses the previous tough resistances for the third time, that would be a surprise.
As for the UNI Coin price, it is at 6.15 dollars at the time the article was prepared. The clear support of 6 dollars on the daily chart is closely watched by those expecting a drop. If the price falls below this level and continues to see selling, it could retract to 5.6 and 4.84 dollars.
However, in the event of a BTC recovery, a jump from 6.6 dollars could target the levels of 7.15 and 7.62 dollars.
