Bitcoin was established years ago to provide people all around the world with more access to decentralized finance, and that goal has been largely achieved. However, it also meant that it opened up an entire new sector of finance for individuals to invest in. With more and more possibilities opening up each day and innovative projects being born frequently, new protocols and coins continue to challenge Bitcoin and the top spot that it holds. With YFI being one of the most innovative projects in existence, many people are wondering if it could replace Bitcoin as the go-to crypto asset.
Though a few months ago it wouldn’t even be discussed, recent price action has vaulted Yearn Finance into this conversation. Could it be possible, as Yearn Finance reaches new heights, that YFI is indeed the future of cryptocurrency investing instead of Bitcoin?
What is Yearn Finance
YFI is a token that is based on the Ethereum protocol and aims to put the power back with the people when it comes to currency and investments. YFI is completely decentralized and features an ultra-low supply for increased exclusiveness. The Yearn Finance protocol allows cryptocurrency investors with an easy way to invest in cryptocurrency and hold an automatically-balanced portfolio. Though Bitcoin has long been seen as a store of value, Yearn Finance revolutionizes what it means to be a cryptocurrency investor. It could very well be the future of introducing new investors to blockchain and crypto technology.
Recent Price Action
Recently, the YFI token has reached all-time high pricing, topping even that of Bitcoin. Though this means a lot from a psychological barrier standpoint, it doesn’t mean that YFI is more valuable than Bitcoin due to its very small supply. The market cap of Bitcoin is still hundreds of times larger than YFI. Still, it’s very impressive what Yearn Finance has been able to achieve in a short period of time.
In addition to its amazing fundamentals and the attention that it has already drawn, the technical analysis on this chart points to it continuing its trend and its meteoric rise.
For the time being, Bitcoin remains king. However, it will have to fend off advances by Yearn Finance and other assets that continue to draw the attention of new cryptocurrency investors as they enter the markets. It will be interesting to see how the assets perform against each other in the coming months during a time of relative prosperity for blockchain assets.
