As Bitcoin catches a break after exploding above $13,000 last week, it’s mid-cap rival Yearn Finance (YFI) is looking to rally higher.
The prediction comes from a pseudonymous analyst on Twitter who expects a consolidating Bitcoin to disperse a portion of its bullish sentiment across the <span class="wpg-tooltip-term-title">Altcoin</span></h3><div class="wpg-tooltip-content">Altcoin is defined as any cryptocurrency except for Bitcoin. “Altcoin” is a combination of two words: “alternative Bitcoin” or “alternative coin”. There are over 1,500 altcoins with many more planned for release.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/altcoin/">» Read more</a><p></div>”>altcoin market. YFI, an alternative investment asset to Bitcoin and thousands of its offspring cryptocurrencies, could merely benefit from the capital outflow from the king crypto market.
“[YFI is] honestly not looking so bad at the moment,” the analyst explained. “As though [the] price action is holding above $15K for now, there could be room for a further 20 percent-plus move to the upside. If BTC can consolidate here then there should be room for the majority of [altcoins] to start moving higher.”
The analogy borrows from daytraders’ psychology of trading after every explosive Bitcoin price rally. Many of them sell the leading cryptocurrency at its local high to secure short-term profits in either fiat currencies (US dollar, Euro, etc.) or stablecoins (USDT, USDC, and others).
Others exchange it for oversold altcoins.
YFI Bottoming Out
YFI stands among the underbought tokens despite logging more than 1,000 percent gains in the current year. As its yearly high, the cryptocurrency was trading for as