UNFI exploded with a 10x gain in 24 hours, rising from $3.60 to $36.99 according to Santiment. Before the Fed’s latest announcement, traders pushed the company’s active deposits, network growth, and volume to record highs.
UNFI Explodes Among Other Cryptos
The trading volume of UNFI exceeded that of major cryptocurrencies such as XRP, TRX, and SOL. However, it eventually peaked and dropped as quickly as it rose. Its social dominance and increasing social volume caught the attention of most people.
The UNFI’s Age consumed, which is the number of dormant coins it has, also saw a spike. It suggests that long-term investors were looking to exit. Its active deposits, the number of unique addresses that make deposits to exchanges, also spiked during the rally meaning that these investors are looking to exit.
Meanwhile, according to Wu Blockchain, since the beginning of June, the price of Bitcoin has dropped by 25%. Other cryptocurrencies such as Azuki and BAYC have also dropped by around 50%. However, according to NFTGO, over 85% of the high-priced transactions that occurred during the past week were made by BAYC. It suggests that investors are still looking to buy BAYC in a bear market.
The peak floor of the Ethereum (ETH) market was in March, with the CryptoPunks floor reaching a high of 72.9 ETH and the Moonbirds NFTs hitting a high of 38.5 ETH. The other notable peaks were in April, with the Doodles floor hitting a high of 23.95 ETH and the Moonbirds floor at around 15 ETH.
Meanwhile, goblintown.wtf is currently experiencing the heaviest losses among the top-trading NFTs. Its floor was around 7.60 ETH a couple of weeks ago, but it is now trading at around 3 ETH.
The Rest of the Market is Stabilizing
Despite the increase on the last day of about 11%, Ethereum is still down by over 35% from a week ago. On the other hand, Solana, an “Ethereum killer,” has been up 18.87% in the last 24 hours.
Elrond(EGLD) has gained around 24% since yesterday and is trading at $52, making it the lead gainer as of writing. Among the other cryptocurrencies, Uniswap is the second-biggest gainer with a 7% increase in value. Further notable gains include those of ADA, BNB, and XRP. Solana is also up by over 20%, while Tron is up 25%.
Despite the overall market’s performance, Pancakeswap (CAKE) still holds its value. With over 3 million users, it has a market cap of more than $809 billion. Despite the volatility in the market, predictions indicate that the price of CAKE could increase. It could change from $9 in 2022 to $28.2 by 2025 and then to $201 by 2030. Currently, it is trading at $2.98, 1.12% higher than yesterday.
Bitcoin Remains Above $20K
The price of cryptocurrencies fell significantly after the US Federal Reserve raised interest rates for the first time in almost two decades. Despite the decline, bitcoin has maintained its value at around $20,000.
The past week or so was not good for the primary cryptocurrency. After releasing the US Consumer Price Index numbers, which showed the highest inflation in 40 years, investors sold off some of their assets.
This week, the price of Bitcoin fell to its lowest level in over a year and a half. After the weekend, the market volatility continued, dumping to around $21,000. BTC was close to breaking below the $20,000 mark yesterday, but it bounced off from that level. Then, the Fed’s decision to raise interest rates threatened the asset’s gains.
After failing to reach its previous high, bitcoin spiked to around $23,000 in just a couple of hours. Despite this, it is still in the green throughout the day.
Source: https://crypto.news/unfi-10x-intraday-crypto-market-signs-recovery/