Yearn Finance (YFI) and Filecoin (FIL) have been the top performing cryptocurrencies on the market over the past 7 days, with a weekly gain between 70% and 87%.
The cryptocurrency market has shown signs of recovery this week, following the 75 basis point interest rate hike by the US Federal Reserve (FED) announced last Friday.
Bitcoin (BTC) and Ethereum (ETH), the two most capitalized cryptocurrencies in the industry currently, are showing a weekly gain between 10% and 14%, at the time of writing this article. However, it is the altcoins that seem poised for a further recovery in the market. Some of these have almost doubled their price in the last 7 days.
According to cryptocurrency price monitoring platform CoinMarketCap, Yearn Finance (YFI), the DeFi token that traded at over $93.000 in November, has grown by nearly 87% this week, while the value of Filecoin (FIL) has increased by over 70%.
The price of YFI hit a 2-month low last Saturday, touching $13.903 per unit, its highest peak this week. Meanwhile, The price of FIL was quoted at around 11,24 dollars on Sunday.
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Ethereum's migration to PoS and Filecoin's collaboration with Harvard boost prices
One of the reasons that has been behind YFI's bullish rally in the past week is the positive outlook that the crypto community in general holds on Ethereum's migration to the Proof of Stake consensus protocol.
According to The Defiant analysts, DeFi tokens, including YFI, have benefited from the bullish push that The Merge has given to the price of Ethereum (ETH) in the last weeks.
In the case of FIL, the announcement of a Harvard Library Innovation Lab collaboration with the Filecoin Foundation, to promote an initiative focused on the decentralized web, has been positively reflected in the price of the cryptocurrency in the market. This initiative seeks to democratize the open knowledge to ensure cultural preservation and self-governance, the foundation said in a statement.
Filecoin has also announced a recent collaboration with investment manager Web3 Holon, through its Filecoin Green initiative, to create a sustainability framework for blockchain-powered Web3. Through this framework, the protocol aims to ensure transparency and verifiability in sustainability reporting.
Let's remember that Filecoin is a protocol that seeks to build a global network of nodes for decentralized data storage.
Yearn Finance and Filecoin are two of the most important cryptocurrencies in the crypto ecosystem. Both are part of the Top 100 in the crypto industry.
YFI and FIL sales volume increases
The price increases seen by both cryptocurrencies in the last week have also increased the interest of their traders and investors, who are moving more than $2.200 billion a day in transactions with both crypto assets.
According to CoinMarketCap data, YFI's daily trading volume is $295 million, while FIL's daily trading volume is over $1.930 billion at press time.
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