Thorchain News: Why is the Thorchain (RUNE) price up?

Thorchain (RUNE) has been making headlines recently with a noticeable rise in its price. But what's driving this increase? In this article, we'll break down the latest news and explain the factors behind Thorchain's recent price jump. Let's take a look at this RUNE Price Prediction article in more detail.

How has the Thorchain (RUNE) Price Moved Recently?

As of today, Thorchain (RUNE) is trading at $3.67, with a 24-hour trading volume of $298.81 million and a market cap of $1.23 billion, giving it a market dominance of 0.06%. Over the past 24 hours, the price of RUNE has risen by 13.40%.

Thorchain hit its all-time high of $20.98 on May 19, 2021, and its all-time low of $0.00762 on September 11, 2019. Since its peak, the lowest price recorded was $0.778946, while the highest price since that low reached $11.43.

Currently, the market sentiment for Thorchain is neutral, and the Fear & Greed Index indicates a level of 30, suggesting fear in the market.

Thorchain’s circulating supply stands at 334.60 million RUNE out of a maximum supply of 500 million RUNE. The annual supply inflation rate is currently -1.42%, meaning 4.83 million RUNE have been created over the past year.

Why is RUNE Price UP?

Thorchain (RUNE) has seen a significant price increase recently, driven by several key factors that highlight its growing prominence in the decentralized finance (DeFi) sector.

The platform's total trading volume has surpassed an impressive $70 billion, showcasing its expanding role and popularity within the DeFi space. This milestone underscores the increasing adoption and usage of Thorchain's ecosystem, contributing to the upward momentum in RUNE's price.

The surge in Thorchain's user base is particularly noteworthy. Since the beginning of 2023, the platform has experienced a dramatic rise in user engagement, with weekly active users skyrocketing from around 2,000 in January to approximately 15,000.

This represents a consistent increase, with the average number of weekly users now exceeding 8,000. The rapid growth in user numbers, with over 41% of the total user base joining in 2024, highlights the platform's expanding appeal and effectiveness in attracting new participants. The addition of 206,000 new users since January, averaging 6,200 new users daily, reflects a robust and accelerating interest in Thorchain's offerings.

Moreover, the substantial increase in trading volumes, peaking at $3 billion in some weeks of 2024, indicates heightened trading activity and investor interest.

RUNE's position as the most actively traded asset on the platform, with a total buy volume of $35 billion, further reinforces the token's rising value and market demand.

As Thorchain continues to attract more users and see increased trading activity, these trends are likely to sustain the upward trajectory of RUNE's price, positioning it as a key player in the competitive DeFi market.

How High Can Thorchain (RUNE) Price Go?

Thorchain (RUNE) has shown remarkable growth over the past year, with its price increasing by 134%, which places it ahead of 74% of the top 100 cryptocurrency assets. Notably, RUNE has outperformed both Bitcoin and Ethereum, indicating a strong upward momentum and robust market confidence in its potential.

Trading above its 200-day simple moving average suggests that RUNE is in a bullish phase, further supported by its positive performance compared to its token sale price.

The platform's high liquidity, supported by a substantial market cap and a negative yearly inflation rate of -1.42%, bolsters its stability and attractiveness to investors. Despite recent fluctuations, including a notable drop of 83% from its all-time high, the overall trend remains positive.

The presence of 14 green days out of the last 30, representing a 47% positive performance rate, suggests that RUNE is still experiencing periods of upward movement.

Given these factors, the potential for Thorchain's price to reach new highs remains promising. The combination of strong user growth, increased trading volumes, and favorable technical indicators positions RUNE well for future gains.

If the current trends continue and Thorchain maintains its momentum in user adoption and trading activity, it is conceivable that RUNE could approach or even surpass its previous all-time highs, reflecting its continued growth and significance in the DeFi space.