• M

    Max E.

    THORChain & Compound: 14 April Price Digest

    RUNE and COMP price analysis.

    RUNE

    On Thursday, the cryptocurrency market managed to get some momentum, despite rising inflation and geopolitical unrest. According to Ecoinometrics data, both “whales” and small retailers have begun to increase their holdings of BTC. This is the first “bullish signal” the market has seen in a while. The capitalization of the crypto market increased to $1.91 trillion during European trading.

    As the macro narrative currently revolves around rising returns, the former focus on the cryptomarket seems to be fading away, leaving it consolidating in its previous range. However, most of the major altcoins have moved into the green. Over the past 24 hours, the price of RUNE has increased by 17.97%. At the time of writing, the price of the asset is $8.92.

    RUNE price chart.

    THORChain has definitely seen better days. By the end of October, it had grown by almost 120%, and recently by more than 200%. However, looking at the big picture, the situation is not as rosy as it looks: the price action has been suffering for quite some time. The token has been following a descending triangle pattern lately until the recent broader market correction, that began towards the end of 2021.

    Token developers are actively working on updates. Many of them are currently in their final implementation phase. Developers’ activity serves as a permanent catalyst for the price action.

    COMP

    This week has been rather good for Compound (COMP). The token is up 8.87% in the last 24 hours. At the time of writing, the price of the asset is $151.36

    COMP price chart.

    The price jump is due to several factors. First, online brokerage Robinhood recently listed COMP, along with three other popular cryptocurrencies. Immediately after the announcement of the listing, the price of the token rose by almost 29%, while last week the price increased by more than 12%.

    In addition, the Robinhood crypto wallet was launched last week, which may also have contributed to a further increase in the price of COMP.

    Even before the listing, the “whales” were actively increasing the supply of the token. COMP has been one of the most used smart contracts among the largest of the 100 ETH whales in the last 24 hours.

    The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research. This text is not a guide to action. The author's opinion may not coincide with the opinion of CoinJoy.

    SHARE