DeFi Token Yearn.Finance Pops 76% as Bitcoin, Ether Make Double-Digit Gains
May 25, 2021 @ 10:46 +03:00
The decentralized finance, or DeFi, sector of the cryptocurrency market is making major performance jumps Monday. The token of lending protocol Yearn.Finance is up over 76% as of press time. In addition, UNI, the token of the leading decentralized exchange by volume, Uniswap, has climbed 54% as of press time.
According to charting software TradingView, so far in 2021 both yearn and uniswap have made triple digit percentage gains, but volatility in the market has actually sapped some of their juicy returns. For example, in early May Uniswap was up over 700% before a precipitous fall, then rebounded with Monday’s bull crypto market.
The trading volume numbers for Ethereum-based decentralized exchanges are hitting record highs in May, with the total trading tally well over $100 billion, according to data aggregator Dune Analytics. Leading the way is bellwether Uniswap with a whopping $61 billion in volume this month.
The second-largest cryptocurrency by market capitalization, ether, was trading around $2,668 as of 21:00 UTC (4:00 p.m. ET), gaining 34% over the prior 24 hours. The asset is well above the 10-hour moving average as well as the 50-day, a bullish signal for market technicians.
While bitcoin’s 30-day volatility continues to increase, up to over 88% as of closing data from Sunday, ether is showing even greater choppiness. With an over-150% 30-day volatility metric, it is ether where traders are looking to generate big-time returns from its up-and-down nature as of late
DeFi Token Yearn.Finance Pops 76% as Bitcoin, Ether Make Double-Digit Gains, CoinDesk, May 25