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UNI Surges 10% This Week as Bitcoin Consolidates
It comes as the altcoin season index has risen from 12 to 25.
Updated May 29, 2025, 6:45 p.m. Published May 29, 2025, 1:58 p.m.
What to know:
- UNI has risen by 10% this week, rising to as high as $7.63 on Thursday before moving back to test the $7.00 level of support.
- It comes as bitcoin continues to consolidate at $108,000 after it formed a new record high last week.
- CoinMarketCap's altcoin season index is currently at 25 after being as low as 12 last month.
Uniswap's native token has risen by 10% this week amid a wider altcoin market rally.
The move comes as bitcoin consolidates around $108,000 after setting a record high of $111,970 last week.
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UNI is currently trading at $7.04 after rising to as high as $7.63 at 03:35 UTC. It is currently testing the $7.00 level as support, which had been a point of resistance over the past week.
If UNI holds above $7.00, it could establish a firm level of support before springing toward $10, which spurred a rejection in February.
CoinMarketCap's Altcoin Season Index is currently at 25, the top-end of a bitcoin-centric market but rising significantly since last month, when it was at 12. The index signals an altcoin market when it passes through 75.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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