The cryptocurrency market did little in offsetting Yearn.finance’ bullish bias as the price of its governance token, YFI, reached new record highs in USD earlier on Tuesday – just over $80k for the primary time.
The YFI/USD rate of exchange added over $10k, or 13.02%, to surpass $70k prior to the London opening bell. The pair quickly retraced lower as traders decided to understand their profits, hitting roughly $65,867 USD as at the reporting time. Nevertheless, the drop appeared marginal compared to the prevailing uptrend, hinting that YFI could continue its upward momentum following a short-term consolidation period.
The token performed equally well against Bitcoin [BTC], the flagship cryptocurrency whose own uptrend bogged down after hitting a milestone high of roughly $65k last month. Tuesday morning, the YFI/BTC rate of exchange was near its five-month high of 1.192 BTC. Additionally, at its intraday peak, the pair’s bid was 1.247 BTC, up 58%.
The massive upside moves within the Yearn.finance token market appeared as its top rivals underperformed severely. At first, Bitcoin continued to point out weakness after failing to log a breakout above a psychological resistance level of $60,000. Its strong direct correlation with other top digital assets also pushed their prices lower.
On the other hand, Ethereum [ETH], the second-largest cryptocurrency by market cap, plunged back below $4k on profit-taking sentiment.
Also, the leading losers on a 24-hour adjusted timeframe were Dogecoin [DOGE], Ripple [XRP], Polkadot [DOT], and Litecoin [LTC]. Each fell within the range of 9%–12%, again due to traders’ inclination to withdraw profits after the tokens’ supersonic price rallies within the earlier sessions.
Yearn.finance’s YFI has been comparatively weaker thus far in 2021. The token surged by almost 160% compared to its altcoin peers’ thousands of percentages worth of upside gains. as an example, Dogecoin remained a scene-stealer for many of the primary and secondary quarters, rising by over 19,000% to eventually outshine other large-cap altcoins.
Technically, YFI served as a hedge as the remainder of the cryptocurrency market returned from its overbought levels. But looking closely, what worked within the favor of the Yearn.finance token – a min of within the current quarter – is its ability to discard a flurry of its major issues.