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Ether and Uniswap Advance on Regulatory Actions: CoinDesk Indices Market Update

Bitcoin relinquished early gains above $70,000 to close the week only marginally higher.

By Tracy Stephens|Edited by Stephen Alpher

Updated May 24, 2024, 2:08 p.m. Published May 24, 2024, 2:08 p.m.

CoinDesk Indices (CDI) presents its bi-weekly market update, highlighting the performance of leaders and laggards in the benchmark CoinDesk 20 Index (CD20) and the broad CoinDesk Market Index (CMI).

Ether (ETH) gained more than 20% this week, buoyed by first the rumor and then the news that the SEC was moving to approve the listing of a spot ETH ETF.

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Uniswap (UNI) added 21% alongside its response this week to a Wells Notice it received from U.S. regulators.

Among underperforming large-cap assets were Ripple (XRP), Cardano (ADA) and ChainLink (LINK), not to mention bitcoin (BTC) which gave up early gains to finish the week just marginally higher.

CoinDesk 20 tracks top digital assets and is investible on multiple platforms. The broader CMI comprises approximately 180 tokens and seven crypto sectors: currency, smart contract platforms, DeFi, culture & entertainment, computing, and digitization.

CoinDesk 20

Tracy Stephens

Tracy Stephens is Senior Index Manager at CoinDesk Indices, where she works to maintain the high standards of robustness and rigor of systematic trading found in traditional finance in index and data products. Before transitioning into crypto, she built systematic macro-trading strategies as a quantitative researcher at Alliance Bernstein, one of the largest asset managers in the U.S., and at Citibank. Tracy holds a Bachelor's degree in Math from Barnard College and a Master's degree in Data Science from the University of California, Berkeley.