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YFI Token Reaches $37k, Beats Bitcoin’s All-Time High

YFI token has gone off the charts as it recently hit the $30,000 mark. As of press time, the all-time high price of YFI is $37,621, defeating Bitcoin’s $20,000 peak price in December 2017.

YFI Price Chart (July-August 2020) (Source: Coingecko.com)
YFI Price Chart (July-August 2020) (Source: Coingecko.com)

Investors who have initially bought Yearn.finance’s token must be on their toes now as the token continues to rally, surpassing the $30,000 mark and reaching $1 billion market capitalization. A 675.6% gain within the last 30d has been recorded for this DeFi project.

Last week, YFI has outpaced Bitcoin as it crossed above $13,000 for the first time. Now, the DeFi altcoin has joined leading cryptocurrencies like Tether (USDT), Bitcoin (BTC), Ethereum (ETH), EOS (EOS), and Bitcoin Cash (BCH) in having the most active trading volumes across cryptocurrency exchanges.

As of the time of writing, YFI has a 24h trading volume of over $800,000,000, with a 127.9% gain for the last 7 days. Over the weekend, YFI has gone over to the top, beating BTC’s all-time high price two years ago.

James Spediacci, known to be one of the crypto investors who got filthy rich because of his early investment in ETH, tweeted that YFI is doing what BTC can’t at the moment. Currently, BTC still sits at $11,000.

Read Also: Yearn.Finance (YFI) May Soon Spike Over $50K

Despite the frenzy of the sudden outburst of YFI’s price caused mainly because of its scarcity — 30,000 tokens in total supply — the valueless-DeFi-turned-to-unicorn asset is now showing indication of being overbought, as shown by its Relative Strength Index (RSI).

In the chart above, YFI’s RSI is above 80. Typically, when an investment such as stocks is overbought, owners who are not emotionally attached to the stock should sell it. This might be a signal that this upward bubble trend may crash anytime soon.

Product Marketing Manager of Set Labs Protocol Anthony Sassano stated that YFI may cause deep regrets to investors in the future. With its bullish movement, YFI may soon experience a correction in the market and might collapse back to 0.01 when price volatility hits.

Despite that, the yield farming opportunities offered by the project are still highly ideal compared to others. Notably, YFI is earned by staking proof of liquidity and is one of the only DeFi tokens launched with no premine and no initial decentralized exchange (DEX) offering.

The cryptocurrency community might be shocked about YFI’s recent milestone, but there are other altcoins listed on CoinMarketCap that have already been considered as the ‘most expensive’ ones in history.

CoinQuora Staff

CoinQuora is an online publication that aims to educate about news, exchanges, and markets in the cryptocurrency and blockchain industry

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