Bitcoin Drops, YFI Price Translucent IDR 1 Billion

Illustration YFI (doc. Facebook YFI)

JAKARTA - The crypto asset price yEarn.Finance (YFI) has managed to penetrate the Rp1 billion mark. In fact, for the first time the value of this asset is more expensive than Bitcoin.

The price of YFI Alternative coin (altcoin) broke its highest level of IDR 1.38 billion at the end of last week, when Bitcoin has shown a decline, along with Ethereum and others and as of today, YFI is still at the level of IDR1 billion.

YFI price increase panel

Indodax CEO Oscar Darmawan, YFI has several times exceeded or exceeded the price of Bitcoin, this is a phenomenon that when Bitcoin fell there was still a lot of hope from altcoins.

"This shows conditions in the market even though Bitcoin is down, there are still altcoins that tend to strengthen and this is an opportunity for crypto traders to take advantage of crypto trading," Oscar said in his official statement.

YFI's increase drastically jumped from the first listing on Indodax, August 2020, which was IDR 74 million or nearly 20 times in less than one year. In approximately one month, the price of these altcoins has almost doubled, which in April 2021 was only IDR 700 million.

"There are several factors why YFI's price is so expensive. First is YFI which has a smaller maximum supply of only 3,666 tokens," he explained.

He added that YEarn.Finance tokens were very little in supply, so this increase in demand pushed the price very high.

Responding to Bitcoin's decline, according to him, is commonplace in the crypto world. Bitcoin fluctuation of more than 20 percent is common and this is what makes it an opportunity for traders to buy cheaply, then, to profit by selling it at high prices.

One of the reasons for the current crypto decline occurred due to Elon Musk's statement on Twitter which prompted a sell-off.

"In fact, many people are taking advantage of the decline in the price of Bitcoin to buy. They buy Bitcoin because the price is cheap. After that, they will take profit when the price rises or re-penetrates its highest level," he said.