DeFi Bounce: YFI Leads Weekend as Decentralized Finance Tokens Surge
2 min readDecentralized finance-related tokens are in recovery mode this weekend, with big bounces from some of the leading protocols. YFI is leading the pack with a gain of almost 75% at one point. The gains have since been whittled down to 55%.
All eyes have been on bitcoin recently with its epic move to $16k. When that usually happens, the altcoins get left in the dust. DeFi-related tokens have been battered recently, with some sliding as much as 90% from their all-time highs. But there has been a bit of resurgence this weekend with double-digit moves for some of them.
The DeFi-token reawakening comes as total value locked hit a new all-time high of $12.5 billion, according to DeFi Pulse. This jump in dollar TVL is likely due to the increase in Ethereum prices, however, rather than fresh capital flowing into the sector.
YFI Leading the Pack
The big token surge has been noted by Messari, which reports that DeFi market capitalization has climbed by 16% over the past 24 hours.
DeFi bouncing bigly $AAVE $YFI $SNX $UNI pic.twitter.com/liNEDHtLBg
— Messari (@MessariCrypto) November 6, 2020
The Yearn Finance (YFI) token has been leading the pack, with a monumental pump from $8,800 to $15,700 in less than a day. The 75% move has been the largest in DeFi. It should be noted, however, that the token is still down 64% from its peak, but it appears to have lifted off the bottom now. At last check, YFI is trading at $15,621, up 55%.
Yearn Finance has been conducting a couple of governance votes for a fee and incentive restructuring, and Andre Cronje launched the Keep3r Network two weeks ago.
Curve Finance’s CRV token also saw a pump, with a 30% gain on Friday to close in on $0.50. This one has been in a world of pain recently and is still 98% down from the price it spiked to when the tokens were launched in mid-August. At last check, CRV is trading up 21.5%.
Uniswap’s UNI token has dragged itself off the bottom, adding 25% on Friday as it approached $3 before a slight pullback. UNI is around 65% off its all-time high and it is likely that prices will continue to fall when liquidity farming ends on Nov. 17 and millions of tokens flood the market. At last check, UNI is up by roughly 12%.
Ethereum Back in Play
Ethereum, which is the underlying foundation of all things DeFi, has been making big moves recently, but they have been largely catalyzed by its big brother.
ETH prices were up 8% on Friday, climbing from $430 to $465. The target is the 2020 high of $480. Industry executives are advising a little profit taking when things are moving upwards so quickly.
Good advice
https://t.co/BaaqzyDJ7u
— Erik Voorhees (@ErikVoorhees) November 7, 2020
At last check, ETH is up 4.6% to $461.
The post DeFi Bounce: YFI Leads Weekend as Decentralized Finance Tokens Surge appeared first on BeInCrypto.
