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Bitcoin has lost nearly 30% of its value in the last 30 days, as a series of liquidations of major crypto holders spurred mass dumping of the token.
This in turn has severely impacted sentiment towards the crypto market, causing most major altcoins to tumble in tow. The world’s largest cryptocurrency is now barely holding above $20,000- its weakest level since late-2020.
Ethereum has also suffered losses in a similar magnitude, losing 31%.
But weakness in the two largest tokens has seen investors shift their sights to other altcoins. A growing number of buyers have flocked to cryptocurrencies tied to projects with a high level of utility.
These include exchange tokens such as Binance coin (BNB) and FTX Token (FTT), growing blockchains such as Polygon (MATIC), as well as DeFi tokens such as UniSwap (UNI).
Uniswap the best performing crypto in the past 30 days
Uniswap, the largest DeFi exchange, saw its governance token, UNI, vastly outpace the crypto market over the past 30 days. UNI rose 26% to $6.06, blazing past Bitcoin and Ethereum.
A bulk of these gains came from growing volumes on the exchange. Trading on the DeFi exchange has increased amid fears that a number of centralized exchanges could suspend withdrawals. Uniswap’s fees earned from trading briefly surpassed those of Ethereum in June, indicating heightened trading volumes.
Liquidity crunches in crypto lenders such as Celsius and Voyager have also spurred growing calls from the crypto community for traders to take self custody of their tokens.
Binance, FTX tokens benefit from perceived stability
In comparison to steep losses in Bitcoin and Ethereum, losses in Binance’s BNB and FTX’s FTT have been much more muted.
BNB is down about 18%, while FTT has lost 7% in the past 30 days. FTT has benefited from FTX and Alameda Research offering to bail out several beleaguered crypto firms, reinforcing confidence in the exchange’s stability.
BNB has benefited from crypto exchange Binance reassuring investors that it has enough liquidity stores to weather a crypto winter.
In addition to having strong projects backing the tokens, the two also have regular buyback mechanisms, ensuring that their prices will be supported in the long-term.
It also helps that these tokens have clear spending utility in products the demand of which is less cyclical than most web 3 projects of today.
Similarly, Polygon’s MATIC- which is down about 3.8% in the past 30 days- has also benefited from the blockchain rapidly expanding its scope.
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