A Defi coin just surpassed bitcoin in terms of price
If we thought this recent defi craze couldn't get any crazier, it just did.
The yearn.finance project and their coin YFI recently soared all the way to $16k.
For those doing the math, that is now 33% higher than bitcoin is currently trading for!
Keep in mind that the market caps are miles apart so YFI hasn't overtaken in bitcoin in terms of total valuation.
Bitcoin is currently worth around $200 billion while YFI is worth around $500 million.
The current chart of YFI can be seen here:
(Source: https://coinmarketcap.com/currencies/yearn-finance/)
Just 5 days ago YFI was trading around $4k per coin and hit $16k yesterday, which is a 4x gain for those of you that are again interested in the math.
That's a 4x gain in less than a week!
But wait, there's more...
YFI is roughly a month old as it launched back in mid July at a little under $1,000 per coin.
If you take that launch price and look at the current price, YFI is up something like 16x in less than a month!
Now that's crazy!
We need to get in on this price action!
It's not just YFI that has seen moves in excess of 10x over the last couple months. There have been a whole host of defi coins that have done at least that.
That is the reason HIVE and the like have been bounced from the top 100 as these other projects shoot up in value.
The market has been speaking for months now and it's time for us to listen.
Defi is what the market wants right now and it would be wise for use to pay attention to that.
I have seen several announcements recently from people talking about different projects they are working on that would incorporate some form of defi, whive being one.
I understand that development takes times, but this recent craze isn't going to last forever so we need to strike while the iron is hot.
Though I do think the defi craze has more staying power than the ICO craze as it has a strong footing than the ICO craze did.
YFI has only been around for less than a month and is already worth $500 million, while HIVE has been around for quite a while now and is barely able to cling to a $100 million market cap.
The market is speaking and it would be wise for us to listen.
We can preach the "slow and steady wins the race mantra" until we are blue in the face, but the fact of the matter is that having a higher market cap and higher price per coin literally makes everything easier.
Literally everything.
Which is why I think it is wise for us to get our own little defi projects going as well.
Stay informed my friends.
-Doc
Posted Using LeoFinance
Ha, I saw this on my news feed from like 3 different articles. Weren't we just talking about how unit-bias is bad? I just checked, and yearn unsurprisingly has a cap of 30,000 coins, whereas Bitcoin has 21M.
Once again, everyone falls victim to unit-bias and acts like it's a big deal that a coin of arbitrary value is now worth more than Bitcoin. I seriously can not wait for a network to come out that just has 1 coin... so that one coin's value will just be equal to the market cap. It's happening, just you wait.
Hopefully you caught the tongue and cheek of it all and the statement about bitcoin's market cap being north of $200 billion while YFI's was around $500 million? No where in there was it ever stated that this coin was now better than bitcoin or more "valuable"...
Oh yeah for sure! I'm not like insulting you or anything or saying you don't understand the issue. It's just that many many other people are going to do just that. I've seen this news in multiple places by multiple sources. It will be misinterpreted by a lot of people. Stuff like this kinda creates FOMO out of thin air. Fuel for the bubble I guess.
As far as people talking about it, it's one of the few times that a coin has traded north of bitcoin with actual real volume instead of painting the tape. It's worth $500 million with heavy trading volume, it's not like it's a paint job.
I just hope this DeFi bubble continues into the real bitcoin bubble.
I'd hate to run out of steam before then.
This is shocking :O
Yea, 4x in 5 days is pretty crazy... that would be like BTC going to $48k before next weekend.
If we had purchased it a month ago :O 14x gains :O
Yep, though closer to 16x gains. :)
Is it a company ?
It's a defi project on Ethereum.
Actually started at 0.
Not only the price action that it could bring, but to have an actual usecase and blockchain, especially open source social media focused, the exposure could open the floodgates for mass adoption.
The more projects we can bridge to the faster Hive will become the hub for web 3.
Posted Using LeoFinance
Well not much traded at 0 and it immediately shot up over $800, so...
Exactly!
Defi is exploding
Be your own bank!
I hope Hive can get some of that
It could change the game for alot of people
I think some people are working on it here but everything moves slow it seems...
Not discounting the trend, but whenever I see gains like that, it makes me hope that people take some profits into BTC. Who knows when this wild ride will come crashing back down. Also, having some BTC for the coming bull market will be a lot safer hodl going forward, but still with plenty of profit potential.
I think they will eventually. There is a bit of rotation at times from alts to bitcoin to alts to bitcoin and sometimes they all go up together, which is usually when new money is coming into the market.
What are you talking about?
HIVE would generate cash flow whether it spiked or not... It would just generate a heck of a lot more if it went up 10x.