Bitcoin has been the most expensive, and largest cryptocurrency. However, while it is still most certainly the largest, the coin is no longer the most valuable digital currency in the industry. Instead, Bitcoin's price was exceeded by a DeFi token called yearn.finance (YFI), which is now closing in on Bitcoin’s own ATH, sitting at $19.507 at the time of writing.
yearn.finance is a new token that only launched a little over a month ago. However, in that time, the coin saw a massive amount of growth. The decentralized finance (defi) crypto asset tied to the Yearn Finance project has smashed records this week, as the coin touched a high of $30,324 on Saturday evening. Yearn’s token YFI has been recently added to the Aave platform and the project’s founder, Andre Cronje, is currently talking about collaborating with the exchange FTX.
Its starting price was $799.02 on July 21st. However, at the time of writing, the coin has gone beyond $19.500, which is probably the fastest and most rapid growth in crypto history.
Now, YFI did encounter several resistances along its way, and it even saw some price rejections. However, despite this, it breached every obstacle on its way, and it exceeded Bitcoin’s price on August 19th.
By August 21st, the coin encountered a resistance at $15k, briefly breaching it before seeing a price rejection. However, while it did drop back to a support at $13.5k, it recovered in about four days, before a new surge had commenced.
Over the course of the last 24 hours, YFI has gained over 44% in value outshining most other token assets. Despite the fact that YFI has climbed far higher than BTC’s all-time high in 2017 ($19,600), people should understand and be aware that there are only 30,000 YFI compared to BTC’s 21 million.
In fact, out of the current 30,000 supply of YFI, there are really only 29,962.791 tokens in circulation today. YFI has seen massive trade volume this week as well, as Saturday’s global YFI trade volume topped $500 million.
Since then, YFI skyrocketed past the resistance that previously held it down, going up to its current high.
Its trading volume has been surging alongside the price, indicating that people were becoming instantly interested in the coin as soon as they discovered it. The coin’s daily volume started to grow especially quickly after it overcame Bitcoin, and today, August 29th, marks the highest 24h volume that the coin has seen, currently at $224 million. The coin’s supply is rather low, sitting at only 29,963 YFI, which is only 37 units short of its total supply of 30k YFI. Meanwhile, its market cap sits at $584.5 million.
YFI is a new cryptocurrency that has only been around for a little over a month. However, in about one-month time, the coin reached and exceeded Bitcoin’s current price, continuing up towards Bitcoin’s old ATH.
What do you think about YFI’s token? Let us know what you think about this subject in the comments section below.
Thanks for the tip. How can I get the token?