Crptocurrency
RUNE Soars 40% Weekly as THORChain Claims 2nd Place in DEX Daily Trading Volumes

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THORChain, a native asset settlement protocol, is now the second-largest decentralized exchange (DEX). Its native token, RUNE, has experienced a significant increase over the last week amid the aforementioned development.
THORChain Surges in Trading Volume
Over the past week, THORChain has experienced a significant surge in trading volume, surpassing $1.325 billion. Data from DeFi Llama reveals that its daily trading volume has reached $334.3 million, topping PancakeSwap and securing the second spot, trailing only behind Uniswap.
Despite this impressive growth, THORChain’s total value remains steady at $260.1 million.
The acceleration in THORChain’s ascent, surpassing Curve Finance, occurred much earlier than anticipated by THORChain core developer Chad Barraford. Initially predicting the flipping to appear before the end of 2023, Barraford expressed surprise in a November 13 X post, stating that this happened much faster than they thought, “taking two days instead of 2 months”.
Okay, this happened much faster than i thought. Just took 2 days instead of 2 months. But its happened, @THORChain has more trade volume in a week than @CurveFinance.
Next is @PancakeSwap 🎯 https://t.co/xbGkKfFtRU pic.twitter.com/YdPeCZiOQA
— Chad Barraford (@CBarraford) November 13, 2023
THORChain is recognized as a multichain counterpart to Uniswap, allowing users to exchange native Bitcoin for Ether through the decentralized exchange named THORSwap, powered by the THORChain protocol.
The platform presents an average annual percentage rate (APR) of nearly 44%, with certain liquidity pools offering substantially higher APRs, such as Bitcoin and RUNE pairs boasting an over 353% APR.
Prominent Bitcoin advocate Erik Voorhees highlighted that THORChain processed nearly 2%, equivalent to $224 million, of the overall spot Bitcoin trading volume between November 11 and 12.
Read Also: Aave Resumes Standard Functions After Security Vulnerability
Voorhees emphasized the significance of THORChain for principled Bitcoiners, being the sole market enabling Bitcoin trading at scale without intermediaries, aligning with the fundamental ethos of Bitcoin.
Principled Bitcoiners should be familiar with @THORChain
It is the *only market* to trade #Bitcoin at scale without an intermediary… which is the entire point of Bitcoin.
>$200m of native non-wrapped BTC was traded here in the past 24 hrs, permissionlessly.
If you’d like… https://t.co/0WW4QRCo6F
— Erik Voorhees (@ErikVoorhees) November 12, 2023
RUNE Price Surges
Following the notable trading volume for THORChain, its native token, RUNE, has experienced a 40% surge over the past seven days. Currently trading at $5, RUNE holds a market cap of $1.5 billion.

Data from the market intelligence platform Santiment reveals a 27% decrease in RUNE’s social volume in the past day. Additionally, Santiment reports a decline in RUNE’s total open interest (OI) from $78.9 million to $72.4 million within the last 24 hours.
This decline in performance coincides with Santiment’s data indicating that RUNE’s Binance funding rate for futures contracts currently stands at around 0.02%. A positive funding rate on an exchange typically suggests that short positions outweigh long positions until further price movements occur.
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Binance Lists ChainGPT (CGPT): Unlocking a New Era for AI-Powered Blockchain Solutions

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$88K Critical for Bitcoin Momentum

