Universal Market Access (UMA), a popular coin, has registered a major price increase over the span of seven days. Its price soared a massive 104%, recovering the losses it sustained since the beginning of 2022.
Earlier in the year, UMA was trading at $11.09, then a sharp drop placed the token at $4.52. Now, at the time of writing this article, UMA, as per CoinMarketCap, is trading at $9.72. March 1 saw the highest price with the token spiking to $12.08. UMA with its current price and 7-day movements is now close to the levels at the beginning of the year when the price was $9.23 – $11.09. But this is nowhere near the highs of April 2021 when UMA traded at $32.85. Analysts highlighted that UMA is showing signs of recovery after a significant period of sluggishness.
Universal Market Access, since the rollout of the Across protocol in November 2021, witnessed significant results in its price. It slumped in late February 2022. And has since been recovering. Analysts attribute the recovery to an increase in UMA’s protocol adoption. The number of users has increased.
UMA emerged in December of 2018 as an open-source protocol for designing and creating synthetic assets based on the Ethereum blockchain. This protocol can replicate just about any other asset in the crypto market. UMA’s Across protocol is touted as the fastest, cheapest, and most secure L2 to L1 bridge. It also has a superior user experience