Analytics
The cryptocurrency market has become the best investment of the quarter, month and week ended. Unlike the stock indices of developed countries, which record losses in all the above time periods, the total value of digital currencies has not fallen below the July level of $945 billion.
In the ranking of the top 30 cryptocurrencies, investors still find individual altcoins that demonstrate fairly high growth rates.
This week, the best digital asset was the Uniswap (UNI) token, the service cryptocurrency of the largest DEX exchange. The platform processes 60% of the exchanges in the DeFi industry according to the DeFiLama service, constantly attracting the attention of large investors.
The reason for active purchases of the UNI token, which added 10% in a week, was an interview with the company’s chief operating officer, Mary-Catherine Leider, with the announcement of the competition plan.
Uniswap decided to financially stimulate the development of the ecosystem by creating a fund to provide grants to independent developers. The site plans to expand through the launch of the NFT Genie platform. The company’s recently acquired aggregator of unique tokens will build their exchange on Uniswap before the end of the year.
Uniswap’s efforts are appreciated by venture investors. The growth of the UNI token could continue next week if the Singapore-based Polychain Fund arranges a $200 million DEX funding round. The attraction of investments will raise the company’s valuation to $1 billion.
Monero (XMR) showed the second growth result for the week. A 5% surge propelled XMR to 28th in the cap rankings with no visible corporate news. The last major event in the form of an update to the Monero blockchain happened two weeks ago.
Moreover, the Huobi exchange has delisted XMR in an effort to comply with the requirements of international regulators. The anonymity of Monero transactions makes the digital currency ideal for circumventing sanctions.
Probably, the purchases of XMR by investors are associated with the influx of miners left out of work after the conversion of the Ethereum blockchain. Monero is mined on video cards using the PoW algorithm, the network hashrate began to grow at the end of August, after the date for the end of ETH PoW mining was determined.
In general, the digital asset endures the crypto winter much more steadily. Unlike the drawdown of 70% of the total capitalization of cryptocurrencies, the maximum loss of Monero did not exceed 45%.
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