CRV hit $1.56, a new monthly high.
The broader cryptocurrency market is in the green since Friday, July 29, with several top-tier decentralized finance (DeFi) tokens doing especially well.
DeFi tokens, including Curve DAO Token [CRV], Uniswap [UNI], and 1 INCH, were part of the cryptocurrencies that emerged as of July 29. Also, none of the tokens gained as much as CRV during the rally.
As of July 29, CRV is up 14.89% according to CoinMarketCap. Other DeFi protocols also made good gains. UNI rose 5.16% to $8.68 while 1INCH rose 4.56%, increasing its market capitalization to $426 million.
CRV, the governance token of decentralized exchange Curve, is up 15.58% in the last 24 hours as it hit a monthly high of $1.56 before falling back to $1.49.
CRV still Rules as King of DeFi
CRV had proven to be the undisputed king of DeFi. After eclipsing others in price movement, it remained on top in other respects. According to Delphi Digital, the second version of Curve worked exceptionally well on Uniwswap V3.
In 2022, @CurveFinance v2 quotes better execution prices than @Uniswap v3 for ~65% of all ETH/USDT transaction volume.
On July 27, Delphi Digital posted on Twitter, “At @arbitrumCurve Tricrypto is dominating $ETH volumes with over 83% of the total market share. What’s going on? Are the DEX Wars heating up?”
The crypto research institute also noted that CRV accounted for recent transactions that passed through decentralized exchanges (DEXs).
In addition to the rally, CRV’s price action has been impressive. On July 28, CRV shot up from $1.27 to $1.51. However, there has been a slight drop in its price at the time of this report. At press time, CRV was trading at $1.41. Furthermore, the Relative Strength Index (RSI) remained above the 50 level after witnessing a slight drop in the last 48 hours.
While CRV has excellent potential to add to its rally, it could also pull back before turning into an uptrend. Based on the update, CRV is likely to remain in the $1.40 to $1.50 region. In addition to the technical price outlook, on-chain metrics favor a further rise in CRV.
Chain Analysis
Both the volume and active addresses on the CRV chain have increased noticeably. According to Santiment, the volume of CRV went from 236.66 million to 434.70 million as of July 29.
Although 24-hour active addresses have not risen as they did on July 22, the recent one hasn’t been bad either. On July 28, this number was 867. However, on July 29 it had increased to 1,212.
To sum up, with a market cap of over $770 million, CRV is currently the 62nd largest cryptocurrency. The project was recently praised by analysts at Delphi Digital, who noted that Curve v2 was trading better execution prices than Uniswap v3 for about 65% of all ETH/USDT trading volume. This is so despite the fact that the gas prices of the Curve protocol are almost double those of Uniswap.
By Audy Castaneda
