Yearn Finance: Value continues to drop in the face of rising daily active addresses

The correlation that exists between a crypto asset’s daily active addresses and its price makes it such that growth in the former often results in a corresponding growth in the latter.

However, this was different here. Despite the growth in the count of unique addresses that traded YFI in the past few days, its price declined consistently. In fact, YFI’s price fell by 12% in the last week, data fromYFI’s price and the count of its active addresses moving in opposite directions created a bearish divergence. This showed that the possibility of a further price decline was high.

Further, the rally in the asset’s social dominance within the same period meant that investor hysteria saturated the market. This was mere noise without a corresponding price rally and is often followed by further price drawdown.In addition to a steady decline in value, YFI holders consistently logged losses on their investments since the beginning of the year, data from Santiment revealed.

YFI’s market-value-to-realized-value ratio turned negative on 10 January and has persistently returned negative values. As of press time, this stood at -56.25%. It meant that if all YFI holders sold their holdings at the current price, they would register losses. Lastly, the negative sentiment that trailed YFI contributed to its persistent decline in value, and for any significant price rally to occur, investors’ conviction has to change.Subscribe to get it daily in your inbox.

Italia Ultime Notizie, Italia Notizie

Similar News:Puoi anche leggere notizie simili a questa che abbiamo raccolto da altre fonti di notizie.

Lido Finance [LDO] might find it harder to continue rallying, but here’s the catchLido experienced more utility courtesy of ETH whales. Lido Finance earned a spot in the list of most used smart contracts by the top 500 ETH whales. Lido Finance’s LDO token just made it into the list of the most used smart contracts among the 500 largest ETH whales. But is this information enough to […]
Fonte: CryptoAmb - 🏆 22. / 68 Leggi di più »

Nature finance impasse deepens between developed, developing countries at COP15 - Terrace StandardNature finance impasse deepens between developed, developing countries at COP15
Fonte: TerraceStandard - 🏆 24. / 68 Leggi di più »

Curve Finance has been one of the benefactors of FTX collapse, here’s howCurve has alluded to plans to integrate with zkSync 2.0 mainnet. The integration could help Curve and CRV scale as CRV price has been in a decline. Curve to launch on zkSync As more users turned to Defi and DEXs as a result of the FTX collapse, Curve Finance and its native CRV token became […]
Fonte: CryptoAmb - 🏆 22. / 68 Leggi di più »

Nature finance impasse deepens between developed, developing countries at COP15With four days left to reach a new global agreement to conserve and restore nature, the marquee targets under negotiation at COP15 in Montreal remain elusive. well considering Europe is living in the dark ages again, I'll chip in my 2 bitts so the can enjoy a hot cup of tea and some crumpets in the future. Given the circumstances an agreement seems unlikely
Fonte: CP24 - 🏆 30. / 67 Leggi di più »