Bitcoin plunged on Thanksgiving day to its lowest level by 13 percent in two weeks. The cryptocurrency was last down by 9 percent at $17,000. This represents a sharp correction to its almost three-year high from this week, above $19,000. While Ripple (XRP) has outperformed Ethereum (ETH) for the first time in seven months, according to data based on social volumes. Meanwhile, data trends from the crypto market suggest that the rising price of Bitcoin (BTC) and Ethereum (ETH) and the falling value of TVL show that investors’ sentiment towards YFI yield strategies is diminishing slowly.
Bitcoin (BTC) Price Prediction
The largest cryptocurrency by market capitalization rallied to its yearly high of approx 140 percent. The cryptocurrency had a strong gain of over 160% this week alone.
The price of the cryptocurrency seems to be rallying with many factors including monetary and fiscal stimulus being deployed. This comes in response to the frailing economic situations all over the world amid the pandemic and lockdown.
While this month alone Bitcoin came under the limelight from mainstream media attention.
Even skeptical wall street investors who were doubtful of the cryptocurrency are now fully praising the cryptocurrency. For instance, high profile investors such as Stanley Druckenmiller appeared in a CNBC interview saying he brought bitcoins due to its potential of being a store of value.
Meanwhile, Hollywood heartthrob from Game of Thrones fame, Maisie Williams tweeted asking her followers whether she should invest in Bitcoin. She bought the cryptocurrency anyway despite the majority of the poll respondent asked her not to do so.
Ripple (XRP) Price Prediction
The price of XRP cryptocurrency over the past week has exceeded the price surges in Bitcoin and Ethereum by more than 160%. The rise in the social volume of Ripple coincides with the booming price rally of XRP.
Meanwhile, the development activity for XRP Ledger has also increased by over 5 times, compared to what it was 18 months ago. This way, the increased interest could have been a reason for the skyrocketing price of XRP.
Yearn.Finance (YFI) Price Prediction
The total value of locked assets (TVL) in YFI is currently US$436 million. This significantly represents a downward trend last seen three months back representing US$ 1 billion.
The current price of YFI US$ 25,000 has been fluctuating over the past couple of months. This is mainly due to the fact that there is a lack of available tokens for investors to buy. There are also very few listings of the YFI tokens on various exchanges.
While the token can no be no longer be earned through liquidity minting, the asset is now tradeable on centralized exchanges including Binance and Coinbase and DEX platforms like Uniswap.