Last week, REN / BTC hit a rough patch after a strong start to the year. REN is used for ‘wrapping’ assets on Ethereum and is pretty popular.
REN is needed to create a ‘darknode’, which wraps BTC, BCH, and ZEC, bringing them to the Ethereum network. Darknodes earn fees and with the wrapped BTC (or other asset) holders have it both ways: they keep their Bitcoins while also interacting with DeFi and earning fees on various platforms.
Over $540 million worth of Bitcoin is now wrapped with REN.
To see if REN’s rally would continue in the short-term, we’ve asked the following question on Cindicator’s Hybrid Intelligence platform:
“The cryptocurrency Ren (REN/BTC) settled at 0.00001839 BTC at 08:03 AM UTC at the binance exchange on Monday, January 25. In your opinion, will REN/BTC trade above 0.00002181 BTC (+18.59%) at any time before February 8?”
Assurance: 74%
So Hybrid Intelligence believes that REN will go up over the next two weeks.
This is not unrealistic given that in BTC terms, REN is still far from its August all-time high or even its October levels.
REN is needed to create a ‘darknode’, which wraps BTC, BCH, and ZEC, bringing them to the Ethereum network. Darknodes earn fees and with the wrapped BTC (or other asset) holders have it both ways: they keep their Bitcoins while also interacting with DeFi and earning fees on various platforms.
Over $540 million worth of Bitcoin is now wrapped with REN.
To see if REN’s rally would continue in the short-term, we’ve asked the following question on Cindicator’s Hybrid Intelligence platform:
“The cryptocurrency Ren (REN/BTC) settled at 0.00001839 BTC at 08:03 AM UTC at the binance exchange on Monday, January 25. In your opinion, will REN/BTC trade above 0.00002181 BTC (+18.59%) at any time before February 8?”
Assurance: 74%
So Hybrid Intelligence believes that REN will go up over the next two weeks.
This is not unrealistic given that in BTC terms, REN is still far from its August all-time high or even its October levels.
Trade closed: target reached