There has been a lot of intriguing cryptocurrency market momentum today. Whereas the top markets may not move up all that much, some DeFi assets make strong moves. Yearn.Finance’s YFI has hit a new all-time high earlier today and still shows resilient momentum.
Although YFI has intrigued many people since its inception, the price momentum had seemingly stalled a bit in recent months. Not entirely surprising, as this asset soared to over $50,000 very quickly before noting some significant market pressure. The momentum has picked up again for this popular asset, resulting in a new all-time high being recorded several hours ago.
YFI/USDT chart by Tradingview.com
Currently, the all-time high YFI price sits at $77,009.27. Although the market has faced severe bearish pressure since hitting that level, the price is rising again. As values go higher in this industry, so too will the overall volatility. One thing to note is how there are only 36,666 YFI in circulation at any time, limiting the amount of “full coins” people can sell. Additionally, Yearn.finance has a market cap of roughly $2.6 billion, which doesn’t seem that steep compared to some other DeFi projects.
According to TradingView, the technical signal for YFI is still “Strong Buy” after today’s market activity. An interesting, albeit somewhat surprising development, yet it may indicate there isn’t enough selling pressure at this time. Even so, a 30% price increase in a day is often the maximum traders and speculators can expect.
Future YFI Price Outlook
Whereas many people look at the YFI price action today, it is always essential to maintain a long-term outlook. Sourcing some opinions on Twitter, it becomes apparent there are many opinions on the market. Some prefer to look at the USD value, whereas others want to increase their Bitcoin holdings.
Bitrick Jakoin may very well be the ultimate bull regarding YFI’s price action. Not only did this person expect a price increase, but he projects a future YFI value of $250.,000 and more. More importantly, this momentum is expected to materialize in the next two weeks. A near four-fold increase from the current price seems unlikely, although stranger things can happen in the cryptocurrency world.
I was in the future today and was able to have a short view on $YFI and was able to see YFI at 250k+ in 2 weeks. pic.twitter.com/YT3fLNLTjt
For Crypto Mac, it is mainly about increasing the BTC stack by trading YFI against Bitcoin at opportune times. It is worth noting that Yearn.Finance’s asset has successfully overcome the gap to BTC depicted below. One has to wonder if there is any room for further growth over the coming days and weeks. A daily gain of over 31% in YFI/BTC is unusual and may not repeat itself in the future.
As is often the case with cryptocurrencies, determining future market momentum is virtually impossible. Anything can happen to any market when people least expect it. It is essential to look for why the price of this asset may be increasing before making any financial commitments.
New UNI Vault And Orion Terminal
Two exciting developments have taken place for yearn.Finance lately. Whether this is enough to influence the price to such an extent is a different matter.
The first bit of news is the launch of a new UNI yVault. As Yearn.Finance is a platform that supports yield farming and yield aggregation; supporting more DeFi assets is always a good thing. The new UNI yVault can hold 260,000 UNI tokens and has a performance fee of 20%. An exciting addition for ecosystem enthusiasts, as it confirms there is still room for future growth.
The second bit of news relates to Orion Protocol. As an aggregator of liquidity for both DEXes and centralized platforms, the team’s Orion Terminal is of keen interest to many cryptocurrency enthusiasts. Last week, the team confirmed YFI and COMP are now supported in the Terminal. An interesting addition, although the price impact of such an announcement may be negligible.
Closing Thoughts
It is evident there is a lot of market momentum for crypto assets that aren’t Bitcoin or Ethereum. That is not an indication of a new “altcoin season” kicking off, as not all assets note similar growth. However, there is a lot of excitement surrounding YFI, yet it remains unclear if the market can sustain this uptrend.
As is often the case in cryptocurrency, chasing the top is never a smart idea. Numerous assets have gone through a price surge recently before prices came crashing down again. YFI will likely meet a similar fate, regardless of how bullish the markets may be at the time of writing.
JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.
UNUS SED LEO, a cryptocurrency that describes itself as "the utility token at the heart of the iFinex ecosystem,"...
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.