How higher can Ren Crypto go following its recent rally

Highlights

• REN crypto is an open-source protocol network which is built to provide interoperability and liquidity between different blockchain platforms.

• On Wednesday, REN witnessed a huge spike just hours after it announced the arrival of testnet of REN of Greycore.

Previously known as Republic Protocol, REN crypto is an open-source protocol network which is built to provide interoperability and liquidity between different blockchain platforms. Launched in January 2018, Ren Crypto (REN) is an Ethereum-based protocol that can be used to transfer diffent cryptocurrencies over blockchains.

With the ERC-20 coins such as RenBTC, RenBCH, and RenZec, users can utilise it for an array of DeFi products for trading, portfolio management, borrowing and lending.

Also read: What makes Braintrust Token unique in its league

REN witnessed a huge spike just hours later it announced the arrival of testnet of REN of Greycore on Wednesday. Greycore is considered to be a set of validators, which will see the participation of various projects of DeFi on its platform thereby making it more secure and safe.

REN registered impressive gains on Wednesday and that trend further is visible on Thursday as well as it is up by 29.09%.

What makes REN unique

REN operates on advanced algorithms to enable the movement of cryptocurrencies from one blockchain to another. As it doesn’t involve complex middle steps, it gives the freedom to the users to save time and transaction cost.

After it rebranded itself as a DeFi interoperability protocol, the REN coin operates on as a bond for operating a Darknode, which makes it more secure and private. So, with the Darknode, one can see more and more participants participating on the platform, the protocol also becomes more scalable.

Also Read: Why CRV token is in high demand

How has REN faring in the market?

Earlier in June, many market experts believed that REN is perhaps one of the most undervalued DeFi products. However, the last two days have shown signs that the market has finally come to terms with its value and is ready to see it as a promising token.

According to CoinMarketCap, the REN is trading at US $1.12 with a 24-hour trading volume of US $ 75,31,28,948. At the time of writing (BST 10:06 am), CRV was up by 29.09% in the last 24 hours. CRV currently has a live market cap of US 1,12,47,87,733 and has a circulating supply of 99,77,64,051 REN coins 

Conclusion 

REN is an ideal crypto who are looking for medium- and long-term investment. However, there is a great room for improvement. Market experts believe that if the momentum continues then it could well see it go past the US $2 mark. The coin has grown strongly in the market and had hit US $1.83 sometime back. Its popularity amongst the investors too has grown and with the DeFi products doing well this year, this could well be one of the coins to watch out for.