THORChain (RUNE) is one of the top gainers of the day as the cryptocurrency managed to record a surge of 30% in the past twenty-four hours. The cryptocurrency has been on a steep bullish trajectory in the weekly timeframe with the bulls persisting. At the time of writing, RUNE token stands at a price level of $5.62. The daily trading volume has increased by 450% amidst the bullish wave. The cryptocurrency has ranged from a low of $4.68 to a high of $5.90 during the daily window. THORChain has a market ranking of #57 with a capitalization of $1.77 billion.
Why is THORChain (RUNE) surging?
The THORChain network has accrued phenomenal growth during the year which has caused the current hype around the cryptocurrency. According to AltRank’s ranking in terms of combined social and market activity, the cryptocurrency ranked first out of nearly 3,500 tokens in the market.
The journey of growth for RUNE chain has been bumpy but its current performance is a testament to the journey and the potential the network has. The platform achieved a major milestone as it achieved 1.5 million in decentralized and permissionless transactions on chain towards the end of February. The trading volume on THORChain also hit an all-time high on 28th February. Currently, it has 83 nodes and the team’s hard work is evident in the fact that it has provided more than 80 network updates to help the network stay on top of its game.
Another reason why the cryptocurrency is surging during the daily timeframe is the integration of Terra (LUNA) into THORChain’s ecosystem. The integration had been one of the most anticipated developments on the network. The integration will allow the network to gain access to Terra’s stablecoins – including one of the largest stablecoin, UST. Moreover, Terra’s support will also enable RUNE’s ecosystem to support Cosmos-based projects. The project has also announced to soon add support for Monero and Haven which will further cement its bullish outlook.
Future outlook
The Terra integration has proved to be fruitful for THORChain and upcoming developments further the token’s long-term bullish outlook. RUNE is also one of the most solid projects in the cryptocurrency market which makes it a good bet. According to the estimates of Wallet Investor, the cryptocurrency is expected to be operating at a price level of $9.58 in a year’s time while the five-year projection places it at $32.95.
