5 DeFi Assets To Watch This Week: 1Inch, YFI, AUCTION, IDEX, CAKE

Assets primarily used in the world of decentralized finance tend to have fluctuating values. For DeFi speculators, this creates many different market opportunities. The following five assets all note strong price momentum today.

1Inch (1INCH)

The native token of the 1Inch decentralized exchange gains a lot of attention. As the platform grows and expands as an Automated Market Maker (AMM), so does its liquidity. In turn, the holders of the 1INCH token tend to get more excited, and prices rise. Today, one 1INCH token trades for $6.33, thanks to a recent 25% gain across USD, BTC, and ETH pairs. Solid momentum, as it allowed the asset to hit $6.5 as a new all-time high earlier today.

It is worth noting the same token was valued at $0.76 just three months ago. This is a common trend among DeFi assets, as they often note a low value after coming to the market before skyrocketing again. It appears 1INCH falls into this category and makes it a very appealing asset for speculators and enthusiasts. 

Yearn.Finance (YFI)

As one of the “hottest’ DeFi assets on the market, YFI continues to garner much attention. Despite its maximum supply noting an increase from 30,000 to 36,666 recently, the YFI price has not lost much momentum. More specifically, one YFI trades at over $48,000 today, a value that most speculators will be more than happy with.

Thanks to today’s 20% gain across the board, it remains to be seen if YFI can hit a new all-time high. Its most recent high is $51,544, recorded on February 12, 2021. Considering how this asset dropped to $31.65 in July of 2020, this asset has tremendous profit potential for those who managed to get in at the most reasonable time. 

Bounce (AUCTION)

Most people may not be familiar with the AUCTION DeFi asset, as it is a low-cap currency valued at just over $128 million. It is part of the Bounce ecosystem, a protocol designed to provide decentralized auction technology. This technology can be used for OTC trading, token offerings, and much more, thanks to the Binance Smart Chain powering it all.

What makes AUCTION appealing today is how it has gained 20%, bringing its value to $56.57. Similar to 1INCh, BOUNCE hit an all-time high today of $56.7, indicating there may be some more market potential to look forward to. It is often best to remain a bit apprehensive of markets recently hitting a new all-time high, however, as the momentum will reverse eventually. 

IDEX (IDEX)

As the native token of one of the older decentralized exchanges, IDEX benefits some renewed interest all of a sudden. A 23.8% price increase tends to get people excited, even if IDEX has a market cap of just $96 million. It is crucial to note this asset only has $7.7 million in trading value, thus no one should expect any miracles right away. 

Despite this momentum, IDEX is still down by over 59% compared to its all-time high of $0.409. That all-time high dates back to January 2018 and may never be reached again at this rate. Investing in DeFi assets like these is always tricky, yet one never knows what the future may bring.

PancakeSwap (CAKE)

We recently highlighted the potential of PancakeSwap and the CAKE asset. Currently valued at $20.77, it appears that there is a lot of interest in this particular DeFi asset today. A price increase of 18% is not too shabby, as it elevates the market cap of PancakeSwap back above $3.1 billion. 

With a trading volume of nearly $1 billion, it appears that PancakeSwap is in a good place today. The all-time high of $21.15 recorded earlier today remains within reach and may be broken again shortly. An interesting weekend lies ahead for most DeFi assets, and SWAP may prove worthwhile to keep tabs on. 

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