UNI Becomes the First DeFi Token to Enter into Crypto’s Top 10 List

Uniswap's Token Enters Into Top 10 Crypto List

In just 24 hours, the market capitalization of DeFi's UNI token increased from $8.8 billion on March 4 to $14.7 billion.

According to Messari, UNI token ranks higher than Litecoin and chainlink and is the third-largest Ethereum-based asset by market cap just behind Tether.

The price of UNI is currently consolidating near yesterday’s all-time high above $34, with the token last trading hands for $33.9. In doing so, UNI picks up bids above $34 during the early hours of this week.

Meanwhile, if the price of the UNI tokens fails to settle above the $35 zone, the DeFi coin could correct lower. The first major support is near the $32.50 and $32 levels.

The main support is now forming near the $30.00 zone. A downside break below the $30 support might push towards the $27.50 support. However, any more losses might possibly lead the token price towards the $25 zone.

UNI Saw Record Surge in Trading Volumes Last Month

The DeFi token’s entrance into the top 10 crypto market follows a record month for trading volumes on the exchanges. The month of February saw four consecutive records for weekly Uniswap trades, resulting in a monthly all-time high of $31.9 billion in volume.

Despite this, Uniswap’s continual boom of the weekly volume records appears to have come to an end. For instance, the seven-day volume is currently sitting at $6.4 billion, down 25% when compared to last week’s $8.6 billion. Despite the decrease in volume, Uniswap still represents half of all trade on Ethereum-powered DEXes.