UNI price surges by 17% to hit a new 2-week high as Bitcoin reclaims the $100,000 mark

The spike in Uniswap's price to over $5.50 coincided with Bitcoin reclaiming the $100,000 milestone, propelling the decentralized exchange's token into a vertical trajectory.

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Uniswap’s native token experienced a significant surge, climbing by 17% to reach its highest level in a fortnight as the cryptocurrency market witnessed a sudden upsurge on 8th May.

The spike in Uniswap’s price to over $5.50 coincided with Bitcoin reclaiming the $100,000 milestone, propelling the decentralized exchange’s token into a vertical trajectory. This surge was accompanied by a substantial increase in daily trading volume, with over $214 million worth of the altcoin exchanged in the past 24 hours, marking a 70% surge.

Market analysts at Santiment have highlighted the potential impact of Bitcoin’s rally on Uniswap’s momentum, cautioning that while retail FOMO could fuel the rally further, an overwhelming number of bullish calls might act as a hindrance.

"Optimism is high, but too many HIGH FOMO calls = price FOMO'ailleurs.

The recent Ethereum Pectra upgrade has also boosted UNI’s gains, further enhancing the overall positive sentiment. Pectra, a significant enhancement for Ethereum, brings a range of crucial features to the network, including smart accounts, staking mechanism upgrades, and improved layer 2 integration.

Moreover, the rapid ascent of Unichain as a preferred platform for the Uniswap community reinforces the bullish outlook. Following the activation of Pectra, all 7,702 smart wallets on the network are now fully supported by the Uniswap web app, highlighting Unichain’s pivotal role in the decentralized exchange ecosystem.

Data from DeFiLlama showcases Unichain’s robust performance, with a weekly trading volume of $1.99 billion, exhibiting a notable 14% increase compared to other major chains like Ethereum, Solana, and Base. In the last 24 hours, Unichain has accounted for a significant portion of the daily volume on Uniswap V4, with trading volume exceeding $354 million. Additionally, the Uniswap platform has demonstrated remarkable growth in terms of user accounts and total transactions. The total value locked on Uniswap currently stands at approximately $4.27 billion.