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Yearn Finance is undoubtedly all the rage in the cryptocurrency field right now. Up just shy of 80% in the past 24 hours, it peaked at almost $39,000 on Binance.
Now, industry proponents such as the CEO of one of the world’s largest Bitcoin margin trading exchanges are making bold predictions about its price.
Arthur Hayes: YFI to $100,000
YFI is the governance token of the yield aggregating platform Yearn Finance. Launched in late July, the protocol attracted countless investors looking for profitable yield farming opportunities amid the booming DeFi sector.
With its fair distribution, YFI became the most expensive altcoin, flipping Bitcoin’s value and peaking at almost $40,000 on Binance. Now, the cryptocurrency is trading at around $32,000, following a correction.
In any case, this has prompted industry leaders such as Arthur Hayes, the CEO at BitMEX, one of the world’s leading Bitcoin margin exchanges, to make bold predictions.
According to him, Bitcoin will reach $100,000.
1 $YFI = $100,000 pic.twitter.com/KjW26SXfmc
— Arthur Hayes (@CryptoHayes) August 29, 2020
DeFi Space Continues to Boom
According to data from DeFi Pulse, the total value locked in lending protocols is almost $9 billion, and it shows no signs of slowing down.
At the time of this writing, Yearn Finance has about $1 billion in TVL, up from $8 million back when the project started on July 17th.
Interestingly enough, other coins such as YFII (DFI.Money), have also gained a lot. YFII, a YFI clone, is currently trading at $5250, which is almost 300% more in the past 24 hours alone.
In any case, the entire market is moving positively in the past few hours, and other altcoins are also making impressive gains, Chainlink being a prime example. LINK is up 9% and is trading at $17 at the time of this writing. This has reduced Bitcoin’s dominance to 58.4%, strengthening the altcoin season narrative.
It’s interesting to see if the DeFi craze will continue raging on and if Hayes’ prediction will, indeed, come true.