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Yearn Finance (YFI) Reaches ATH Of $16,700 Keeps Outshining BTC

Yearn Finance (YFI) Reaches ATH Of $16,700 Keeps Outshining BTC

Bitcoin traders are in a constant struggle to analyze the possibility of BTC breaking out and maintaining the $12,000 level. However, another cryptocurrency going by the name of Yearn Finance (YFI) is quite healthily trading above the current market price of BTC. As the time of writing, YFI is trading at a price of $15,326, having already posted a new all-time-high value of $16,700 on the 20th of August, 2020.

New Token Making Big Gains

YFI still stands as a relatively new token within the crypto space at large. As a result, the chart for YFI/USD can only be analyzed through the use of low time frames, such as 6hr or 1hr. Even with this monumental price, it’s clear that there is still a large amount of buying interest, which could see the con reach, or even surpass, its previously recorded ATH. This, of course, is only possible should the right sort of market environment lay itself bare.

Yearn Finance, amazingly enough, only entered the crypto space in the middle of July, this year. Ever since, however, the token has seen a spectacular rise in the market ever since it was listed on heavyweight crypto exchanges, such as FTX, Binance, Poloniex, and Gat.io.

Bitcoin and Other Digital Assets are on the Rise Again

Massive Increase In Trading

The official release date for the Yearn Finance DeFi project was on the 17th of July, 2020. The DeFi platform serves to aggregate lending services ranging from Compound to Aave, to Fulcrum and DyDx. This comes in a bid to simplify the process of Yield Farming within the DeFi space at large.

Yearn Finance has only one form of governance token: The YFI token. This token is given to users that provide liquidity on Yearn Finance. In a statement, Yearn Finance explained that it’s a truly simple process. A user need only provide liquidity to one of the platforms of Yearn Finance by staking the output tokens within a distribution contract. Yearn Finance explained that there would be an interface provided to enable this. Afterward, the user will earn a token amount per day, depending on what they staked, and how much of it.

Supply And Market Cap

Even with the massive price of the coin, YFI’s market cap stands at $451.58 million. This stands as a far cry of Bitcoin’s current market cap, which is recorded at $218.6 billion. The trick to the massive price for each token, however, is the sheer lack of supply compared to Bitcoin. There’s only a meager 29,962 YFI tokens in circulation, which is a far cry from Bitcoin’s 18,466,812 BTC in circulation.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.