Ethereum’s DeFi darling, Yearn.finance (YFI), has surged 15% in the past 24 hours as buyers finally step in. This comes after the coin corrected 50% in the span of a week due to weakness in Bitcoin and Ethereum.
The coin just reached a new all-time high just shy of $44,000 and now trades at $43,600.
Chart of YFI’s price action over the past day from TradingView.com Related Reading: CNBC’s “Mad Money” Host Jim Cramer Is Finally Buying Bitcoin Why YFI Is Rallying
YFI is rallying due to a number of fundamental trends.
First and foremost, the cryptocurrency is getting its latest major listing on Coinbase on Monday, should the exchange get enough liquidity for the coin. Over the past few weeks, every coin listed on Coinbase has undergone strong rallies due to the inflow of capital these listings bring.
Yearn.finance’s native coin is also benefiting from the announcement of a new product, dubbed