Over the weekend YFI, the native token of Yearn.finance, reached a new all-time high at $43,966 on Binance exchange. This occurred as the crypto market was still reeling from Bitcoin’s (BTC) sharp 17.5% correction which saw its price drop as low as $9,800 on some exchanges.
As Bitcoin price slowly recovered, YFI price increased by over 100% since Sept. 9 and many analysts now believe the token will make a run at the $50K mark soon.
The daily chart of Yearn.finance (YFI). Source: TradingView.com
What’s behind YFI’s surge?
The confluence of strong technicals, new products, yield farming and the growing popularity of DeFi liquidity pools likely fueled YFI’s surge.
Prior to the rally, the price of YFI was relatively stable above $20,000, which is close to its macro support level at $19,500. After a relatively lengthy consolidation phase, YFI started an explosive rally.
Yearn.finance has also launched new products, one of which is called StableCredit USD. Lisa JY