Crypto strategist Alex Saunders says he believes Bitcoin isn’t the only crypto asset that’s poised to cross the $100,000 mark.
Saunders recently updated his outlook for BTC, saying the leading cryptocurrency will breach the six-figure mark within the next five years.
Now, Saunders says he believes the decentralized finance (DeFi) movement will fuel the rise of another coin past $100,000. He tells his 55,000 followers on Twitter that yearn.finance (YFI) is firmly on a path towards the high-water mark.
“YFI = $100k. SUSHI to make a big come back. Two of the most misunderstood, yet creative, innovative and driven protocols/teams/communities around.”
Yearn.finance is designed to divert liquidity to various DeFi protocols such as Compound, Aave and dYdX and find the best returns.
YFI is the governance token that fuels the yield aggregation platform and is distributed to users who provide liquidity on the platform.
Saunders points to YFI creator Andre Cronje’s leadership as the top reason he’s bullish on the asset. Cronje just announced he has big plans for the coming v2 launch of the platform, which is designed to further integrate the platform with other leading DeFi protocols.
“I have so much more planned for when v2 launches, custom money markets (yield & insurance), Cream will be a lending reserve into Aave, agnostic Cover for all aTokens, and we can finally put ytrade, yleverage, and leveraged stable coins into production!”
YFI is one of the highest performing crypto assets of 2020. It burst on the scene in July and surged from $31.65 to an all-time high of $43,678 on September 12th.
It is now valued at $25,922, up 3.4% in the last 24 hours, according to CoinGecko.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/lassedesignen
