A Defi coin just surpassed bitcoin in terms of price
If we thought this recent defi craze couldn't get any crazier, it just did.
The yearn.finance project and their coin YFI recently soared all the way to $16k.
For those doing the math, that is now 33% higher than bitcoin is currently trading for!
Keep in mind that the market caps are miles apart so YFI hasn't overtaken in bitcoin in terms of total valuation.
Bitcoin is currently worth around $200 billion while YFI is worth around $500 million.
The current chart of YFI can be seen here:
(Source: https://coinmarketcap.com/currencies/yearn-finance/)
Just 5 days ago YFI was trading around $4k per coin and hit $16k yesterday, which is a 4x gain for those of you that are again interested in the math.
That's a 4x gain in less than a week!
But wait, there's more...
YFI is roughly a month old as it launched back in mid July at a little under $1,000 per coin.
If you take that launch price and look at the current price, YFI is up something like 16x in less than a month!
Now that's crazy!
We need to get in on this price action!
It's not just YFI that has seen moves in excess of 10x over the last couple months. There have been a whole host of defi coins that have done at least that.
That is the reason HIVE and the like have been bounced from the top 100 as these other projects shoot up in value.
The market has been speaking for months now and it's time for us to listen.
Defi is what the market wants right now and it would be wise for use to pay attention to that.
I have seen several announcements recently from people talking about different projects they are working on that would incorporate some form of defi, whive being one.
I understand that development takes times, but this recent craze isn't going to last forever so we need to strike while the iron is hot.
Though I do think the defi craze has more staying power than the ICO craze as it has a strong footing than the ICO craze did.
YFI has only been around for less than a month and is already worth $500 million, while HIVE has been around for quite a while now and is barely able to cling to a $100 million market cap.
The market is speaking and it would be wise for us to listen.
We can preach the "slow and steady wins the race mantra" until we are blue in the face, but the fact of the matter is that having a higher market cap and higher price per coin literally makes everything easier.
Literally everything.
Which is why I think it is wise for us to get our own little defi projects going as well.
Stay informed my friends.
-Doc