{"id":6387,"date":"2021-02-20T01:49:42","date_gmt":"2021-02-20T01:49:42","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/ren-price-rallies-60-hitting-a-new-high-after-recent-defi-integration"},"modified":"2021-02-20T01:49:42","modified_gmt":"2021-02-20T01:49:42","slug":"ren-price-rallies-60-hitting-a-new-high-after-recent-defi-integration","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/ren-price-rallies-60-hitting-a-new-high-after-recent-defi-integration\/","title":{"rendered":"REN price rallies 60%, hitting a new high after recent DeFi integration"},"content":{"rendered":"

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. <\/p>\n

Data from Cointelegraph Markets<\/a> and TradingView<\/a> 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. <\/p>\n

REN\/USDT 4-hour chart. Source: <\/em>TradingView<\/em><\/a><\/figcaption><\/figure>\n

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. <\/p>\n

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<\/a> for addition to the AAVE ecosystem. <\/p>\n

Binance Smart Chain integration strengthens REN’s use case<\/h2>\n

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. <\/p>\n

Total value locked on REN. Source: <\/em>Defi Llama<\/em><\/a><\/figcaption><\/figure>\n

VORTECS\u2122 data from Cointelegraph Markets Pro<\/a> began to detect a bullish outlook for REN on Feb. 18, prior to the recent price rise. <\/p>\n

The VORTECS\u2122 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.<\/p>\n

Cointelegraph Markets Pro<\/em><\/a> – VORTECS\u2122 Score (green) vs. REN price<\/em><\/figcaption><\/figure>\n

As seen in the chart above, the VORTECS\u2122 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. <\/p>\n

The recent integration with BSC has brought renewed attention to REN which was hampered by high transaction costs on the Ethereum network. <\/p>\n

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. <\/p>\n

Source: COINTELEGRAPH<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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…<\/p>\n","protected":false},"author":1,"featured_media":6388,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[537,93,441,521,95,539,443,572],"class_list":["post-6387","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-crypto-news","tag-altcoin-watch","tag-binance","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-defi","tag-dex","tag-markets","tag-ren"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/6387"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=6387"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/6387\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/6388"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=6387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=6387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=6387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}