A Radical New Crypto Just Blew Past The Bitcoin Price All-Time High—Up A Shocking 3,500% In Just One Month - Forbes

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A Radical New Crypto Just Blew Past The Bitcoin Price All-Time High—Up A Shocking 3,500% In Just One Month - Forbes Posted: 30 Aug 2020 04:15 PM PDT Bitcoin and cryptocurrency markets have been dominated by decentralized finance, often shortened to DiFi, over recent months. The bitcoin price, up around 40% since the beginning of 2020, has been left in the dust by the gains made some DeFi project tokens—including yearn.finance (YFI) that's up a staggering 3,500% in just a little over a month and has surged past bitcoin's late-2017 $20,000 all-time high. MORE FROM FORBESGrayscale, The World's Largest Bitcoin And Crypto Asset Manager, Has A Massive 'Premium' ProblemBy Billy Bambrough Bitcoin remains the biggest cryptocurrency by total value with a market capitalization of over $200 ... [+] billion, however, individual yearn tokens are now worth far more than single bitcoins. SOPA Images/LightRocket via Getty Images Recommended For You The price of yearn.finance tokens have soared from under $1,000 per YFI since it was created in mid-July to over $30,000 this weekend. The yearn.finance price came close to $40,000 on some bitcoin and cryptocurrency exchanges before falling back. YFI is the governance token of DeFi protocol yEarn, designed to aggregate yields from other lending protocols. DeFi is the idea cryptocurrency technology can be used to recreate traditional financial instruments such as loans and insurance. YFI holders can use their tokens to vote on proposals for network upgrades and it can be earned by putting cash into yEarn, a practice known as yield farming. "The yearn.finance coin has become the altcoin star recently," Alex Kuptsikevich, FxPro senior financial analyst, said via email. "In a month it has shown twentyfold growth, living proof that 'unicorns' still exist, at least in crypto. The rapid growth of the coin also reflects the popularity of the decentralized financial sector. The creators of the project decided to follow the bitcoin path, limiting the issue of only 30,000 YFI coins. Such limited supply spurs rapid price growth." This price growth was not something planned by the YFI creator, however. Yearn.finance tokens were described as "completely valueless 0 supply token," by its creator Andre Cronje. MORE FROM FORBESWinklevoss Twins Make The 'Ultimate' Case For A $500,000 Bitcoin PriceBy Billy Bambrough The yearn price has jumped by 26% in just the last 24 hours, adding to massive gains through August ... [+] and leaving the bitcoin price in the dust. Coinbase "We reiterate, it has 0 financial value," Cronje wrote in a Medium post last month outlining the project. "There is no pre-mine, there is no sale, no you cannot buy it, no, it won't be on uniswap, no, there won't be an auction. We don't have any of it." But this warning hasn't stopped some of the biggest personalities in bitcoin and crypto from making outlandish predictions about the YFI price. "One YFI [equals] $100,000," Arthur Hayes, the chief executive of the Seychelles-based bitcoin and cryptocurrency exchange BitMEX, said via Twitter, forecasting the yearn.finance price would continue to climb and hit $100,000.

History shows Bitcoin price may take 3-12 months to finally break $20K - Cointelegraph Posted: 29 Aug 2020 03:12 AM PDT Bitcoin (BTC) has had four market cycles since its inception in 2009, from a bottom to a new peak. The cycles ranged from over 600 days to around 1,050 days. The most recent cycle has just surpassed 300 days, which suggests it could last 3-12 more months. If Bitcoin's price remains stable for several months to potentially a year, it could achieve two things. First, it could strengthen the fundamental ground of the next explosive rally as seen between 2016 and 2017. Second, it could cause other cryptocurrencies, or altcoins, to reach new heights, as some investors predict. Why a slow grind upwards for Bitcoin is crucial in this phase The price of Bitcoin was at a mere $3,596 on BitMEX on March 13. Within six months, BTC has recorded a 220% upsurge, outperforming most traditional assets and indices including gold. The weekly price chart of Bitcoin. Source: TradingView.com The steep vertical rally of Bitcoin could raise the chances of whales — or large individual Bitcoin holders — to take profit. When that happens, the overleveraged nature of the futures market may result in a deep pullback due to cascading liquidations. But if BTC gradually recovers over time and remains above the $10,000 support level, it could lead to a more sustainable and long-lasting bull cycle. 10% Holdings co-founder Dan Tepiero said: "Prepare to be patient in Bitcoin. Each up cycle takes longer to play out and is less extreme as absolute dollar value gets much larger. May or may not be another 6-12 months before price breaks up. Should not matter as end price point obscenely higher. Hodlers rejoice." As an example, the past two cycles occurred around the Bitcoin block reward halving. The second halving in Bitcoin's history happened in July 2016. The bull cycle of BTC reached its peak 17 months later in December 2017.  Previous market cycles of Bitcoin. Source: Dan Tepiero, Coin Metrics If Bitcoin follows a similar trend as the post-2016 halving cycle, it could see a strong uptrend in late 2021. This would also line up perfectly with the popular stock-to-flow model that suggests BTC price may reach six figures sometime next year.  What do traders see in the near term? In the short term, some traders foresee the price of Bitcoin consolidating for an extended period. A pseudonymous trader known as "BIg Chronis" said higher time frame charts suggest a longer sideways price action. "Holding the daily bull cross is ideal for the bulls, sideways price action can bring these into parallel without crossing, while allowing higher time frame indicators to ebb their decline... ie- I expect relative sideways ranging for a while longer." Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, similarly said the cycle will likely last longer than the previous one. He said: "The fun part is that this cycle will, probably, take longer than the previous one. However, it will be more insane than the previous one. I like it." Typically, a prolonged period of stability for Bitcoin has led the altcoin market to perform strongly. Kelvin Koh, a partner at Asia-based cryptocurrency fund Spartan Black, hinted it could buoy the sentiment around the altcoin market.

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