Bitcoin and Crypto Markets Dominated by A Niche Crypto
Various cryptocurrencies, including Bitcoin (BTC) became dominated by decentralized finance or DeFi during recent months.
Bitcoin’s price climbed about 40% since the start of 2020. Recently, the gains made by DeFi project tokens, such as yearn.finance (YFI) with a staggering 3,500% increase in just over a month, have left BTC in the dust. Also, YFI has surpassed Bitcoin’s late-2017 $20,000 all-time high.
In addition to that, the price of the year.finance tokens have boosted from below $1,000 per YFI since its creation in mid-July to more than $20,000 this weekend. Its price came to nearly $40,000 on some Bitcoin and cryptocurrency exchanges before falling back.
Also, YFI is the governance token of the DeFi protocol yEarn. They designed this to aggregate yields from other leading protocols. DeFi is the cryptocurrency technology idea that could recreate traditional financial instruments like loans and insurance.
Then, YFI users can use the tokens to vote on proposals for network upgrades and earn them by placing cash into yEarn, a practice known as yield farming.
FxPro senior financial analyst, Alex Kuptsikevich, noted through email, “The yearn.finance coin has become the altcoin star recently.”
He said that within a month, it displayed twentyfold growth. And this is a living proof that ‘unicorns’ still exist, at least in the crypto. The immediate development of the coin also mirrors the popularity of the decentralized financial sector. The project creators chose to follow the Bitcoin path, limiting the issue up to 30,000 YFI coins. The limited supply ignited its rapid growth.
The YFI creator didn’t plan for the price growth. But the yearn.finance tokens creator described it as an utterly valueless supply token. Nevertheless, the warning didn’t stop some prominent people in Bitcoin and crypto from making outlandish predictions on the YFI price.
Crypto Exchange New Ads
Meanwhile, Binance, the world’s largest cryptocurrency exchange, aimed London commuters for its new ads featuring Bitcoin.
Based on a tweet from Binance.UK, on August 28, the crypto exchange put new ads at 17 bus stops in London. In the image, it displays two older generations of coins and a current two-pound coin used in the U.K., followed by the largest BTC.
The ad states, “Money is evolving” and “It’s time to adapt.”
Binance revealed its expansion into the U.K. market in June. And this is with a planned, regulated exchange platform scheduled to release this autumn. Also, the country’s Financial Conduct Authority will register the exchange and offer up to 65 digital assets for trading.
Before the launch, Binance’s British arm hasn’t limited to advertising. The crypto exchange announced that it would join the self-regulating industry association CryptoUK as an executive member.
Recently, London has been the hotspot for crypto firms seeking new investors. Richard Heart’s controversial HEX token has ads plastered on London’s buses and newspapers. Also, they became featured during the English Premier League soccer games.
Then, Mike Novogratz’s Galaxy Digital bought a full-page in the U.K.-based international business newspaper Financial Times where Bitcoin also appeared prominently.
