The DeFi market is booming with Uniswap leading the way and SushiSwap following closely. Uniswap price is up by 80% in the past week and Sushi is up 65%. Other DeFi projects like Aave, Compound, or Synthetix have also exploded in the past week meanwhile Bitcoin’s dominance over the market continues to tank.
Surprisingly, the total market capitalization of altcoins is still only around $380 billion compared to the all-time high of $580 billion on January 8, 2018. This shows that altcoins are just getting started and there is still a lot of room for growth.
Uniswap price aims for top 10
The current market capitalization of Uniswap is around $5.8 billion and it’s quickly growing to beat Bitcoin Cash which is ranked 10 with $7.6 billion. Uniswap is in price discovery mode as it faces no resistance ahead.
The most important metric is the number of large holders which is extremely positive for Uniswap. The amount of whales holding between 100,000 and 1,000,000 UNI tokens ($2,000,000 and $20,000,000) has increased by 28 in the past month.
Similarly, even bigger whales holding between 1,000,000 and 10,000,000 coins ($20,000,000 and $200,000,000) have also been accumulating since January 7, increasing from 56 to 61.
On the daily chart, as long as Uniswap price stays above the 12-EMA, the uptrend will remain intact. The most crucial support level, however, is the 26-EMA which is currently located at $11.4.
Sushiswap price explodes by 26%
Sushiswap has been closely following Uniswap in the past two weeks. Although both cryptocurrencies are going up Sushiswap price is up by 1,800% since November 2020 while Uniswap price is ‘only’ up by 500%.
In the past week, SUSHI has greatly outperformed Uniswap and has managed to reach a market capitalization of $1.6 billion.
According to the Holders Distribution chart provided by Santiment, the number of whales holding between 1,000,000 and 10,000,000 SUSHI tokens ($12,000,000 and $120,000,000) has seen a massive spike increasing by 5 in a single day.
This amazing increase in whales shows that large investors are accumulating a lot of SUSHI tokens as they believe the digital asset will rise even higher in the future.