Feb 20, 2021 07:05 UTC
Feb 20, 2021 at 07:05 UTC
REN price meetings 60%, drumming a novel high after recent DeFi integration
REN price spikey to a novel all-time high soon after its new integration with Binance Smart Chain.
Ren price experienced a strong 65% escape on February 19 as the interoperability attentive protocol saying ongoing accumulation from whale wallets holding more than 1M REN.
Data from TradingView & Cointelegraph Markets displays that REN rose from $0.99 on February 18 to create a new all-time high of $1.84 on February 19. The move to a novel high happened as REN’s trading volume also touched $704M over the previous 24-hours.
Consideration for the protocol received an obvious uptick at the finish of Jan. when it was proclaimed that DOGE would be united with REN, allowing the trading of renDOGE in the rising DeFi ecosystem.
Meanwhile, that time the REN ecosystem has sustained to enlarge as more top-tier projects such as Filecoin have undergone the alteration to become renFIL, which is present-day being measured for addition to the AAVE ecosystem.
Binance Smart Chain addition fortifies REN’s use case
REN was trading at $0.94 on February 15 before it was proclaimed that RenBridge 2 was live & combined with the Binance Smart Chain. Meanwhile that time, the trading volume has progressively enlarged as well as the total value protected on the RenVM.
VORTECS™ data from Cointelegraph Markets Pro started to notice a bullish outlook for REN on February 18, previous to the new price rise.
The VORTECS™ score, high-class to Cointelegraph, is an algorithmic contrast of historic & current market circumstances resulting from a combination of data points as well as market sentiment, recent price movements, trading volume & Twitter activity.
As understood in the chart above, the VORTECS™ score started to rise next to the declaration of RenBridge 2 on February 15 & touched a peak of 81 on February 18, soon before the price of REN commenced to spike upwards.
The current incorporation with BSC has carried rehabilitated courtesy to REN which was disadvantaged by high transaction costs on the ETH network.
With DeFi heating up, interoperability between blockchain networks is flattering vital for a well-functioning market & REN is developing as an important piece in cross-chain communication.