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Home»Altcoins»THORChain: Trading Volume Exceeds ATH as RUNE Surges 45%
Altcoins

THORChain: Trading Volume Exceeds ATH as RUNE Surges 45%

2023-11-01No Comments3 Mins Read
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  • Trading volume on THORChain reached an all-time high in October.
  • The value of RUNE increased by almost 50% in the same month.

The monthly trading volume on the cross-chain liquidity network THORChain [RUNE] reached a record $3 billion in October for the first time since launch.

Congratulations @THORChain

October is officially the first trading volume worth $3 billion and entered the top 5 of DEX

Streaming swaps were the catalyst needed for adoption

Here are a few observations 🔽 pic.twitter.com/WGCOLNVLgD

— TCB (@THORmaximalist) October 30, 2023


How much are 1,10,100 THORs worth today?


The increase in volume was due to the integration of the protocols Streaming Switches appear on various platforms throughout the month.

Launched in September, Streaming Swaps allows THORChain users to split a single swap into multiple sub-swaps that run over time.

It is primarily designed to help reduce price drag, which is the difference between the expected price of a trade and the actual price at which it is executed.

October was a good month

In addition to a record high in monthly trading volume, THORChain posted a significant rally in its DeFi total value locked (TVL) in October.

Data from DefILLama revealed that over the 31-day period, the protocol TVL increased by 51%. At the time of writing, THORChain’s TVL is still rising and stood at $491 million, the highest level since May 2022.

Furthermore, the network’s decentralized exchange (DEX) ThorSwap recorded a consistent increase in liquidity in the liquidity pools housed therein in October.

As of October 31, the exchange’s total liquidity was $187 million, up 40% since the beginning of that month.

Source: Thorswap

Also, THORChain’s native token RUNE was affected by the overall market growth in October. According to data from CoinMarketCapthe value of the token increased by more than 45%.

See also  Optimism [OP] Breaks $ 0.85 neckline - this is what it means for traders

At press time of the market cap of $2.90, RUNE was exchanging hands at a price last seen in May 2022. With a growth of 29% in the past week, RUNE was the crypto asset with the most gains in recent week.

RUNE’s rally to an 18-month high was driven by increased demand for the altcoin over the past month. The price movements observed on a daily chart confirmed the steady accumulation of tokens among spot traders.

At the time of writing, key momentum indicators were pegged at all-time overbought levels. RUNE’s Relative Strength Index (RSI) was 81.03, while the Money Flow Index (MFI) was 89.39. While these readings indicate high bullish momentum, they are often followed by a price lag.

Regardless, the Directional Movement Index (DMI) showed the bulls remained in control, with the positive directional index (green) resting above the negative directional index (red).


Realistic or not, here is THOR’s market cap in BTC terms


The strength of the uptrend is confirmed: RUNE’s Average Directional Index (ADX) stood at 40.45 at the time of writing.

When an asset’s ADX reaches 40, it indicates that the market is in a substantial and established trend, and a reversal at that level could be challenging.

Source: RUNE/USDT, TradingView



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ATH Exceeds RUNE Surges THORChain Trading Volume
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