UNI, MATIC and AAVE surge after Bitcoin price rebounds above $20,000

Bitcoin, Uniswap, Polygon and Aave turned green just a day after the highest CPI print in over 40 years.

Crypto investors found reason to cheer on July 14 as the market saw a positive trading session just a day after the Consumer Price Index (CPI) posted a June print of 9, 1%, son highest level since 1981.

Daily performance of the cryptocurrency market. Source: Coin360

The upward move in the market was not entirely unexpected for seasoned traders who have become familiar with a one- to two-day bounce in asset prices following the latest CPI prints. These traders also know that there is nothing to get excited about as rallies have usually been followed by further declines once people realize that high inflation is a negative development.

Nonetheless, green in the market is a welcome sight after the rocky start to 2022.

1657851702 298 UNI MATIC and AAVE increase after the price of the

Top 5 coins with the highest price change over 24 hours. Source: CoinMarketCap

According to data from Cointelegraph Markets Pro and TradingView, the biggest gainers over the past 24 hours have been Uniswap (UNI), Polygon (MATIC) and Aave (AAVE).

Robinhood UNI directory

Uniswap, the leading decentralized exchange by volume, saw its token price rise on July 13 after hitting a low of $5.23. The token has since climbed 36% to a daily high of $7.11 on July 14 amid a 104% spike in its 24-hour trading volume to $449 million.

UNI MATIC and AAVE increase after the price of

UNI/USDT 4 hour chart. Source: Trading View

The sharp reversal 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 an account on other cryptocurrency exchanges. .

Disney news gives MATIC a boost

Polygon is one of the best layer two scaling solution for Ethereum network which provides faster and cheaper transaction experience for users and protocols.

Data from Cointelegraph Markets Pro and TradingView showed that after dropping to a low of $0.52 on July 13, MATIC’s price soared 36% to hit a daily high of $0.707 on July 14 following from a 120% spike in its 24-hour trading volume.

1657851703 375 UNI MATIC and AAVE increase after the price of the

MATIC/USDT 4 hour chart. Source: Trading View

MATIC’s price increase follows the announcement that the protocol was the only blockchain selected by Disney to be part of its 2022 accelerator program.

Aave rallies around stablecoin developments

Aave, a popular decentralized finance platform, is a lending and borrowing protocol that currently holds $5.63 billion in total value locked (TVL), making it the second largest DeFi platform ranked by TVL behind ManufacturerDAO.

Data from Cointelegraph Markets Pro and TradingView shows that in 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 of July 14.

1657851704 528 UNI MATIC and AAVE increase after the price of the

AAVE/USDT 4 hour chart. Source: Trading View

Aave sparked excitement within its community on July 7 when it revealed plans to release its own GHO stablecoin, which will be a collateral-backed stablecoin native to the AAVE ecosystem.

The overall cryptocurrency market capitalization now stands at $927 billion and Bitcoin’s dominance rate is 42.6%.

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