In a crucial move to enhance its decentralization efforts, liquidity protocol THORChain (RUNE) has revealed plans to bridge decentralized finance (DeFi) to the top cryptocurrency by market cap, Bitcoin.
The development comes as THORChain cements its presence in the digital assets space. RUNE’s total value locked (TVL) has grown steadily from $225.96 million in October 2023 to surpass $1.458 billion in March 2024.
It has a TVL of $902.55 million at press time, reflecting massive growth over the past 12 months.
Source – DeFiLlama
The blockchain’s revenue above $100 million underscores the chain’s success.
Recently, it attained all-time highs with approximately 32% of RUNE’s circulating supply (107 million tokens) bonded and 111 nodes.
Moreover, THORChain establishes itself as a decentralized liquidity platform by adding new validators and removing old nodes every 72 hours.
The project expects massive activity with the approaching 120-node limit. Such demand will likely propel RUNE prices higher.
The latest announcement added to RUNE’s surging price as bulls triggered an explosive move to $5.70 from $5.2759.
Meanwhile, the cryptocurrency sector has maintained upsides in the past few days amid the improving global economy.
Digital assets see renewed enthusiasm
The crypto market has flourished over the past ten days, with Bitcoin climbing from the 18 September low of $59,476 to its press time price of $65,847.
The asset class has benefited from renewed attention after the Fed confirmed the much-awaited rate cut.
China’s updated stimulus measures also added to the enthusiasm.
Moreover, payment giant PayPal announced that US merchants can use their platform to buy and sell cryptocurrencies. That boosted optimism as digital assets see mainstream acceptance.
The market remains poised for continued uptrends into October, and enthusiasts expect BTC to hit $80K amid “Uptober” uptrends.
The latest rate cut will likely increase cash flow into risky assets in the upcoming times.
Also, historical data backs the anticipated surges. Coinglass stats show Bitcoin usually records double-digit surges in October over the past eight years, witnessing monthly losses once.
A technical analysis supports the upside outlook.
A solid candlestick closing above $65K would shift Bitcoin’s market structure to bullishness.
Analysts remain confident BTC will hit $80K soon. That would mean enormous gains for altcoins, sending RUNE to new all-time highs.
THORChain’s price performance
RUNE has recently displayed recoveries as cryptocurrencies rallied amid improving global economic conditions.
Meanwhile, yesterday’s massive 81% price jump likely shifted CHORChain’s trajectory to bullishness.
The altcoin skyrocketed from $5.2759 to $5.70 within four hours.
The cryptocurrency changes hands at $5.50 after slight dips from its 24-hour high. Meanwhile, the 10% increase in daily trading volume supports bull favoritism.
Source – Coinmarketcap
With Bitcoin eyeing $80K in “Uptober,” RUNE looks ready to capitalize on the massive bullish momentum to hit never-seen-before peaks.
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