• 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

Why Ethereum DeFi’s Yearn.finance (YFI) Just Surged to New All-Time High

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

Ethereum’s DeFi darling, Yearn.finance (YFI), has surged 15% in the past 24 hours as buyers finally step in. This comes after the coin corrected 50% in the span of a week due to weakness in Bitcoin and Ethereum.

The coin just reached a new all-time high just shy of $44,000 and now trades at $43,600.

Chart of YFI’s price action over the past day from TradingView.com

Related Reading: CNBC’s “Mad Money” Host Jim Cramer Is Finally Buying Bitcoin

Why YFI Is Rallying

YFI is rallying due to a number of fundamental trends.

First and foremost, the cryptocurrency is getting its latest major listing on Coinbase on Monday, should the exchange get enough liquidity for the coin. Over the past few weeks, every coin listed on Coinbase has undergone strong rallies due to the inflow of capital these listings bring.

Yearn.finance’s native coin is also benefiting from the announcement of a new product, dubbed StableCreditUSD, from project founder Andre Cronje.

The new product is expected to be a hit within the DeFi space due to its potential applications in on-chain financial activities.

Related Reading: Here’s Why This Crypto CEO Thinks BTC Soon Hits $15,000

The Coin’s Technicals Are Also Bullish

YFI’s technicals are also in a bullish state, analysts have said.

Michael Van De Poppe, a trader at the Amsterdam Stock Exchange and crypto analyst, recently shared the chart below. It shows that YFI is poised to surge far above current prices:

“Determination of potential target zones on $YFI. Trending and hyped coins are doing really well. Like always, they bounce back the strongest. Target of $75,000 possible?”

Image

ImageChart of YFI’s price action over the past few weeks with analysis by crypto trader and full-time Amsterdam Stock Exchange trader Michael Van De Poppe. Chart from TradingView.com

YFI’s recovery seems to be part of a wider rally in the altcoin market, which comes just a week after top coins halved due to a drop in the price of both Bitcoin and Ethereum.

Related Reading: This European Crypto Exchange Was Just Hacked for $5 Million

Featured Image from Shutterstock Price tags: yfiusd, yfibtc Charts from TradingView.com Why Ethereum DeFi’s Yearn.finance (YFI) Just Surged to New All-Time High

Tags: altcoinDeFiethereumyearn financeyfibtcyfiusd

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 (2,529)
  • Ethereum (1,697)
  • News (5,368)

Recent Posts

  • When will Bitcoin See a New All-Time High? And when can we see an end to the Bear Market? 30 July 2022
  • Web 3.0: What Is It? 30 July 2022
  • The Evolution of Cybersecurity Into Global Security 30 July 2022
  • Is the Next Bitcoin Halving Priced In? 30 July 2022
  • How to short Tether USDT 29 July 2022

Archives

  • July 2022
  • June 2022
  • May 2022
  • 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