Despite the weeks of low volatility in the cryptocurrency market, THORChain (RUNE) has gained momentum with over 60% increase in value in the past week. After its recent surge, RUNE surpassed the $1.57 price level and claimed the top spot among the cryptocurrency market’s top performers.
Continued Rallies Despite Low Volatility in BTC
The leading cryptocurrency Bitcoin has been consolidating between the $28,500 and $31,500 levels in recent weeks, causing a significant decrease in volatility in the cryptocurrency market. Despite starting the new week with gains, BTC briefly surpassed the $29,600 level yesterday but quickly retreated to $29,300 levels.
Ethereum (ETH), after its recent losses, started trading at around $1,840, and the total market value of the cryptocurrency ecosystem dropped to $1.17 trillion according to CoinMarketCap (CMC) data. However, despite the low volatility in the cryptocurrency market, RUNE continues to experience rallies and has gained over 60% in the past week.
Value Increase Surpasses 60%
With the low volatility in the cryptocurrency market and the consolidation in Bitcoin, most cryptocurrencies with high market value have not seen significant price movements in recent days. However, THORChain (RUNE) has gained over 60% in the past week, defying the low volatility and started trading at around $1.57, recording a nearly 15% increase in the past 24 hours.
Crypto analysis platform Santiment suggests that the high percentage of value increases in the past week may be largely due to the increasing social volumes. According to Santiment, the increase in social volumes has led to increased interest in the cryptocurrency asset. Additionally, there have been significant increases in investor sentiment and trading volumes during this period.
However, many analysts have warned investors about speculative price movements. Analysts have mentioned the possibility of significant drops in the future due to the sharp rises recorded in a short period of time.
