DeFi coins rise after Uniswap proposal, Worldcoin reaches new ATH
A Uniswap proposal sparked renewed interest in DeFi coins on Saturday. AI coins are also still rising. By Sunday morning, Worldcoin is trading at a new all-time high.
Bitcoin continues to struggle to break the $53,000 level. Is that dreaded flash crash really coming or not? Dutch analyst Michael van de Poppe speaks more often of a possible correction for the largest digital currency.
Kind reminder:
Corrections do take place. #Bitcoin between 15-40% is an absolute chance to get yourself allocated.#Altcoins between 25-60% corrections are also a tremendous opportunity.
Use them. Don’t chase pumps. Profit from dips.
— Michaël van de Poppe (@CryptoMichNL) February 23, 2024
DeFi versus AI
Earlier this week, it was mainly AI coins such as Worldcoin and Singularity that rose rapidly after chipmaker Nvidia easily exceeded analysts’ expectations. Nvidia is now trading at its highest price ever, just like cryptocurrency Worldcoin from OpenAI CEO Sam Altman.
On Saturday morning all attention turned to DeFi coin Uniswap. Other DeFi coins such as AAVE also rose quickly.
Uniswap’s proposal to increase the reward for staking (which involves holding cryptocurrency for a longer period to strengthen and support the network) was very well received by cryptofans and temporarily sent the price of Uniswap up around 70% in just a few hours.
🧵 Biggest week in Uniswap Protocol Governance… ever?
I just proposed a large-scale upgrade to the system. Specifically, I believe we should upgrade the protocol so that its fee mechanism rewards UNI token holders that have staked and delegated their tokens. 🦄
— Erin Koen (@eek637) February 23, 2024
By now a large part of that profit has been returned and AI coins are emerging as the big winners again. Smaller altcoins continue to do quite well in the market this weekend.
Bitcoin consolidates
Bitcoin itself is clearly still struggling to break the $53,000 level and at the time of writing is still trading around $51,700.
The largest digital coin has been trading between $50 and 53k for a week without any definitive breakout. Analysts claim that if $53k is not breached soon, another flash crash with a drop to $42k cannot be ruled out.
