Bitcoin’s “relief rally” was short-lived after US Fed officials approved a stepping-up plan to withdraw pandemic stimulus efforts. The largest cryptocurrency fell to $ 46,933 in the last 24 hours. Along with it, it also dragged the altcoin market down. In this process, 4 altcoins experienced a rise. Here are the details…
While Bitcoin fell, 4 altcoins rose: YFI earned the most
As we reported on Somanews, in the last 24 hours, Bitcoin has reversed its upward momentum. This situation was reflected in other altcoins as well. Ethereum is down 3.7 percent at $3,889, XRP is down 1.5 percent at $0.81, and Binance Coin (BNB) is down 2.2 percent at $523. Popular meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) are also down 4%. However, some altcoins, especially YFI, have risen in the last 24 hours.
The star of the day was yearn.finance (YFI), with a 17.18 percent increase in value. Yearn Finance is an aggregator service for decentralized finance (DeFi) investors that uses automation to enable them to maximize profits from yield farming. Yearn noted that they recently purchased $7,526,343 worth of YFIs on the open market, capturing 0.77 percent of the total supply. The project plans to reduce the amount in circulation by purchasing YFIs in the market.
AR, CELO and BORA also continued their momentum
Looking at the other coins that gained the most value, Arweave (AR) in the second place stands out with its 9.72 percent rise. Arweave is a decentralized storage network that aims to provide a platform for storing data indefinitely. Third, Celo (CELO) is up 9.15 percent. Celo is a Blockchain ecosystem focused on increasing cryptocurrency adoption among smartphone users. Celo recently held a hackathon.
Finally, Bora (BORA) gained 8.42 percent. BORA describes itself as a decentralized entertainment platform that distributes digital content and provides incentives to participants. The project is a layer-2 platform with dual token system based on ERC20. Judging by the recent developments in the network, the project seems to have stepped into the NFT space. Also, it recently announced that it is moving its mainnet from the Ethereum network to Klaytn.
We are pleased to inform you that BORA can be deposited in the Klip wallet provided by KakaoTalk, after the Mainnet migration from Ethereum to Klaytn. https://t.co/UQnMWY4EM4
— BORA (@bora_ecosystem) December 2, 2021