- DeFi tokens are bouncing back from their recent lows.
- YFI has rebounded by nearly 75% in 24 hours.
- Ethereum’s share price is also aiming to climb back to its highs for the year.
The decentralised finance-related tokens are picking up strength this weekend, with big rebounds in some of the major protocols. YFI leads the pack with a gain of nearly 75% at one point. Gains have since been reduced to 55%.
All eyes have recently turned to Bitcoin Investor with its epic $16,000 move. When that usually happens, the altcoins stay in the dust. DeFi tokens have been beaten recently, with some slipping as much as 90% from their historical highs. But there has been a bit of a resurgence this weekend with double-digit movements for some of them.
The awakening of the DeFi token comes as the total locked value reaches a new record of $12.5 billion, according to DeFi Pulse. This increase in dollar LCT is probably due to the rise in Ethereum’s share price, rather than to new capital flowing into the sector.
YFI leads the way
The sharp increase in the token was noted by Messari, which reports that DeFi’s market capitalisation has increased by 16% in the last 24 hours.
The Yearn Finance (YFI) token is leading the pack, with a monumental pump from $8800 to $15,700 in less than a day. The 75% move was DeFi’s biggest. It should be noted, however, that the token is still down 64% from its peak, but it seems to have taken off from the bottom now. At last check, YFI is trading at $15,621, up 55%.
Yearn Finance has led some governance votes for a restructuring of fees and incentives, and Andre Cronje launched the Keep3r network a fortnight ago.
Curve Finance’s CRV token also saw an increase, with a 30% gain on Friday to close to $0.50. The token has recently been in a world of pain and is still 98% below the price it climbed to when the tokens were launched in mid-August. At last check, CRV is trading up 21.5%.
Uniswap’s UNI token dragged itself down, adding 25% on Friday as it approached $3 before falling back slightly. UNI is at around 65% of its record level and it is likely that prices will continue to fall as liquidity farming ends on 17 November and millions of tokens flood the market. At last count UNI is up around 12%.
Ethereum, which is the underlying basis for everything to do with DeFi, has made great strides recently, but they have been largely catalysed by their big brother.
ETH classes rose by 8% on Friday, from $430 to $465. The target is the peak of $480 in 2020. Industry leaders are advising to take a little profit when things are moving so fast.
At last count, ETH is up 4.6% to $461.