Top cryptocurrencies that recorded massive gains include LINK, UNI, and MKR.
Chainlink’s CCIP launch triggers LINK to experience an impressive price surge.
Maker (MKR) spiked in daily trading activity, reaching nearly a year-high.
Altcoin season is progressing with a bullish momentum, fueled by the partial victory of Ripple against the SEC. Another factor has emerged as the trigger: the US SEC initiating the review of 6 spot Bitcoin ETF proposals after approving BlackRock’s. Notably, Chainlink (LINK), Uniswap (UNI), and Maker (MKR) have emerged as the top gainers in the cryptocurrency market
Certainly, let’s delve into the momentous developments and activities of LINK, UNI, and MKR.
Chainlink (LINK) Gains Momentum with CCIP Launch
Market Cap: $4.3 billion
24-H Trading Volume: $1.4 billion
On July 18, the decentralized oracle network Chainlink (LINK) introduced its highly anticipated Cross-Chain Interoperability Protocol (CCIP) on its Mainnet. This revolutionary protocol allows seamless integration between traditional financial institutions with blockchain technology. Remarkably, CCIP facilitates the creation of cross-chain dApps across diverse networks such as Avalanche, Ethereum, Optimism, and Polygon.
Following the CCIP launch, Chainlink (LINK) experienced a staggering surge in price. A month ago, LINK was trading at around $6.83, but the recent upswing drove it to $8.37, making it the day’s top gainer in the crypto market.
At the time of writing, the trading price of Chainlink stands at $8.14, after an impressive 24-hour rally of over 20.51%. In addition, LINK’s daily trading volume has seen a massive surge of approximately 527%, according to CoinMarketCap data.
Uniswap (UNI) Maintains the Uptrend.
Market Cap: $3.5 billion
24-H Trading Volume: $145 million
Uniswap, the dominant decentralized crypto exchange (DEX), surfaced Twitter with the circulation of a malicious link shared via the founder’s hacked account. On July 20, the 254K Twitter account of the Uniswap founder Hayden Adams was subjected to a hack. Through this, the hacker was able to post a false update informing users that the platform was under attack, with a malicious phishing link attached.
However, Uniswap’s core protocol remained unaffected. The official team assured this and users to not fall into the trap of any fake giveaways, airdrops, or bounties. Hours later, the compromised account was recovered.
This event induced a surge of over 6.8% in the price of UNI, the platform’s native token. The token rose from $5.8 to $6.2 in less than six hours. At the time of writing, Uniswap (UNI) traded at $6.15, with a 24-hour trading volume of over $146 million.
Maker (MKR) Surges with High Trading Activity
Market Cap: $1.13 billion
24-H Trading Volume: $162 million
Over the past 24 hours, Maker (MKR) experienced a notable increase in trading activity surging 120%. Notably, the altcoin’s daily trading volume surpassed $167 million. During its intraday trading, the price of MKR surged to $1,196, the highest level since August 2022.
The surge in trading comes alongside significant deposit transactions from a16z, a giant US venture capital firm. The firm transferred 12,864 MKR, worth $12.6M, to Coinbase and sent 6,900 MKR to a new wallet address.
At the time of writing, Maker (MKR) traded at $1,145.46, marking an impressive surge of over 16% in the last 24 hours and 24% over the past week.