As Bitcoin bulls reemerged to push the flagship digital asset above $61k for the first time in nearly three weeks, a few altcoins basking in upbeat sentiment rocked significant gains.
In the top 100 coins by market cap, Immutable (IMX), Celestia (TIA), and Bittensor (TAO) jumped more than 14% each to lead.
There were also double-digit gains for Uniswap (UNI) and Sui (SUI), which were up 11% and 10.5% respectively at the time of writing.
Meanwhile, IoTeX (IOTX) was among several altcoins to record gains as BTC reached highs above $61,200.
This came as market sentiment ahead of the US Federal Reserve’s expected interest rates cut on Wednesday appears to have buoyed cryptocurrencies.
Fed’s rate cut will be the first such move in four years.
Uniswap (UNI) among top gainers
Unswap gained by more than 11% as Bitcoin swung higher.
After last week’s settlement with the CFTC, the UNI token’s upside also follows the news that major token holders such as a16z continued to hold their bags despite the Uniswap coin’s full unlock – all tokens are unlocked after the DEX platform’s four-year vesting period elapsed.
While Uniswap’s governance token is 100% unlocked, only 25.83% of the total supply is in circulation and the 430 million UNI tokens that flowed into community hands are largely unsold.
Wu Blockchain shared the UNI unlock details on X.
Uniswap’s governance token UNI has been fully unlocked, but the actual circulation is only 25.83% of the total, about 258.3 million. The top six addresses (such as a16z, etc.) have basically not sold their UNI. According to @EmberCN, of the 430 million UNI obtained by the…
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This has buoyed traders, helping UNI/USD to rise amid the latest crypto bounce.
UNI reached highs above $7.10 on Tuesday, with this the highest price level since Sept. 13.
Breaking above $7.20 could see bulls target July 2024 highs near $8.00.
IoTeX price rises to three-week high
IoTeX is a decentralized physical infrastructure network (DePIN) project.
The native token IOTX saw substantial gains when the project announced its IoTeX 2.0 upgrade, revealing an updated tokenomics outlook as the team eyes an open modular infrastructure that brings DePINs to global adoption.
On Tuesday, IoTeX announced an integration with Polygon Labs for AggLayer.
The partnership seeks to leverage the AggLayer infrastructure to power the DePIN ecosystem on IoTeX 2.0, with cross-chain communication and liquidity key to the decentralized infrastructure for this market.
This integration could boost IOTX price, likely amid broader market gains.
However, since touching highs of $0.05 in July, IoTeX has traded lower to reach lows of $0.028.
IOTX price was up 4% in 24 hours at the time of writing, with bulls hitting a three-week high of $0.035.
Its trading volume was up 2% to over $10 million. However, the price remained more than 86% down since its all-time high above $0.25 reached in November 2021.
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