Revitalized Ethereum Pools Lead to 78% Increase in THORChain Price – News Couple
CRYPTO NEWS

Revitalized Ethereum Pools Lead to 78% Increase in THORChain Price


Ealier This year THORChain underwent a series of protocol exploits that drained $8 million of its reserves and these successive attacks took a heavy toll on the price of RUNE. This week, the protocol announced that it will reopen its Ethereum pool, along with other altcoins and BTC, and the announcement appears to have a positive impact on the price of RUNE.

Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $2.95 on July 20, RUNE has surged 283% to $11.64, and there is also a significant increase in volume.

RUNE/USDT 1-day chart. Source: TradingView

Two reasons behind the recovery and the building of strength in RUNE are the relaunch of trading capabilities on all five supported blockchains including the Ethereum (ETH) network and the upcoming launch of several new projects on the THORChain network.

Ethereum pools are open

A major development driving the momentum behind RUNE was the reactivation of trading services across all supported blockchain networks, with Ethereum reopening on October 21.

Trading activity is restricted after the April hack and after the code is verified again, the Bitcoin (BTC), Litecoin (LTC), Binance Coin (BNB), Ethereum and Bitcoin Cash (BCH) pools are reopening.

according to data Through THORChain, pent-up demand for the protocol was shown by nearly $2 million in spot trading volume for ERC-20 tokens minutes after the pool reopened.

Related: Texas Firefighters Pension Fund Reportedly Allocates $25 Million to Bitcoin and Ether

Future airdrops and token release

Another reason for RUNE’s upward price move is the upcoming launch of several new projects on the THORChain network that will soon be listed on Thorstarter (XRUNE), a decentralized launch platform for the RUNE ecosystem.

Some of the upcoming major launches include THORSwap, THORWallet, Brokkr Finance, Skipp Swap, DeFiSwap, and XDEFI wallet.

According to Cointelegraph Markets Pro data, market conditions for RUNE have been favourable for some time.

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

VORTECS™ Score (in green) vs. RUNE price. Source: Cointelegraph Markets Pro

As shown in the chart above, RUNE’s VORTECS™ score has been up in the green for the majority of the past week and reached a high of 74 on October 18, about nineteen hours before the price climbed 29% over the week. the next two days.

The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risks, you should do your own research when making a decision.