• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Changelly
  • Price table

Crypto News PRO

From the world all news

  • Home
  • News

YFI Climbs 50% From $18K Low While The Rest Of Crypto Stagnates, But Why?

Written by:
Aeon Flux
Published on:
10 September 2020
Thoughts:
No comments yet

As incredible as Chainlink’s rise has been across the crypto market, it has been eclipsed by the emergence of one extremely rare coin that has since become even more expensive than Bitcoin itself: Yearn.Finance (YFI).

The ultra-scarce DeFi digital asset has been defying gravity since its debut. And although there was a massive $20,000 collapse per token from local highs, the asset has recovered over 50% while Bitcoin and Ethereum stagnate. But what’s the reason for YFI’s runaway success?

DeFi Bandwagon Has YFI Beating Out Bitcoin And Ethereum With 50% Recovery

The DeFi trend has taken a wild and wacky turn, bringing back memories of the ICO boom, complete with investors being burned by the hottest new token.

Pizza and Hot Dogs fresh out of the DeFi oven have left many crypto investors taking the plunge with a bad taste in their mouths, elsewhere in the DeFi space assets have been far more rewarding.

Take Yearn.Finance for example. This sizzling hot DeFi altcoin has grown from $5,000 to just under $40,000 at the high. The peak price is currently four times as valuable as Bitcoin’s price over the last week.

Related Reading | Pizza & Hot Dogs: How Uniswap’s Profit Buffet Can Burn Crypto Investors

Bitcoin, Ethereum, and other top crypto assets have been consolidating at support in an attempt to hold strong. YFI, however, has left these powerhouses in its dust, showing off just how bullish the momentum has been.

It’s this bullish momentum that has helped YFI regain as much as 50% of its recent losses, while the two top reigning crypto-assets continue to perform poorly

yfi defi yearn finance crypto bitcoin altcoin 50

yfi defi yearn finance crypto bitcoin altcoin 50YFIUSDT Daily Price Chart Support and Resistance Levels | Source: TradingView

Why Is The Yearn.Finance Secret To Rapid Success?

YFI’s more than 50% recovery stopped short as daily resistance but may have found support at $22,000 per token. Four daily closes above that key level gave bulls enough confidence for another push higher.

Related Reading | Despite BTC Drop $10k, Top Ethereum DeFi Coins Undergo Strong Bounce

The fall to daily support also aligns with a retest of the mid-Bollinger Band, that thus far been holding. A retest of the mid-BB that holds strong often rises again towards the top of the Bollinger Bands.

yfi defi yearn finance crypto bitcoin altcoin 50

yfi defi yearn finance crypto bitcoin altcoin 50YFIUSDT Daily Price Chart Bollinger Bands | Source: TradingView

If that acts as the next target, YFI could soar to retest $36,000 in the days ahead. If the buzzing DeFi token can get through there, a new all-time may be set.

As for what’s fueling YFIs enormous rally, DeFi is currently an unstoppable trend luring investors in with its appetizing buffet of profits. The token rising from $5,000 to over $30,000 so quickly has caught the attention of all crypto market participants.

Only 30,000 YFI tokens exist, giving the asset even more scarcity than Bitcoin. The low supply is also a primary reason for the high price per coin, and why the asset’s price is so extremely volatile. That same volatility, however, has made YFI clearly more attractive to crypto investors than even Bitcoin or Ethereum recently, as the asset is easily beating them out in momentum.

Tags: altcoincryptoDeFiethereumyearn financeyfiyfibtcyfiusdyfiusdt

Categories: Bitcoin, Ethereum, News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Search in the news

Translate:

Earn up to 5% every 10 days with Aeon Flux Coins

Categories

  • Bitcoin (2,395)
  • Ethereum (1,612)
  • News (4,986)

Recent Posts

  • Exploring the Foundation of the Fantom Blockchain 30 April 2022
  • Interview with Oleg Kotliarov, CEO at Attarius Network 29 April 2022
  • Ragdoll Cat NFT Marketplace is Coming Soon with a New Token 29 April 2022
  • MRHB.Network’s SouqNFT Marketplace Hosts World’s First NFT-based Halal Certifications 29 April 2022
  • The Magnet of Play-to-Earn, And What Could Sink It 29 April 2022

Archives

  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020

© 2015-2020 Crypto News PRO
All Rights Reserved. Powered by IWG Agenzia Web