YFI Surges higher over the past day by 20% despite the stagnation in the price of BTC and ETH, as we saw earlier in the altcoin news. The leading cryptocurrency which is the top 30 by market capitalization increased by 20% over the past day and moved higher from $25,000 to $29,000 at the time of writing, making it the top-performer altcoin in the top 100.
Analysts believe that YFI has more room to grow after gaining 20% in the past day and one trader even shared the charts below showing that while YFI remains below its all-time high, it even secured a crucial exponential moving average that was holding on above during the previous rally. YFI as the trader said, suggests that the rally has more “juice” left and they believe that all of the DeFi space is about to grow bigger. YFI acts as a pseudo-index for the entire market so yearn.finance will benefit if the rest of the industry gains more traction. Andrew Kang who is the founder of Mechanism Capital commented on the topic of Defi’s growth in an extensive Twitter thread, explaining that the fundamentals and technicals of this industry suggest that this space is poised to climb higher:
“In terms of new funds entering, I’m aware of at least a dozen that have recently raised or just finished raising. Many of these intend to play in the public secondary markets. Unclear how much gets deployed over what timeline… In terms of DeFi activity growth, TVL continues to advance parabolically after a small dip even in the face of price stagnation indicating more assets moving in. For both public and private DeFi projects, the innovation and pace of development continues forward at a blistering pace – even faster than it was two months ago.”
Spencer Noon, who is the head of DTC capital echoed this optimism and said that the fundamentals for Ethereum and Defi have actually never looked better. As previously mentioned, YFI surges higher and stands to benefit from a further recovery in the decentralized finance space. Also, The creator of YFI, Andre Cronje thinks that the token supply should be capped at 30,000 permanently. This new measure will prevent new YFI tokens from getting minted. The online community seems to be in agreement as they voted with 99% confirmation for the proposal.
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