While Bitcoin (BTC) price has seen some decline in the last 24 hours, it has been noted that some altcoin prices have increased significantly. Among these subcoins were Aave, Civic and Yearn.Finance. So why are these three altcoins suddenly on the rise? Let’s examine the reasons.
Bitcoin (BTC) has seen a 1.5% decrease in the last 24 hours, according to CoinGecko data, while some altcoin prices have increased. Its weekly performance is shared as 12.5% increase. After the news that the coronavirus vaccine studies were successful yesterday, the Bitcoin price approached the level of $ 15,800. However, within a short time, Bitcoin was in a slightly bearish trend. Currently, Bitcoin is trading at $ 15,258.
Why did Aave go up while Bitcoin was falling?
According to the data, the Aave price has increased 5.7% in the last 24 hours and 101.3% in the last week. Aave announced that the admin key on Medium has been transferred for user security. Then the Independent Reserve announced that it will start listing some altcoins, including Aave. The Aave price, which may have been affected by these releases, continued to rise.
According to the analysis of Cryptobriefing’s Ali Martinez, Aave saw high demand on November 5th. The DeFi token went from $ 26.4 to $ 59. This price increase seen in a short time may result in a pullback, according to Martinez. The analyst stated that the selling pressure seen in Aave recently could be prevented to some extent, but investors will continue to buy in order to prevent prices from falling. Otherwise, he underlined that the price of Aave may decline to $ 31.6. Aave, currently $ 59.94.
Civic price goes up
According to data from CoinGecko, Civic has increased by 102.1% in the last 24 hours and 523.8% in the last week. Coinbase announced on November 5 that it will start supporting some altcoins, including Civic. After this announcement made on November 5, the price of the Civic appears to have increased gradually. Civic, which is likely to have been affected by this news feed, is currently trading at $ 0.14.
Yearn.Finance has increased by 77% in the last week
According to the shared Civic price chart, Yearn.Finance has climbed 19.9% in the last 24 hours and 77.3% in the last week. YFI was one of the most popular coins of October, according to ICO Analytics. Yearn.Finance’s developers, Banteg’s announcement that the Keep3r network is ready to be integrated into YFI has seen an upward movement in the YFI price.
In his analysis for YFI, Ali Martinez suggests that Yearn.Finance may have entered consolidation with the increase it has seen in the past few days. He said that an increase in buying pressure could raise YFI up to $ 19,000. The analyst said that if the uptrend reverses, it may decline to the support point at $ 14,000, adding the possibility of a 20% drop, adding that the YFI price may decline to the support point at $ 11,000. Currently, YFI is trading at $ 17,630.