- Market plunges as Fed hints at rate hikes, but UNI, ALGO, and Terra Classic surge.
- Uniswap’s version 4 launch drives UNI adoption, resulting in an 11.37% price increase.
- Algorand’s partnership with Seracle reduces blockchain costs by up to 90%.
The cryptocurrency market declined in response to the US Federal Reserve’s indication of upcoming interest rate hikes. However, amidst the chaos, three standout altcoins, Uniswap (UNI), Algorand (ALGO), and Terra Classic (LUNC), managed to buck the trend and soar to new heights.
The Federal Open Market Committee (FOMC), led by Jerome Powell, paused its aggressive interest rate hike campaign, leaving rates unchanged. Nevertheless, a hint of two additional rate hikes before the year’s end sent shockwaves through the crypto space, triggering a sharp downturn in Bitcoin, Ethereum, and other altcoin prices.
Despite this setback, Algorand revealed a partnership with Seracle, a blockchain cloud company, signaling a leap forward in blockchain adoption for web3 companies. By slashing blockchain costs by up to 90% for web3 projects, ALGO experienced a 2% increase since Wednesday, capturing the attention of savvy investors seeking efficiency and innovation.
Not to be outdone, Uniswap emerged as a shining star by launching its highly anticipated version 4 code. Boasting features that enticed developers, Uniswap’s source code release marks a pivotal moment in engaging with the community and driving UNI adoption. As a result, UNI witnessed an 11.37% surge on Binance since Tuesday, leaving investors eager for more.
Meanwhile, Terra LUNA Classic’s Joint L1 Task Force (L1TF) achieved a milestone by completing the v2.1.1 parity upgrade. This accomplishment propelled the token to a 7.7% rally, cementing it as a hidden gem in the crypto market.
As the crypto world faces its fair share of turbulence, these three altcoins have defied the odds, captivating the attention of astute traders and enthusiasts. With their recent performances, Uniswap (UNI), Algorand (ALGO), and Terra Classic (LUNC) prove that even in a bearish market, there are still gems to be found.
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