Bitcoin has faced a series of liquidations of major crypto holders. This, in turn, encouraged mass dumping of the token. This is why the leading crypto has lost around 30% of its value in the last 30 days. However, some altcoin projects outperformed Bitcoin in the recent crypto crash.
These altcoin projects outperformed Bitcoin
The liquidation of Bitcoin severely affected the sentiment towards the crypto market. It has caused most major altcoin projects to fall into reserve. The leading crypto is struggling to hold above $20,000, its weakest level since the end of 2020.
Ethereum suffered similar losses, losing 31%. However, the weakness in the two biggest tokens has caused investors to shift their gaze to other altcoin projects. A growing number of buyers have flocked to cryptocurrencies tied to highly utilitarian projects. These include exchange tokens such as Binance Coin (BNB) and FTX Token (FTT). Also, even growing blockchains like Polygon (MATIC) and DeFi tokens like UniSwap (UNI).
Uniswap had the best crypto performance in the last 30 days
Uniswap, the largest DeFi exchange, has seen its management token UNI massively outpace the crypto market in the past 30 days. UNI also rose 26% to $6.06, surpassing Bitcoin and Ethereum.
A large portion of these gains came from increased volumes on the exchange. Trading on the DeFi exchange has soared amid fears that a number of centralized exchanges may suspend withdrawals. Uniswap’s fees earned from trading surpassed Ethereum’s fees in June, pointing to increased trading volumes.
cryptocoin.comYou follow liquidity squeezes at crypto lenders like Celsius and Voyager. Increasing calls from the community of these crypto lending platforms for traders to keep their tokens to themselves also spurred the flow.
BNB and FTX tokens benefit from perceived stability
Compared to the massive losses in Bitcoin and Ethereum, the losses in Binance’s BNB and FTX’s FTT are much quieter. Meanwhile, BNB is down about 18%, while FTT has lost 7% in the last 30 days. FTX has taken action to save several crypto firms in trouble. By taking advantage of these offers, FTT strengthened confidence in the stability of the stock market.
BNB took advantage of the crypto exchange Binance’s reassurance to investors that it had sufficient stores of liquidity to survive the crypto winter. In addition to the strong projects supporting the tokens, they both have regular redemption mechanisms. This ensures that their prices are supported in the long run. Crypto analyst TaschaLabs says:
It also helps that these tokens have a net spending benefit on products whose demand is less cyclical than most web 3 projects today.
Similarly, Polygon (MATIC) is down about 3.8% in the last 30 days. MATIC also benefited from Polygon Blockchain, which is rapidly expanding its scope.
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