Journalist
Posted:
- Approximately $224 million of the total volume involving Bitcoin occurred on the THORChain DEX.
- The price of RUNE rose by 50% as interest in the token continued to rise.
For religious followers of the crypto market, you will agree with many Bitcoin [BTC] Believers find it difficult to openly admit their admiration for any other blockchain apart from the King.
But recently, THORChain [RUNE] is in the middle of some Bitcoin highs, and seemingly for the right reasons.
One of the frontrunners of the Bitcoin-THORChain marriage is Erik Voorhees, founder of ShapeShift.co. Voorhees opined on November 12 that THORChain should be the only market where Bitcoin should be traded.
Principled Bitcoiners should be familiar with this @THORChain
It is the *only market* that can be traded #Bitcoin at scale without a middleman… and that’s the whole point of Bitcoin.
>$200 million worth of native, unwrapped BTC was traded here without authorization in the last 24 hours.
If you like it… https://t.co/0WW4QRCo6F
— Erik Voorhees (@ErikVoorhees) November 12, 2023
BTC chooses THORChain
Voorhees’ opinion was in response to an update that THORChain was responsible for approximately $224 million in BTC trading around the same period. Essentially, the chain enables the exchange of Layer 1 assets such as BTC while simultaneously acting as a settlement protocol.
Thus, the increase in DEX volume implies that users wanted to transact with the non-native Wrapped Bitcoin [WBTC], flowed to the THORChain protocol. Consequently, the increase in activity on the protocol caused it to experience the highest increase trading volume in the past seven days.
While the volume of other DEXes is nice Uniswap [UNI] And PancakeSwap [CAKE] also rose, THORChain seemed to be tracking them both. As for the trading pair with the highest transactions on the protocol, AMBCrypto analyzed Coinranking data.
Here we found out that the ETH/RUNE and USDT/RUNE pairs had much less volume than the BTC/RUNE pair. This data was proof of Voorhees’ message mentioned earlier. Aside from the events on THORChain, his own token RUNE also had its moment.
Cannot “RUN” the prospects.
According to CoinMarketCap, the value of RUNE has skyrocketed to $5.17. This price represented an increase of 50.90% over the past seven days. While some altcoin prices fell, RUNE even hit the direction of the game until the last 24 hours, when the upward momentum shrank.
Source: CoinMarketCap
Despite the obstruction in the uptrend, weighted sentiment around RUNE remained positive. The Weighted Sentiment takes into account the unique social volume related to the perception market players have about a project.
If the measure rises, it implies more optimism for the asset in question. But a negative reading of the metric suggests otherwise. At the time of writing, RUNE’s weighted sentiment was 2.42, suggestive that the broader market was still bullish on the price action.
Source: Santiment
Read THORChain’s [RUNE] Price prediction 2023-2024
In addition, the Open Interest around RUNE on the exchange has increased to $74.91 million. Open Interest is a measure of market activity. The jump in the metric thus implies that market participants are keeping a close eye on the token.
It is also a sign that there is a strong increase in the number of spot and futures positions.