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EOS and YFI lead altcoins higher as BTC & ETH bounce from swing lows

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Altcoins YFI, EOS and REV almost doubled in the last day, this happened amid the growth of Bitcoin and Ethereum. The total cryptocurrency market capitalization has climbed to $ 2.474 trillion, and the Bitcoin dominance rate is 42.8%.

However, traders are concerned about whether this will be followed by a sharp decline, whether new all-time highs will persist in the short term.

Altcoin growth

EOS rate

Block.one, the company behind the altcoin EOS, shared with the public yesterday that it has invested $ 10 billion to launch a cryptocurrency exchange called Bullish Global.

According to the statements made, the company made these investments in the form of 164,000 Bitcoin, 20 million EOS, $ 100 million in cash and $ 300 million in strategic funds. After this important news, the price of altcoin EOS began to rise and an increase of more than 50% was recorded. According to analyst statements, the biggest support for EOS is currently in the $ 10.6 band, and the strongest resistance is in the $ 16.4 band.

YFI altcoin rate

Yearn.finance this Wednesday surged by almost 40% and climbed to a new all-time high above $ 90,000. In the previous phase, YFI altcoin lagged behind most DeFi tokens, but as a result of the last jump it was able to surpass Bitcoin in unit price. At the same time, YFI’s capitalization is only $ 2.8 billion against $ 1 trillion for Bitcoin due to a much lower emission.

Traders say that this growth is due to the fact that the lead developer of Yearn.finance under the nickname banteg on Twitter put forward the idea of ​​launching his own variation of Dogecoin altcoin with a two-way peg to YFI, but with a low price.

REV rate

Altcoin Revain (REV) belongs to the small group of virtual assets that showed a high level of resilience to the crypto market shock at the beginning of the year. Over the past 24 hours, Revain (REV) is up 130% to reach an annual high of $ 0.049. Revain’s creators are hoping to revolutionize online reviews using blockchain technology. The Revain platform is being developed to accumulate reliable user feedback on projects and startups that have completed the stage of crowdfunding or ICO. Thanks to the Revain service, companies can receive detailed and reliable feedback on their projects, and users can get acquainted with the experience of other people and share their own opinions.

Conclusion

In general, the mood of the crypto market is optimistic. Ethereum (ETH) continues to lead the market. Bitcoin (BTC) is in its next stage of recovery and is slowly approaching the $ 60,000 mark. First of all, it is worth keeping a close eye on bitcoin, which, although its market share has decreased, the news supports the course. Ether has all the prospects for continued growth due to a hard fork (planned for summer 2021) and high demand for the coin among institutional investors. It is very likely that other altcoins will not grow even once.

In 2021, many big players have entered the new cryptocurrency space. Experts expect more participants to enter the sector soon. Some of them can offer their own solutions, others will become partners of already existing crypto companies, and still others can count on investments. Consequently, after the increase in investment, one can expect an increase in prices …