Try Quests to earn cryptoUni Market Correlation
In this dashboard, we will be looking at Uniswap market correlation, and how the price action of Uniswap compares to other crypto currencies available on decentralised exchanges.
Compare Uniswap price action daily with the price action of Ethereum
Compare Uniswap to the price action of meme coin Shiba Inu.
Compare the price action of Uniswap to the oracle Chainlink & competing dex Sushiswap.
The price of Uniswap has fluctuated over the course of 2022 with a downtrend until the end of March, how does this compare with the wider crypto market.
Uniswap and Ethereum have a relationship in price level correlation, this can be seen through how close the charts have upward and downward price action at similar times. However when we break down the data we can see the amount of price action varies. On January 16th saw a 29% decrease in the price of Ethereum from 3333$ to 2367$ with Uniswap seeing a drop from 17.14$ to 10.48$ a 39% decrease in value. On March 13th we see an upward movement of 32% in the value of Ethereum which ends on the 30th of March, Uniswaps upward movement for that time period is 40.35%. This could indicate that Ethereum is better to hold on dips, with UNiswap being better to hold during upward trends. Overall we see that when Ethereum is having upward or downward price action uniswap follows this trend.
How does Uniswap compare to the Meme coin Shiba Inu, while similar price action can be seen from January the 1 to January the 14th and from February the 24th to April the first, there is much greater variation when compared to the other two charts in this Dashboard. When Uniswap sees upward price action of 16% from February the 3rd to February the 7th, Shiba Inu sees upward price action of 57%. What we find is that the upward and downward price action happens within similar time periods however there is a larger variation in this chart in the percentages.
How does Uniswap fair against two other well-known crypto's, Chainlink and Sushiswap. Chainlink is a well known oracle with Sushiswap being a competing dex at a lower marketcap than Uniswap. Sushiswap noticeable losses 67.39% of its value on February the 24th, with Uniswap losing 52% and Chainlink losing 37%(this is in comparison to their value on the first day) on that day. Chainlink and Uniswap experienced their lowest point on that day showing a stronger level of correlation between them both when it comes to negative price action, with Sushiswap experiencing a further lower of 2.83$ on the 15th of march a further 6% drop from the 24th of February.