Bitcoin, Uniswap, Polygon, and Aave turned green just one day after the biggest CPI print in over 40 years.
Crypto investors found cause for celebration on July 14, as the market experienced a positive trading session just one day after the Consumer Price Index (CPI) recorded a June reading of 9.1%, its highest level since 1981.
The market’s higher move was not entirely unexpected for experienced traders who have become familiar with a one- or two-day bounce in asset prices following the most recent CPI printouts. These traders also know that there is nothing to get excited about, as bounces are often followed by further declines once people realize that high inflation is negative.
However, the green on the market is a welcome sight after the rough start to 2022.
According to data from Cointelegraph Markets Pro and TradingView, the biggest gainers in the last 24 hours were Uniswap (UNI), Polygon (MATIC), and Aave (AAVE).
Robinhood Includes UNI
Uniswap, the leading decentralized exchange by volume, saw the price of its token surge on July 13 after hitting a low of $5.23. Since then, the token has risen 36% to hit a daily high of $7.11 on July 14, amid a 104% increase in its 24-hour trading volume to $449 million.
The sharp turnaround in UNI price and trading volume comes as popular brokerage firm Robinhood announced that the UNI token is now available for trading on the platform, exposing the asset to a large cohort of new buyers who do not have accounts. on other cryptocurrency exchanges.
Disney News Provides Boost for MATIC
Polygon is one of the best layer two scaling solutions for the Ethereum network offering a faster and lower-cost transaction experience for users and protocols.
Data from Cointelegraph Markets Pro and TradingView shows that after briefly falling to a low of $0.52 on July 13, MATIC price soared 36% to hit a daily high of $0.707 on July 14, thanks to a 120% increase in your 24-hour trading volume.
The MATIC price increase follows the announcement that the protocol was the only Blockchain selected by Disney to be part of its 2022 Accelerator Program.
Aave Rises in Value Thanks to Advances in Stablecoin
Aave, a popular decentralized finance platform, is a lending and borrowing protocol that currently has $5.63 billion in total value locked (TVL), making it the second DeFi platform by TVL behind MakerDAO.
Data from Cointelegraph Markets Pro and TradingView shows that over the past 24 hours, the price of AAVE has risen 38.5% from a low of $67.10 to a daily high of $93 in the afternoon hours of July 14.
Aave sparked excitement from the community on July 7, when it revealed its plans to launch its own stablecoin GHO, which will be a collateral-backed stablecoin native to the AAVE ecosystem.
The total cryptocurrency market capitalization currently stands at $927 billion and the dominance ratio of Bitcoin is 42.6%.
By Audy Castaneda
