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Is the UNI token worth investing in after China’s ban on cryptocurrencies?

Uniswap UNI/USD is a leading and extremely popular decentralized trading protocol that has gathered a reputation for facilitating automated trading of decentralized finance (DeFi) tokens.

With the recent bank of crypto businesses in China, users have been shifting their focus on decentralized exchanges, which might be one of the main reasons why the UNI token has risen 41% in terms of trading volume within the last 24 hours.

The shift to decentralized exchanges as a catalyst for growth

China’s latest blanket ban on cryptocurrency businesses seems like an excellent push for decentralized exchanges (DEXs), which facilitate direct peer-to-peer transactions without an intermediary. 

The People’s Bank of China (PBOC) declared all virtual currency-related activities illegal, which essentially banned offshore exchanges from serving mainland Chinese users.

UNI has been leading the market higher, and Uniswap has seen tremendous growth due to the fact that it facilitates decentralized trading.

Should you invest in Uniswap (UNI)?

On September 27, Uniswap (UNI) had a value of $24.38.

To get e better perspective of exactly what kind of value point this is for the token, we will be going over its all-time high value as well as its recent performance throughout August.

In regards to its all-time high value, the token had a value of $44.92 on May 3. Here, we can see that, when compared to the value it had on September 27, the token was higher in value by $20.54 or by 84%.

When it comes to the lowest value point of UNI, it was on August 4, when the value of the token was at $20.96.

In terms of its highest value point of the month, it occurred on August 16, when the token had a value of $31.19. Here we can see that the token raised its value by $10.23 throughout the month, which marks an increase of 48%.

According to data from IntoTheBlock, the UNI token, in the last seven days, saw $786.4 million in transactions greater than $100,000.

Additionally, it saw $105 million in total exchange inflows and $107.3 million in total exchange outflows throughout the same span of time.

That being said, in the last 30-days, the UNI network has seen a high of 264.3k addresses, with an average of 261.48k.

With all of this in mind, by the end of October, as more users transition to decentralized exchanges such as Uniswap, we can expect the UNI token to reach a value of $30, making it a worthwhile investment.

The post Is the UNI token worth investing in after China’s ban on cryptocurrencies? appeared first on Invezz.

from Market Analysis – Invezz

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