Yearn.finance Token Reaches All Time New Highs - Touches Over 80k.
2021-05-17 | Big Bob
The cryptocurrency market did little in offsetting Yearn.finance’ bullish bias
as the price of its governance token, YFI, reached new record highs in
USD earlier on Tuesday - just over $80k for the primary time.
The YFI/USD
rate of exchange added over $10k, or 13.02%,
to surpass $70k
prior to the London opening bell. The pair quickly retraced lower as traders decided
to understand their profits, hitting roughly
$65,867 USD as at the reporting time. Nevertheless, the drop appeared marginal compared to the prevailing uptrend, hinting that YFI could continue its upward momentum following a short-term consolidation period.
The token performed equally well against Bitcoin [
BTC], the flagship cryptocurrency whose own uptrend
bogged down after hitting a milestone high of roughly $65k last month. Tuesday morning, the YFI/BTC
rate of exchange was near its five-month high of 1.192 BTC. Additionally, at its intraday peak, the pair’s bid was 1.247 BTC, up 58%.
The massive upside moves
within the Yearn.finance token market appeared as its top rivals underperformed severely. At first, Bitcoin continued
to point out weakness after failing to log a breakout above a psychological resistance level of $60,000. Its strong
direct correlation with other top digital assets also pushed their prices lower.
On the other hand, Ethereum [
ETH], the second-largest cryptocurrency by
market cap, plunged back below $4k on profit-taking sentiment.
Also,
the leading losers on a 24-hour adjusted timeframe were Dogecoin [DOGE], Ripple [XRP], Polkadot [DOT], and Litecoin [LTC]. Each fell within the range of 9%–12%, again due to traders’ inclination to withdraw profits after the tokens’ supersonic price rallies
within the earlier sessions.
Yearn.finance’s YFI has been comparatively weaker
thus far in 2021. The token surged by almost 160% compared to its altcoin peers’ thousands of percentages worth of upside gains.
as an example, Dogecoin remained a scene-stealer
for many of
the primary and secondary quarters, rising by over 19,000% to eventually outshine other large-cap altcoins.
Technically, YFI served as a hedge
as the remainder of the cryptocurrency market returned from its overbought levels. But looking closely, what worked
within the favor of the Yearn.finance token -
a min of within the current quarter - is its ability to
discard a flurry of its major issues.
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