- REN Might also hit new ATH if the bullish trend continues.
- REN price spikes 23.97% in the last 24 hours.
- RenVM Greycore was launched in the Ren network’s testnet.
Ren is software that is utilized to transfer new and existing crypto assets over different blockchains. REN is the native cryptocurrency of Ren Network. Currently, Ren’s (REN) price moving in an upward direction it showing a bullish sign and there might be the possibility of hitting its current ATH of $1.83 and also hits a new all-time high (ATH).
Current Market Status
According to CoinMarketCap, REN’s price was trading at $1.02 with a 24-hour trading volume of $485,788,221. REN price spikes 23.97% in the last 24 hours. The circulating supply of REN is 997,764,051.02 REN.
The above chart depicts the price flow of REN in the last 24 hours, it was displaying a bullish trend. Within a day REN price was increased from $0.85 to $1.02. More so in the last 30 days, REN’s price skyrocketed over 68%. If this bullish trend continues further REN will break its current ATH and it is possible of reaching a new ATH.
Reason for the Price Surge
Ren (REN) is an open-source platform that is utilized to facilitate interoperability and liquidity across various blockchain networks. The major reason for the price surge of REN is the continued growth activity and also the total value locked (TVL) on RenVM.
Furthermore, the next reason for the price surge is the release of the Arbitrum bridge, an Ethereum (ETH) layer-two scaling solution Arbitrum. This was developed to organize popular decentralized applications (dApps) in a fast, low-fee environment. On September 13 RenVM Greycore was launched in the Ren network’s testnet. This was found to be the third reason for the price surge of Ren.
Finally, with the upcoming updates and upgrades, we can expect more bullish in the future. As aforementioned, there is the chance for REN to hit its new all-time high (ATH) if this bullish trend continues without any breakouts.