Ren continues to gain momentum as the addition of new tokens and the protocol’s focus on DeFi and interoperability leads to an uptick in trading volume.
The cryptocurrency sector has emerged as a hot topic on the global stage in 2021 thanks in large part to the growth of decentralized finance and non-fungible tokens which have caught the general public’s attention.
Throughout the sector there is a need for interoperability between networks as many of the most popular projects are on siloed blockchain networks and high Ethereum fees prevent developers and investors from interacting across chains.
One project focused on solving this project is Ren, which revealed on March 31 that Solana and Fantom had become the latest tokens supported by the interoperability-focused protocol.
March Development Update
— Ren (@renprotocol) March 31, 2021
These additions mark the third new token supported by the protocol over the past week, which has coincided with a 40% rally in the price of REN as community members from the newly supported tokens discover a newfound interest in the Ren ecosystem.
As seen in the chart above, the VORTECS™ Score flipped green on March 26 and has remained in this zone for a majority of the time since then. Previous backtesting of the Markets Pro system has shown that higher VORTECS™ scores hint that the current market conditions are similar to conditions in the past when the asset rallied over the next several days.
With the momentum of nonfungible tokens starting to wane, traders could soon be looking to rotate into the next hot sector and there are signs that activity on DeFi platforms is again on the uptick.
As blockchain technology increases its presence in the mainstream financial markets, Ren is one altcoin investors are clearly watching due to the fact that interoperability will remain a major focus in helping to unify what is currently a disjointed cryptocurrency ecosystem.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.