A new cryptocurrency launched in July 2020 is up more than 1,500% in less than a month after it was launched. The Yearn.Finance (YFI) price has recently moved closer to the current value of Bitcoin.
The recently launched altcoin works on the Ethereum blockchain and only has 30,000 units in total. In the past 24 hours, it has traded $ 89 million (YFI), according to CoinMarketCap.
With a market value of over $ 10,000, Yearn.Finance recently moved closer to the price of Bitcoin (BTC). Despite being listed on Binance, investors are wary of the project, which launched a few weeks ago.
Binance trades with Yearn.Finance
The cryptocurrency (YFI) can be traded on the exchange. Created on July 21, 2020, Yearn.Finance is less than a month old and has already amassed an impressive market valuation.
On the start day of the cryptocurrency, the price of Yearn.Finance reached $ 739.44. Since then, this is the lowest price ever recorded for altcoin recently created.
However, Since July 21, the cryptocurrency (YFI) has been exposed to a continuous wave of appreciation on the market with a few price corrections. Thus, the cryptocurrency approached the value of the Bitcoin price by trading for nearly $ 12,000.
Last Tuesday, the price of Yearn.Finance hit an all-time high for the altcoin, the came at a price of $ 11,759.84. As a result, the (YFI) recently approached Bitcoin’s value over $ 12,000 in the market.
The price of cryptocurrency is approaching Bitcoin (Source: CoinMarketCap)
Total, The market capitalization of Yearn.Finance is around $ 300 million. The price of the cryptocurrency is currently trading at nearly $ 10,000 following a recent correction.
According to CoinMarketCap The cryptocurrency, which is up nearly 1,500% in a month, has 93 trading pairsincluding the offer on Binance.
“Yearn.finance” (YFI) is a cryptocurrency and is executed on the Ethereum platform. The company currently operates in 93 active markets and has traded $ 88,008,969,876 in the last 24 hours. “
Cryptocurrency with the price of bitcoin
Bitcoin’s price is considered to be the highest in the cryptocurrency market at nearly $ 12,000. However, The Yearn.Finance price is close to the current price of (BTC).
This Wednesday morning (19), The price of Bitcoin is $ 11,870. On the other hand, the (YFI) is worth $ 10,179.73. In other words, there is only a $ 1,700 difference between the two cryptocurrencies. At least nearly 14% of the total value of Bitcoin today.
With a total of only 30,000 units, (YFI) has already launched around 29,960 units. Therefore, only nearly 40 units of Yearn.Finance have to be spent to complete the current offering of the altcoin.
“Yearn.Finance has a current offering of 30,000 with 29,960,798 outstanding.”
Regardless of the fact that the project had a 1,500% appreciation in less than a month, investors are showing distrust of the cryptocurrencyas stated in a post on Bitcoin Brazil on Facebook.
According to the comments, The coin could represent a “trap” for a new project. A Facebook user compares (YFI) with another dubious project that “no longer exists”.
“The currency (YFI) started with a value of 5,000. I remember the Bitcoin B2X that started with USD 1,000 and only fell, today it no longer exists.”