A cryptocurrency trader made $427,000 in profit within a month after buying native tokens from major decentralized finance (DeFi) projects, including UNI from Uniswap, LDO from Lido and Aave GHOST.
According lookonchainthe trader made these gains without trading memecoins simply by capitalizing on the uptrend of crypto assets over the past month.
Crypto Trader Makes 40% Profit in 30 Days
Using the Ox123d address, the merchant spent $942,000 to buy 71,891 UNI at $4.34, 6,371 AAVE at $50 and 189,255 LDO at $1.64 on June 16.
As of July 15, the price of UNI had reached $5.85, while AAVE was worth $79 and LDO was trading at $2.37. This meant that the trader made a 40% profit on his trades, selling all the tokens for $1.37 million.
While this trade is a perfect example of smart money moves, it also highlights the performance of DeFi tokens over the past 30 days. On July 10, blockchain analytics firm Kaiko reported that top-tier DeFi tokens had performed phenomenally over the past month.
Crypto Market Maintains a Positive Outlook Over the Last Month
However, this positive price performance was not limited to DeFi tokens alone, as the broader crypto market rallied during that period as well. According to data from BeInCrypto, the two main flagship digital assets, Bitcoin and Ethereum, gathered to their annual maximums during this period.
Meanwhile, several mid-cap digital assets such as Bitcoin Cash, Solariumand others also saw his peak values to unknown territories. Over the period, the market capitalization of all crypto assets increased by 17% to $1.18 trillion at the time of writing, according to Tradingview. data.
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This positive price performance is not entirely surprising considering the various positive developments in the cryptocurrency industry over the past 30 days.
Towards the end of June, several traditional financial institutions, led by BlackRock, applied for a spot Bitcoin exchange-traded fund (ETF). Around this period, an institution-oriented crypto exchange, EDX Markets, endorsed by the Wall Street giants, began operations.
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The positive market sentiment continued in July, with crypto payment ripple company punctuation a significant victory against the US Securities and Exchange Commission (SEC) over its classification of XRP as a security.
However, momentum has cooled, with the market seeing slight dips in the past two days. Still, most digital assets remain green due to their positive results in the last 30 days.
Disclaimer
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