The listing of Uniswap (UNI) on the South Korean exchange Upbit was the primary factor contributing to a price increase of over 5%.
Uniswap, the most significant decentralized exchange on the Ethereum network and other chains, has garnered considerable interest from institutional and retail investors seeking to diversify their crypto portfolios. During the mid-London session on Tuesday, October 22, the mid-cap altcoin, which has a daily average traded volume of approximately $615 million and a fully diluted valuation of roughly $8 billion, experienced a rise of more than 5 percent in the past 24 hours to trade at approximately $7.99.
The listing on Upbit, a prominent cryptocurrency exchange in South Korea, was a significant factor in the considerable price increase of UNI. As per the announcement, Upbit will initially offer its customers the ability to trade UNI ERC-20 tokens against Tether’s USDT and KRW. Additional trading pairs will be added contingent upon demand.
Their listing will further improve the daily trading volume and market liquidity of UNI tokens on Upbit. Additionally, the South Korean market has experienced substantial growth in the crypto space, which favorable regulations have facilitated.
Why Should You Consider Uniswap (UNI) in Advance?
The Ethereum network has expanded into a significant tokenization blockchain, containing thousands of meme coins and utility-based tokens. Furthermore, the Ethereum network has experienced a substantial increase in its decentralized financial (DeFi) protocols over the past few years, mainly as a result of the successful implementation of the proof-of-stake (PoS) consensus mechanism and the increasing adoption of layer two (L2) solutions.
Uniswap is in a favorable position to expand in the near term, as it is the most prominent DEX protocol on the Ethereum blockchain, with a total value locked (TVL) exceeding $4.9 billion.
Uniswap has developed into one of the market’s most automated market makers (AMM) with the support of reputable web3 developers led by Hayden Adams. The UNI token had a total liquidity of over $40 million as of the publication of this report, with over 383k non-zero on-chain addresses.
Concurrently, Uniswap has appointed Katherine Minarik, a former legal executive at Coinbase Global Inc (NASDAQ: COIN), as its new Chief Legal Officer (CLO) in light of the ongoing dispute with the US Securities and Exchange Commission (SEC).
Objectives for the Midterm
A significant uproar in the near term is possible because the UNI price has been forming a multi-year bullish pennant from a technical perspective. The UNI price will surge toward $20 in the coming weeks if the ongoing bullish breakout continues.
Nevertheless, UNI prices may be further entangled in a short-term downward trend if Bitcoin and Ethereum (ETH) prices continue declining. However, the altcoin space is on the brink of a significant bull run in the near term, as Bitcoin’s dominance in the weekly timeframe initiates a reversal and a downward trend.