The price of the yEarn Finance protocol token YFI is growing at warp speed with no end in sight for the upsurge. Today, the price of the asset soared past $20,000, subsequently surpassing bitcoin’s all-time high recorded in December 2017.
One YFI token is now valued at $24,547 at the time of publication, after gaining more than 36% over the past 24 hours. The bellwether cryptocurrency, on the other hand, is trading at around $11,555.
The DeFi Craze Continues As YFI Achieves New All-Time High
The Decentralized Finance (DeFi) space has had an incredible past couple of months, especially since the advent of yield farming. YFI, the native token of the DeFi behemoth yearn.finance, in particular, surged by more than 15,500% within its first trading week. The asset’s rally has been unstoppable as it has risen over 350% in the past month alone.
A little over a week ago, the price of YFI overtook that of bitcoin as it climbed to $16,400. And now, the price of the token is more than double the current price of bitcoin. In addition, with a $24,500 price tag, YFI has now surpassed BTC’s historic high of $20K posted approximately two years ago.
One of the main catalysts driving the price of YFI is its limited supply. There are roughly 30,000 tokens in circulation. In contrast, 18 million bitcoins are in circulation.
Moreover, news of a potential partnership between leading derivatives exchange FTX and yEarn Finance have lit a fire under the YFI bulls. The project’s creator and developer, Andre Cronje, recently revealed that he is collaborating with FTX CEO Sam Bankman-Fried on “something very sexy in the future”. He stated:
“Guess the cat is out of the bag, but just so that there is some expectation management, this is a long roadmap that we are working on, so it won’t be anything anytime soon. But there will be something very sexy in the future.”
Meanwhile, crypto analyst Josh Rager is expecting YFI to go to $30,000 next.
I was foolish to sell two out of the three $YFI I had under $5000
But I kept one…. in case it really was on its way to $100k
And boy I’m glad I did
on its way to $30k pic.twitter.com/nsDm3cnu9S
— Josh Rager
(@Josh_Rager) August 29, 2020
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