Blackrock’s Holdings Eclipse Grayscale, Uniswap Price Rally Expected
BlackRock has now surpassed Grayscale in total cryptocurrency holdings, marking a significant shift in on-chain assets. This change establishes BlackRock as the preeminent ETF-related institution within the Arkham network. BlackRock’s holdings are valued at approximately $22.14 billion, slightly ahead of Grayscale’s $21.99 billion.
BlackRock Surpasses Grayscale in Cryptocurrency Assets
Amid Bitcoin’s recent approach to the $60,000 mark, a noticeable surge in its value has boosted optimism in the cryptocurrency market. This upward trend may signal potential rallies for altcoins, particularly those under BlackRock’s influence, such as Uniswap.
BLACKROCK NOW HAS MORE CRYPTO THAN GRAYSCALE
Blackrock has now overtaken Grayscale in total on-chain holdings. This makes Blackrock the largest ETF-related entity on Arkham.
Blackrock: $22,143,715,559
Grayscale: $21,996,062,828 pic.twitter.com/YrPZdrMObk
— Arkham (@ArkhamIntel) August 22, 2024
The increasing value of these assets highlights the broadening impact and recovery within the cryptocurrency market, influenced by major institutional players like BlackRock.
Uniswap Price Surges 8%; More Bullish Ahead?
Over the past 24 hours, Uniswap has witnessed a notable surge. The altcoin has been oscillating between a low of $6.36 and a high of $7.20 within the day.
This recent upswing in Uniswap’s price comes amid a broader positive shift in the cryptocurrency market, with several other tokens also experiencing gains. At the time of writing, the UNI price is trading at a strong surge of 8%.
The Uniswap price is currently encountering a critical resistance level at $7. If it breaks this barrier, projections indicate a potential increase to $8. Subsequently, it could climb to $10 in the upcoming bullish trend. If the bullish momentum intensifies further, Uniswap value might soar to $12 in the following growth phase.
Uniswap’s Open Interest Soars, Signaling Rising Investor Confidence
According to Coinglass data, Uniswap’s trading activity has significantly increased, with the trading volume surging by 182.52% to $424.13 million. Open interest in Uniswap has also risen by 14%, amounting to $89.32 million. This surge in both volume and interest could signal a growing investor confidence or a reaction to recent market developments surrounding Uniswap.
Source- Coinglass
The CMF has shown an uptick, currently at 10, which points to buying pressure and suggests that money flows into the asset. The MACD line (blue) has crossed above the signal line (orange), indicating a bullish signal in recent periods. The histogram, primarily in green, suggests increasing bullish momentum.
Uniswap Price Chart| Source: TradingView
Conversely, if bearish trends strengthen, the Uniswap price could retreat to a support level of $6.8. A more substantial support level is established at $6.5.
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