YFI becomes the new most expensive cryptocurrency

Published by Cyber Flows on

Ever since its launch, 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 yearn.finance (YFI), which is now closing in on Bitcoin’s own ATH, sitting at $19.507 at the time of writing.

Bitcoin bested by a new cryptocurrency

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.

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.

YFI trading volume grows as more investors discover the coin

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.

Source: invezz.com

Translate »