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REN worth rallies 60%, hitting a brand new excessive after current DeFi integration

02/20/2021

REN worth spiked to a brand new all-time excessive shortly after its current integration with Binance Good Chain.

Ren (REN) worth underwent a powerful 65% breakout on Feb.19 because the interoperability-focused protocol noticed persevering with accumulation from whale wallets holding greater than 1 million REN.

Information from Cointelegraph Markets and TradingView reveals that REN rose from $0.99 on Feb. 18 to determine a brand new all-time excessive of $1.84 on Feb. 19. The transfer to a brand new excessive occurred as REN’s buying and selling quantity additionally reached $704 million over the previous 24-hours.

REN/USDT 4-hour chart. Supply: TradingView

Consideration for the protocol acquired a noticeable uptick on the finish of January when it was introduced that Dogecoin (DOGE) could be built-in with REN, enabling the buying and selling of renDOGE within the rising DeFi ecosystem.

Since that point the REN ecosystem has continued to increase as extra top-tier tasks like Filecoin (FIL) have undergone the transformation to turn into renFIL, which is now being thought of for addition to the AAVE ecosystem.

Binance Good Chain integration strengthens REN’s use case

REN was buying and selling at $0.94 on Feb. 15 earlier than it was introduced that RenBridge 2 was reside and built-in with the Binance Good Chain. Since that point, the buying and selling quantity has steadily elevated in addition to the overall worth locked on the RenVM.

Complete worth locked on REN. Supply: Defi Llama

VORTECS™ knowledge from Cointelegraph Markets Professional started to detect a bullish outlook for REN on Feb. 18, previous to the current worth rise.

The VORTECS™ rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market circumstances derived from a mixture of knowledge factors together with market sentiment, buying and selling quantity, current worth actions and Twitter exercise.

Cointelegraph Markets Professional – VORTECS™ Rating (inexperienced) vs. REN worth

As seen within the chart above, the VORTECS™ rating started to extend following the announcement of RenBridge 2 on Feb. 15 and reached a peak of 81 on Feb. 18, shortly earlier than the worth of REN started to spike upwards.

The current integration with BSC has introduced renewed consideration to REN which was hampered by excessive transaction prices on the Ethereum community.

With decentralized finance heating up, interoperability between blockchain networks is turning into important for a well-functioning market and REN is rising as a key piece in cross-chain interplay.