Ren (REN) price underwent a strong 65% breakout on Feb.19 as the interoperability-focused protocol saw continuing accumulation from whale wallets holding more than 1 million REN.

Data from Cointelegraph Markets and TradingView shows that REN rose from $0.99 on Feb. 18 to establish a new all-time high of $1.84 on Feb. 19. The move to a new high occurred as REN’s trading volume also reached $704 million over the past 24-hours.

1e323db8 0ee8 4b46 9c5f b33b04a556cd
REN/USDT 4-hour chart. Source: TradingView

Attention for the protocol received a noticeable uptick at the end of January when it was announced that Dogecoin (DOGE) would be integrated with REN, enabling the trading of renDOGE in the growing DeFi ecosystem.

Since that time the REN ecosystem has continued to expand as more top-tier projects like Filecoin (FIL) have undergone the transformation to become renFIL, which is now being considered for addition to the AAVE ecosystem.

Binance Smart Chain integration strengthens REN’s use case

REN was trading at $0.94 on Feb. 15 before it was announced that RenBridge 2 was live and integrated with the Binance Smart Chain. Since that time, the trading volume has steadily increased as well as the total value locked on the RenVM.

0ef80be0 ad7f 4655 a816 12e7e9e7ffe1
Total value locked on REN. Source: Defi Llama

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for REN on Feb. 18, prior to the recent price rise.

The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

c8b64ea1 60cf 46fc aba5 db1874019873
Cointelegraph Markets Pro – VORTECS™ Score (green) vs. REN price

As seen in the chart above, the VORTECS™ score began to increase following the announcement of RenBridge 2 on Feb. 15 and reached a peak of 81 on Feb. 18, shortly before the price of REN began to spike upwards.

The recent integration with BSC has brought renewed attention to REN which was hampered by high transaction costs on the Ethereum network.

With decentralized finance heating up, interoperability between blockchain networks is becoming essential for a well-functioning market and REN is emerging as a key piece in cross-chain interaction.

Source: COINTELEGRAPH

Protected: The Future of Work and the Role of Digital Transformation

This content is password protected. To view it please enter your password below: Password: ...
Read More

Baby Doge Coin, Casper, and Toncoin are now listed on BuyUcoin

Dear BuyUcoin users, We are excited to inform you that trading on the BuyUcoin EZ Market is now available for Baby Doge Coin, Casper, and Toncoin! Baby Dogecoin Meme cryptocurrencies ...
Read More
BuyUcoin digital exchange registers with FIU-India

BuyUcoin digital exchange registers with FIU-India

BuyUcoin demonstrates its dedication to financial compliance for virtual digital assets by becoming a FIU Registered Reporting Entity Indian digital exchange for digital assets In accordance with the most recent ...
Read More
Crypto Trading

Software You Need For Crypto Trading, Investing, and Spending

The world of crypto finance is very exciting and still relatively new. So before you dive right in to crypto trading, investing, or even spending it, it pays to be ...
Read More
Image by Mathieu Stern on Unsplash

Protected: Investing Made Easy: How Personal Finance Apps Simplify Investment Management

This content is password protected. To view it please enter your password below: Password: ...
Read More
Share with Others