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Bitcoin’s price trajectory is at a pivotal juncture, with $88,000 emerging as a key level for sustaining market momentum, according to on-chain analytics firm Glassnode. Using the UTXO Realized Price Distribution (URPD) metric, Glassnode emphasized the significance of the Short-Term Holder (STH) cost basis, noting minimal trading volume below this threshold.
The $88,000 level serves as a critical psychological and technical support, and a decisive loss could pave the way for further downside. This article explores the importance of this metric and what it could mean for Bitcoin’s future price movement.
Understanding Bitcoin’s STH Cost Basis
The Short-Term Holder (STH) cost basis represents the average price at which recently acquired Bitcoin has been purchased. This metric is essential for analyzing:
- Price Momentum: Indicates the health of recent buyer confidence.
- Support Levels: Highlights crucial price points where short-term investors are likely to defend positions.
At $88,000, the STH cost basis underscores its significance as a level where short-term traders might capitulate if breached, potentially triggering a larger sell-off.
The Role of the URPD Metric
Glassnode’s UTXO Realized Price Distribution (URPD) metric maps the distribution of Bitcoin trading volumes across different price levels. Key insights from the current analysis include:
1. Minimal Volume Below $88K
- Glassnode’s data reveals limited trading activity beneath $88,000, suggesting weak historical support in this range.
2. Vulnerability to Downside Pressure
- A breakdown below $88,000 could lead to accelerated selling, as short-term holders exit positions to minimize losses.
Why $88K Is Critical for Bitcoin
1. Psychological Benchmark
- Round numbers like $88,000 hold psychological significance for traders, influencing decision-making and market sentiment.
2. Technical Relevance
- The STH cost basis aligns closely with support and resistance levels derived from historical price action, making it a reliable marker.
3. Momentum Indicator
- Holding above $88,000 would demonstrate resilience, while a breach could signal a shift in momentum toward bearish conditions.
Potential Scenarios Based on $88K Level
1. Holding Above $88K
- Sustaining this level could reaffirm Bitcoin’s bullish momentum, encouraging accumulation by both short-term and long-term holders.
- Positive macroeconomic news or institutional support could bolster price stability.
2. Breaching $88K
- A decisive loss of $88,000 might lead to panic selling, increasing volatility and pushing Bitcoin toward lower support levels.
- Traders may target $85,000 or lower as the next critical support zone.
Market Sentiment and Influences
1. Institutional Activity
- Institutional investors closely monitor key levels like $88,000, adjusting strategies based on market strength or weakness.
2. Broader Economic Factors
- Macroeconomic elements, including interest rate policies and inflation data, continue to impact risk assets like Bitcoin.
3. Short-Term Trader Behavior
- As the primary holders at this cost basis, short-term traders play a pivotal role in determining Bitcoin’s near-term price movements.
How Traders Can Respond
1. Monitor Key Levels
- Keep a close watch on Bitcoin’s behavior around $88,000, as this level is crucial for gauging momentum.
2. Set Stop Losses and Alerts
- Traders should establish clear stop-loss levels to minimize risk in case of a breakdown.
3. Consider Accumulation Opportunities
- If Bitcoin holds above $88,000, it could present a buying opportunity for those confident in a bullish continuation.
FAQs
1. Why is $88,000 significant for Bitcoin?
The $88,000 level represents the Short-Term Holder (STH) cost basis, a critical indicator of price momentum and market confidence.
2. What happens if Bitcoin drops below $88,000?
A loss of this level could trigger selling pressure, as short-term holders exit positions, potentially leading to further downside.
3. What is the URPD metric?
The UTXO Realized Price Distribution (URPD) metric tracks Bitcoin’s trading volume at different price levels, highlighting key areas of support and resistance.
4. How does $88K influence market sentiment?
Maintaining this level reinforces confidence in the market’s bullish momentum, while losing it could shift sentiment toward bearish expectations.
5. What should traders do at this level?
Traders should monitor Bitcoin’s performance around $88,000, set stop-loss levels, and consider accumulation if the level holds.
Conclusion
The $88,000 level is more than just a price point; it’s a pivotal marker for Bitcoin’s momentum and market sentiment. Glassnode’s analysis underscores its significance as the Short-Term Holder cost basis, with the potential to dictate Bitcoin’s next move.
Whether Bitcoin sustains this critical level or breaches it will determine its trajectory in the coming weeks. For traders and investors, staying vigilant and adapting strategies to this key metric will be essential in navigating Bitcoin’s dynamic market.
To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news, where we delve into the most promising ventures and their potential.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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Mantra Partners with UAE Real Estate Giant Damac to Tokenize $1B in Assets

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