Uniswap jumps 22% and altcoins rip while bitcoin stalls before the Fed
Key takeaways
- Hyperliquid's HYPE rose 7.8% on the day and 34.3% on the week, and solana added 14.7% over seven days even while flat on Wednesday.
- The macro backdrop kept improving for risk assets, just not for bitcoin.
- The drop reflects bets that the US-Iran deal to reopen the Strait of Hormuz will unleash a wave of supply.
The largest token traded around $65,800 on Wednesday, down 0.3% over 24 hours but up 7.4% on the week, per CoinDesk data, holding near $66,000 as traders waited on the Federal Reserve's first rate decision under new Chairman Kevin Warsh.
The action was in altcoins. Uniswap's UNI was the standout, jumping 22.5% to $3.53 after Standard Chartered initiated coverage with a $100 price target by 2030, with the bank's digital assets research head Geoffrey Kendrick calling the decentralized exchange a foundational layer of the on-chain economy.
Hyperliquid's HYPE rose 7.8% on the day and 34.3% on the week, and solana added 14.7% over seven days even while flat on Wednesday. Ether gained 1.4% to $1,793 and is up 10.4% on the week. XRP slipped 0.9% to $1.22.