SUSHI, the indigenous trademark of SushiSwap, has seen a strong rally over the past 24 hours. The leading cryptocurrency is up 10% in the past 24 hours and has hit a multi-week high after a few days of slow price movements.
SUSHI’s rally comes as Bitcoin spiked, hitting new all-time highs at $ 29,500. The leading cryptocurrency is currently trading at $ 29,000 after a slight correction.
The rally in the Ethereum-based coin from SushiSwap is taking place, as the ETH corrects. Ethereum is down 1.5% in the past 24 hours, which often means Altcoins are underperforming.
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SUSHI rallies with other DeFi coins
SushiSwap’s rally for the past 24 to 48 hours is happening as the DeFi market has finally recovered.
Many of the major decentralized financial coins such as UNI and YFI have undergone major corrections in the past few weeks. While Ethereum has rebounded, most of the attention has been focused on Bitcoin and smaller altcoin groups. This has resulted in capital outflows from these altcoins into BTC and these other niche markets.
DeFi is finally recovering, however, as Bitcoin’s momentum may slow down.
SUSHI is one of the top performing crypto assets in the past 24 hours. Aside from THORChain’s RUNE, which has gained 15% in the last 24 hours, it is the most powerful DeFi large cap of the past day.
Related reading: DeFi Founder Targeting $ 8M Hack Says He Got His Hacker’s IP
Strong fundamental trends
The SUSHI rally is based on strong fundamental trends for the SushiSwap platform. Andre Cronje, founder of Yearn.finance, said on SushiSwap and SUSHI when he announced a partnership between the protocol he founded and the exchange:
“I’ve been open about the things Sushiswap got wrong in the past, but I can’t exaggerate how much they got right. Over the past few weeks of interacting with 0xMaki, I’ve developed a great deal of respect for her character, skills, and execution. Boring, had a similar experience and showed me that I am an incredibly strong, motivated and talented developer who is quick to spot bugs that I didn’t notice. Those two alone would be invaluable to our journey together, but the Sushiswap team is so much more and they will keep growing. “
Developers are expected to launch a new platform called BentoBox soon.
This BentoBox solution will be an on-chain credit solution that allows trading in margins for the long tail of assets on Ethereum. SUSHI is expected to gain in value from this launch as the coin makers should earn more.
Related Topics: 3 Bitcoin On Chain Trends Show A Macro Bull Market Is Brewing
Featured Image from Unsplash Chart from TradingView.com Price Tags: SUSHIUSD, SUSHIBTC, SUSHI SushiSwap (SUSHI) Undergoes 10% Rally Despite Ethereum Drop