Altcoin News - Has the altcoin season started yet?
There’s only about a week of 2021 left, and most blockchain experts agree that “altcoin season” has been postponed until the first quarter of 2022. However, the last 7 days were quite good for crypto investors in general, and altcoin enthusiasts in particular. Many popular alternative cryptocurrencies made significant gains, so is there really a possibility that we will witness a spectacular last-minute bull rally at the very end of 2021? Let’s take a look at some of the most important altcoin news to find out!
YFI Rallies Massively - Is This the Greatest Comeback of the Year?
Yearn.Finance (YFI) is known as one of the pioneers of DeFi, and the project which has greatly contributed to popularizing decentralized finance solutions such as yield farming, decentralized insurances and peer-to-peer crypto assets lending. There was a time when Andre Kronje, the charismatic founder of Yearn.Finance, was one of the most renown crypto celebrities in the blockchain ecosystem.
After a spectacular launch, YFI’s popularity started to wane, and the coin almost dropped off the list of top 100 largest cryptocurrencies by market capitalization. Now however, it seems like the tides are turning - for the second week in a row, Yearn.Finance has been growing in pace at a tremendous rate!
For the past 7 days, the YFI price has appreciated by over 70%, making it the fastest growing altcoin of the week. And although YFI is still just the 82nd largest crypto by market cap, if this rate of growth continues, it might soon enter the top 50.
The main reason for Yearn.Finance’s rally is the announcement that the team behind the project has raised massive funding of over $42 million, which is intended to be used for the YFI token buybacks. When that happens, the YFI price is likely to truly erupt, which means that the price growth that we have seen so far might be just a prelude to a massive bull rally.
Terra Continues to Excel
For the past few weeks, Terra (LUNA) was one of the best performing alternative cryptocurrencies - even in mostly bearish weeks when a lot of altcoins were decreasing in price. This week has not been different. Yet again, the LUNA price has grown considerably - over the past 7 days, the price of Terra has increased by over 66%!
Currently, LUNA is the 9th largest cryptocurrency by market capitalization, and it has surpassed such popular coins and tokens like Avalanche (AVAX), Dogecoin (DOGE), Shiba Inu (SHIB) and Polkadot (DOT). But will Terra really be able to stay in the top 10 for longer, or is its popularity short-lived? Only time will tell!
Shiba Inu Price Drops Below $0.00003 - Is This the Bottom for SHIB?
Over the past few weeks, SHIB was performing almost as badly as the Turkish Lira. The price of Shiba Inu has dropped massively ever since reaching an all-time high of $0.00008. On Monday, it has even managed to drop as low as $0.000028 - but does this mean that the drop is finally over, or will the SHIB price continue its freefall?
After dropping below $0.00003, the price of Shiba Inu started to recover a bit, and is now at over $0.000036. Although some SHIB token holders are being optimistic, it’s probably too soon to tell if the worst is truly over - while the quick rebound looks promising, it’s worth remembering that the SHIB price has fallen down massively from its ATH, and it would take massive pumping for Shiba Inu to come near $0.0001 again.
Unfortunately for SHIB holders, the project might soon face significant legal problems as well. The popular Canadian medical platform Ask the Doctor has announced that it will start legal action against “Shytoshi Kusama”, the pseudonymous founder of SHIB.
Ask the Doctor accuses Shytoshi Kusama of libel, as he has called the platform a “scam” before. But it seems like the source of the beef between the two is much simpler - Ask the Doctor has endorsed Floki Inu (FLOKI), one of SHIB’s main competitors, which seems to have infuriated Shiba Inu’s founder.
XRP Continues to Grow - Are Ripple’s Problems Finally Over?
Yearn.Finance is not the only coin which has made a come back this week - the price of Ripple is also on the move, and XRP has grew by 17% to over $0.94, which means that XRP might finally break the important psychological resistance level of $1.00 quite soon!
Although the SEC lawsuit against Ripple Labs Inc. is still ongoing, the community of XRP token holders doesn’t seem to be discouraged by it. It seems that the resilience of the “XRP Army” might get rewarded after all, since the general XRP price outlook starts to look very bullish.