Source: Crypto Briefing Go to Source Author: Brooks Butler
RUNE looks ready to extend its gains after the reactivation of ETH-based pools resulted in a 78% rally last week.
Ealier this year THORChain underwent a series of protocol exploits which led to $8 million being drained from its reserves and these successive attack took a heavy tool on RUNE price. This week, the protocol announced that it would re-open its Ethereum pool, along with other altcoin and BTC-based pools and the announcement appears to be having a positive impact on RUNE price.
Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $2.95 on July 20, the price of RUNE has increased 283% to a$11.64 and there is also a noticable uptick in trading volume.
Two reasons behind the recovery and building strength seen in RUNE include the relaunching of trading capabilities on all five supported blockchains including the Ethereum (ETH) network and the upcoming launch of multiple new projects on the THORChain network.
The main development driving the momentum behind RUNE has been the reactivation of trading services across all supported blockchain networks, with Ethereum reopening on Oct. 21.
Trading has been enabled on Ethereum chain.@THORChain restarted all 5 blockchains - $BTC, $ETH, $BNB, $LTC, $BCH.
— THORSwap ⚡ (@THORSwap) October 21, 2021
Ethereum LP will be enabled when the pool prices are corrected.https://t.co/gNyDIEmCkL pic.twitter.com/gIJqA1fFgL
Trading activity was restricted following the April hack and after checking through the code again, the Bitcoin (BTC), Litecoin (LTC), Binance Coin (BNB), Ethereum and Bitcoin Cash (BCH) pools in the process of being reopened.
According to data provided by THORChain, the pent up demand for trading on the protocol was demonstrated by the near instant $2 million in trading volume for ERC-20 tokens minutes after the pool re-opened.
Related: Pension fund for Texas firefighters reportedly allocates $25M to Bitcoin and Ether
Another reason for the bullish price move for RUNE is the upcoming launch of multiple new projects on the THORChain network which will soon be listed on the Thorstarter (XRUNE) platform, which is a decentralized launchpad for the RUNE ecosystem.
With @THORChain tantalizingly close to restarting in all of its multi #blockchain glory, it's time to look at some of the more exciting tokens on the Asgardian horizon.
— Fomocraft (@FOMOcraft) October 18, 2021
Once #Ethereum is plugged back in, the #ThorFi ecosystem is set to explode!$RUNE $THOR $TGT $BRO $SKIP $XDEFI pic.twitter.com/VpMhnVbCCT
Some of the major upcoming launches include THORSwap, THORWallet, Brokkr Finance, Skipp Swap, DeFiSwap and XDEFI wallet.
According to data from Cointelegraph Markets Pro, market conditions for RUNE have been favorable for some time.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the chart above, the VORTECS™ Score for RUNE has been elevated in the green zone for the majority of the past week and it reached a high of 74 on Oct. 18, around nineteen hours before the price increased 29% over the next two days.
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.
AXS, CVP and POLS lead altcoins higher while Bitcoin bulls search for a way to reclaim the $50,000 level.
The wider cryptocurrency market fell under pressure on Oct. 4 as the momentum generated by Bitcoin’s (BTC) weekend spike above $49,000 was overshadowed by more global concerns related to the global financial system, rising inflation and supply chain challenges.
Despite these struggles, many altcoins managed to rally and at the time of writing, the crypto gaming and decentralized finance sectors continue to grow in popularity.
Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24 hours were Axie Infinity (AXS), PowerPool (CVP) and Polkastarter (POLS).
Axie Infinity is a blockchain-based battle and collecting game that has been one of the breakout stars of 2021 and in addition to booking a stellar 5,000% rally, the game also helped to introduce the wider public to the powers of play-to-earn games and the income opportunities that they present.
According to data from Cointelegraph Markets Pro, market conditions for AXS have been favorable for some time.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the chart above, the VORTECS™ Score for AXS began to pick up on Oct. 2 and climbed into the dark green zone on Oct. 3, just one hour before its price increased 51% over the next day.
The rally in price on Oct. 4 came as a live chat with the developers behind the project leaked some new details about upcoming updates, including the addition of Axie scores for each character that add new abilities and effects for gameplay.
Related: Is Axie Infinity overheating? AXS price hits record high following 100% QTD rally
PowerPool is a decentralized finance protocol that specializes in helping users to accumulate governance power in Ethereum-based protocols through the creation of token pools and community voting.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for CVP on Sept. 29, prior to the recent price rise.
As seen in the chart above, the VORTECS™ Score for CVP climbed into the green zone on Sept. 29 and reached a high of 74 roughly two days before its price began to increase by 60% over the next three days.
The bump in price for CVP comes as the project was listed on the cryptocurrency exchange Binance and added to the Binance Smart Chain.
Polkastarter is a protocol in the Polkadot ecosystem designed to offer an easy-to-use launchpad for early-stage blockchain projects to launch token pools and auctions as a way to raise capital and distribute their tokens.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for POLS on Oct. 2, prior to the recent price rise.
As seen in the chart above, the VORTECS™ Score for POLS began to pick up on Oct. 2 and reached a high of 74 around 29 hours before its price increased 23% over the next day.
The spike in the price of POLS comes as the project released Polkastarter v2 to the community which includes updates to the dashboard and the ability to stake POLS on Ethereum or the Binance Smart Chain.
The overall cryptocurrency market cap now stands at $2.141 trillion and Bitcoin’s dominance rate is 42.8%.
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.
The proposed TAT Coin will enable tourism operators to cash in on the popularity of cryptocurrencies.
The Tourism Authority of Thailand (TAT) is considering creating its own utility token to capitalize on the growing popularity of cryptocurrencies.
Named after the agency's acronym, the plan to launch TAT coin will have to navigate through Thailand's complex legal framework and regulations before coming to life.
The Bangkok Post reported today that the TAT is in discussions with the Stock Exchange of Thailand regarding its ambitions and how the transfer of value can be achieved without introducing the speculative aspects of trading.
TAT coin "would involve the transfer of vouchers into digital tokens that could help operators gain greater liquidity," according to the report.
Yuthasak Supasorn, TAT governor, said he values the potential that technologies like cryptocurrencies have to offer and believes it is a great opportunity for the Thai tourism industry to boost competitiveness in the short term by attracting cryptocurrency holders:
"We have to prepare digital infrastructure and digital literacy for our tourism operators in order to commence cryptourism as the traditional business model might not be able to keep up with the new changes."
The TAT’s long term ambitions would see them to partner with the local Bitkub exchange to develop a tourism platform featuring the TAT coin and possibly non fungible tokens. Although Thailand is among the first countries in Southeast Asia to enact cryptocurrency legislation, NFTs are not yet legal.
Related: Thailand's central bank outlines safeguards for a future retail CBDC
On Monday, the Thai government announced it would waive quarantine for vaccinated travelers in Bangkok and other nine provinces from November 1 onwards, in hopes to revive the economy, which has been one of the slowest in East Asia and Pacific to recover from the pandemic.
“The Thai economy will likely require a longer time to rebound owing to delay in foreign tourist return,” said Kiatipong Ariyapruchya, senior country economist of the World Bank for Thailand.
The World Bank released a report on Tuesday, further cutting Thailand's economic growth forecast in 2021, bringing it down to one per cent.
As Cointelegraph has reported, crypto assets offer an alternative solution to transform government services and promote economic growth in the region.