YFI has finally moved past its phase of aggressive sell-offs. Impacted by the BTC market, altcoin looks ready to overtake Bitcoin before it reaches $60,000.
The past few weeks have been a massive bull run for participants in the Bitcoin market. But the bulls have overshadowed the necessary concern put forward by the bears. Bears in the BTC market noticed that the price rally of Bitcoin past $58,000 led to a major surge in altcoins. Just as predicted, the BTC market crashed in a steep correction losing over $70 billion at one go. Market analysts now wave the green flag over coins like Cardano and Polkadot and so on.
However, among these altcoins, one that needs a special focus is YFI (Yearn.finance). This digital coin went through a long streak of selling but has recently recovered from it. To say more, the recovery has been rather impressive. YFI reported a potential upside of 50% recently.
YFI To Mint New Tokens To Help The Potential Bull Run
Throughout January and much of February, YFI lagged behind several altcoins owing to the massive sell-offs. But once the selling season ended, the coin gained momentum again. Presently, analysts are waving a bull flag for this coin that has the potential to overtake Bitcoin in its price rally towards $60,000.
But investors are taking the green wave for YFI with more scrutiny than before. This is because Yearn.finance posted a 52% candle on the 7th of January before disaster struck the coin. This has shaken the belief of many investors in this altcoin. But the fact remains that YFI traded higher than BTC in 2020. Yearn.finance recently reported that they will be minting new tokens. This will act as a much-needed push to this altcoin so that it can start its bull journey to rally past record highs in the upcoming future.