The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
All Alt Coin

Yield farmers have this advantage due to ALGO’s fluctuating price, but how long

by Miki 11/24/2021
by Miki 11/24/2021 0 comment

Over the past 7-days, ALGO fared quite well on its price charts. After witnessing a 16% pump in the aforementioned time-window, the DeFi token was seen exchanging hands around $1.8 at the time of writing.

Well, this doesn’t come as any surprise because ALGO always performed well whenever the broader market has been in dire straits. Over the past week as Bitcoin, Ethereum and most other large-cap alts tumbled, ALGO was able to remain a part of the “elite” list.

However, at press time, the market was seen recovering. The global crypto market cap was hovering around $2.6 trillion, after witnessing a 2% rise over the past day. Bitcoin and Ethereum too, were seen trading in green.

ALGO’s ‘double-trouble’

At this point, ALGO has a couple of problems lined up already. As highlighted in an earlier article, ALGO has sort of shared an inverse correlation with the broader market. So now, things might get messier if Bitcoin, Ethereum and other coins continue rallying in the coming days.

Further, to make things worse, ALGO’s fundamentals have also started weakening. Over the past day, for instance, the total value locked up on the protocol witnessed a free fall from over $86 million to $28 million. Sudden liquidity crunches like this aren’t really healthy for any DeFi protocol on any given day.

The TVL represents the cumulative vale of staked assets. The higher the value, the better the health of the protocol’s DeFi and yielding market and vice versa.

Source: DeFiLlama

Are farmers providing a helping hand?

People from the crypto space usually generate additional income by farming. Simply put, whenever HODLers lock up their cryptos or provide liquidity, they are rewarded.

Yield farmers essentially keep rotating their funds from different protocols in search of high yields. Thus, if farmers are in action, ALGO’s fundamentals might get back on track soon.

It is a known fact that yield farming is generally more suited to those who have a lot of capital to deploy, i.e. whales. ITB’s data projected quite an intriguing trend with respect to ALGO at the time of writing.

The number of large ALGO transactions witnessed a massive spike recently. However, their underlying volume spike hadn’t been that significant. Now, when both the datasets are viewed in conjunction, it can be said that whales were in action of late, but didn’t engage in mass-volume transactions.

Source: IntoTheBlock

To yield farm, one has to lock up the native token for a stipulated period of time. ITB’s data further highlighted that the average HODL period for ALGO is merely 6 months. This is fairly less when compared to its other DeFi peers. This could likely mean that the majority of farmers are dormant at this point.

Inevitably, the aforementioned trend was accompanied by a rise in the number of short-term traders. Yield farmers are usually HODLers. Thus, it can be inferred that the market participants are merely taking speculative advantage of ALGO’s volatile price. In effect, ALGO’s growth doesn’t really have the scope to sustain over the long term.

Source link

Views: 3
advantageALGOsduefarmersfluctuatinglongpriceYield
Share
0
FacebookTwitterPinterestEmail
previous post
Dogecoin: You Can Now Use $DOGE To Pay at Second-Largest Movie Theater Chain in America
next post
IMF Warns of Economic Instability in El Salvador Owing to Broad BTC Adoption

Related Posts

Are Solana’s bulls really strong enough to halt...

12/29/2021

IXFI Announces Launch of New-Age Exchange Platform

12/29/2021

Litecoin repeating history will have this effect on...

12/28/2021

More than just a game – what GameFi...

12/28/2021

Even as network hits one million users, FTT...

12/28/2021

Fintech Expert Makes Six Bold Predictions for Crypto...

12/28/2021

A recovery rally in play for Sushiswap, as...

12/28/2021

SEC Accused of Deliberately Trying to ‘Kill’ XRP...

12/28/2021

Recent gains may finally boost Aave’s dominance in...

12/28/2021

Santa Floki Price Rallies 5,000% after Elon Musk’s...

12/28/2021

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

I agree to these terms.

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

    12/29/2021
  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

    12/29/2021
  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

    12/29/2021
  • Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

    12/29/2021
  • Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

    12/29/2021

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)

About Us

About Us

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, blockchain, Market, and more.

Featured Posts

  • El Salvador Adopts Bitcoin as a Legal Tender| China Extends Crypto Mining Restrictions| Coinbase Enters $22 Trillion Pension Market| Bitcoin Taproot Upgrade Locked-In

  • The Sandbox Purchases Bored Ape Yacht Club NFT for More Than $2.9 million

  • Grayscale Files with US SEC to Convert GBTC Into Bitcoin Spot ETF

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)
  • Facebook
  • Instagram
  • Linkedin
  • Contact
  • Privacy Policy
  • Terms & Conditions

@2021 -thecryptonewsweb.com - All Right Reserved.

The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
  • RelevantRelevant(REL)$0.825.35%
  • Heart NumberHeart Number(HTN)$0.000553-30.47%
  • TadpoleTadpole(TAD)$7.32-1.76%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184214-2.17%
  • SakeTokenSakeToken(SAKE)$0.0127234.37%
  • WTF TokenWTF Token(WTF)$0.0113500.16%
  • BNSD FinanceBNSD Finance(BNSD)$0.005460-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%
  • CageCage(C4G3)$0.005010-3.67%
  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • PolkaBridgePolkaBridge(PBR)$0.439876-7.02%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Falcon ProjectFalcon Project(FNT)$0.000366-2.23%
  • DYORDYOR(DYOR)$0.00002020.53%
  • TICOEX TokenTICOEX Token(TICO)$0.0013640.52%
  • MMS Cash TokenMMS Cash Token(MCASH)$1.000.00%
  • bitcoinBitcoin(BTC)$29,858.001.03%
  • ethereumEthereum(ETH)$2,001.930.99%
  • tetherTether(USDT)$1.000.13%
  • usd-coinUSD Coin(USDC)$1.000.20%
  • binancecoinBNB(BNB)$316.171.18%
  • rippleXRP(XRP)$0.4166700.09%
  • Binance USDBinance USD(BUSD)$1.00-0.07%
  • cardanoCardano(ADA)$0.53-0.40%
  • SolanaSolana(SOL)$51.421.07%
  • dogecoinDogecoin(DOGE)$0.084927-0.91%
  • polkadotPolkadot(DOT)$10.030.17%
  • AvalancheAvalanche(AVAX)$31.293.06%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$29,857.001.01%
  • Lido Staked EtherLido Staked Ether(STETH)$1,952.511.02%
  • tronTRON(TRX)$0.0759691.91%
  • VectoriumVectorium(VECT)$425.81-3.49%
  • Shiba InuShiba Inu(SHIB)$0.000012-0.93%
  • daiDai(DAI)$1.000.12%
  • Power CashPower Cash(PRCH)$0.017570881.24%
  • AlexAlex(ALEX)$0.068435-0.04%
  • litecoinLitecoin(LTC)$70.680.58%
  • CronosCronos(CRO)$0.1915090.43%
  • LADZLADZ(LADZ)$0.0686894.36%
  • leo-tokenLEO Token(LEO)$4.89-0.41%
  • matic-networkPolygon(MATIC)$0.66-0.03%
  • NEAR ProtocolNEAR Protocol(NEAR)$6.081.08%
  • FTX TokenFTX Token(FTT)$30.320.33%
  • HederaHedera(HBAR)$0.389473-3.44%
  • bitcoin-cashBitcoin Cash(BCH)$197.521.28%
  • RareRare(RARE)$0.0461220.00%
  • chainlinkChainlink(LINK)$7.222.02%