Bitcoin’s fall was fundamental to hinder the rise of alternative cryptocurrencies worth watching, like Uniswap (UNI), Pancakeswap (CAKE), and Cardano (ADA) which are awaiting market definition to rise again.
The digital currency market has spent the past two weeks shaking, with Bitcoin trading in a sharp drop. Despite going into June still falling, traders are starting to look at cryptocurrencies linked to the DeFi ecosystem, such as Uniswap, PancakeSwap, and Cardano.
Other currencies such as Polkadot and Ox are others that could reemerge in the market after expressive drops in their prices.
As cryptocurrency investors tend to take refuge in stablecoins or Bitcoin during slumps, altcoins tend to fall sharply in times of panic.
With the price of Bitcoin stabilizing from US$38,000 to US$40,000, traders are starting to return to trading at decentralized brokerages, despite the suspicions still present.
Will Uniswap, PancakeSwap, and Cardano cryptocurrencies rise in the market?
The cryptocurrency Cardano went through May on a high, alongside Matic, another with good performance in its price. However, the ADA has lost 26% of its value since the last all-time high, when it reached US$2.45.
Listed at US$1.79 today, the currency has appreciated by 5.6% in the last 24 hours. In the last year, Cardano’s rise is 2,100%, with the project likely to rise again with the growth of its DeFi ecosystem and smart contracts.
This Wednesday (2), Cardano is the fifth most valuable digital currency on the market.
Another big project that has caught the taste of traders is Uniswap, with the UNI currency being one of the biggest links to the Ethereum network. Occupying the 10th position in the market cap, the cryptocurrency arrived on the market in September 2020 and has appreciated more than 2,500% since then.
With a short-term drop in the market, UNI has lost 36.5% since its all-time high on May 3, 2021. As a result, traders in the cryptocurrency used by the largest decentralized brokerage in the Ethereum network repurchased the token on Wednesday, with a rise of 7.3% in 24 hours.
Another that occupies the 35th position in the market, PancakeSwap (CAKE) registers an expressive increase of 16% in the last 24 hours. Considered a reference in the DeFi ecosystem of the Binance Smart Chain network, the currency has lost 53.7% of its value since April 30th.
With currencies returning sharply after sharp drops in the market, traders are once again watching these altcoins carefully, looking for opportunities in large projects across multiple networks.
Others that may surprise you are also Polkadot (DOT), and ZRX (0x), also linked to the Defi ecosystem and which had a drop recently, of 48.1% and 53.4% respectively.
The altcoin market is certainly riskier, but some analysts believe that some projects have leverage potential in their prices.
For Eric Conner, Ethereum, developer, and co-author of EIP-1559, and Defi enthusiast, this technology will win as a major financial video game.
“DeFi is basically a big financial video game. And that’s why it will win.”
Eric Conner, Ethereum, developer, and co-author of EIP 1559
