THORChain: Trading volume exceeds ATH while RUNE surges 45%

• Trading volume on THORChain reached an all-time high in October.
• The value of RUNE increased by almost 50% in the same month.

The monthly trading volume on the cross-chain liquidity network THORChain [RUNE] reached a record $3 billion in October for the first time since its launch.

Congratulations @THORChain

October officially reached the first chain trading volume of $3 billion and entered the top 5 DEX list

Streaming swaps were the necessary catalyst for adoption

Here are a few observations 🔽 pic.twitter.com/WGCOLNVLgD

— TCB (@THORmaximalist) October 30, 2023

The increase in volume was due to the integration of the protocols Streaming Swaps Feature on multiple platforms later this month.

Launched in September, Streaming Swaps allows THORChain users to split a single swap into multiple sub-swaps that execute over time.

It is primarily designed to reduce price decay, which is the difference between the expected price of a trade and the actual price at which it is executed.

October was a good month

In addition to a record high in monthly trading volume, THORChain saw a significant increase in its DeFi Total Value Locked (TVL) in October.

Data from DefILlama showed that the protocol’s TVL increased by 51% during the 31-day period. THORChain’s TVL was still in an upward trend at the time of this writing and stood at $491 million, its highest level since May 2022.

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Additionally, the network’s decentralized exchange (DEX) ThorSwap saw a steady increase in liquidity in the liquidity pools within it in October.

As of October 31, the exchange’s total liquidity reached $187 million, up 40% since the beginning of the month.

Source: Thorswap

THORChain’s native token RUNE was also impacted by overall market growth in October. According to data from CoinMarketCap, the token increased in value by over 45%.

With a market value of $2.90 at press time, RUNE was trading at a price last observed in May 2022. With a growth of 29% in the last week, RUNE was the crypto asset with the most gains in the last week.

RUNE’s rise to an 18-month high was driven by increased demand for altcoins last month. The price movements observed on a daily chart confirmed steady token accumulation among spot traders.

At press time, key momentum indicators were at overbought highs. RUNE’s Relative Strength Index (RSI) was at 81.03, while the Money Flow Index (MFI) was at 89.39. While these values ​​indicate high bullish momentum, they are often followed by a price decline.

Separately, the Directional Movement Index (DMI) showed that bulls remained in control, with the positive directional index (green) above the negative directional index (red).

Realistic or not, here is THOR’s market cap in BTC terms

Confirming the strength of the uptrend, RUNE’s Average Directional Index (ADX) stood at 40.45 at press time.

When an asset’s ADX reaches 40, it suggests that the market is undergoing a significant and well-established trend and a reversal at this level could be challenging.

Source: RUNE/USDT, TradingView

This article originally appeared here.

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