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Market Data: Bitcoin sees minor pullback, YFI rebounds above $14,000

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Market Data: Bitcoin sees minor pullback, YFI rebounds above $14,000

Bitcoin hit a new yearly high of $15,977 yesterday (11/6), although it retraced to the $15,520 range by the time of writing and continued to consolidate. Its market value increase has pushed Bitcoin to rank 21st in the global asset ranking, surpassing well-known enterprises such as PayPal, Netflix, and Bank of America. In addition, yearn.finance (YFI) has recently rebounded from its lows, with prices returning to the $14,000 level.

Bitcoin Beats PayPal and Bank of America

According to the market value tracking platform Asset Dash, the price of Bitcoin was approximately $15,520 at the time of writing, with a market value of $288.9 billion, making it the 21st largest asset globally. Bank of America has seen a 30% decline in market value since January due to the impact of the COVID-19 pandemic, now ranking only 30th.

The top three companies are Apple ($2.02 trillion), Microsoft ($1.68 trillion), and Amazon ($1.66 trillion). PayPal, which has recently been involved in the cryptocurrency space, ranks 23rd with a market cap of $237.5 billion, slightly behind Bitcoin.

Global Enterprise Market Value Rankings (Source: assetdash)

Bitcoin has surged nearly 116% so far this year, significantly outperforming gold, the S&P 500, and the Dow Jones Index, but still lagging behind Tesla, which saw a more than 400% increase in 2020. Bitcoin has performed well during the U.S. presidential election period, hitting annual highs consecutively, possibly benefiting from investments by MicroStrategy and the payment startup Square. Mainstream awareness of Bitcoin seems to be steadily rising.

Bitcoin Compared to Traditional Assets (Source: tradingview)

YFI Drives DeFi Sector Growth

In addition to Bitcoin, the highest percentage gainer in the past 24 hours is yearn.finance (YFI), with an increase of 55.68% at the time of writing, priced at $14,304. Since hitting $7,500 on November 5, YFI has surged by nearly 130%.

YFI Hourly Chart (Source: tradingview)

Furthermore, Solana (SOL), Band Protocol (BAND), and SushiSwap (SUSHI) have all seen increases of over 20%, while Uniswap (UNI) and Aave (AAVE) have been rising for consecutive days, with gains of over 40% since November 5.