The price of cryptocurrencies is highly volatile most of the time. It is proven to be a risky investment asset for some, while it has been one of the most lucrative opportunities on the planet for others. There are times when certain price actions are too good to be true, and investors have made millions from a very minimal investment amount.

renBTC Overview

Cryptocurrency renBTC
Ticker Symbol RENBTC
Price $29,167.97
Price Change 24H +2.29%
Price Change 7D -3.61%
Market Cap $191,778,166
Circulating Supply $6,574.48 RENBTC
Trading Volume $5,117,715
All-Time High $99,439.37
All-Time Low $9,012.08
renBTC ROI +218.61%

renBTC is one of these cryptos with a good chart trajectory. The market rank of renBTC is #143, with the last 24-hour trading volume of around $7,858,671. Its market capitalization is near $189,792,830, and the circulating supply is around 6,574.49 RENBTC.

Overview of renBTC

The renBTC cryptocurrency seeks to lead BTC to the Decentralized Finance (DeFi) world of Ethereum to increase its growth. The purpose of the renBTC token is unique, as it aims to build a coin whose price is anchored to the price of Bitcoin. This means that 1 RENBTC is equal to 1 BTC, although the former is actually an ERC-20 token running on ETH. Just like the project WBTC, the end goal is the same, which is to bring BTC to the realm of ETH.

The development team behind the renBTC coin is doing a lot. The renBTC is part of the RenVM project. To know more about what RENBTC is, we need to understand what RenVM is and the use of the token. In simple words, renVM is a virtual machine developed to be the center of the Ren Protocol. It acts as a bridge that connects different blockchains to enable interoperability between them. It does all this by using its smart contracts, which RenVM handles and allows interoperability operations.

Thus, RenVM can create a huge network that allows fast executions of virtual machines capable of joining different blockchains, all under the same platform. This can be a useful feature for DeFi or DEX. It can enable direct operations using crypto, even if they are not ERC-20 tokens, without the need for intermediaries.

Market Sentiments for renBTC

The renBTC has seen quite an impressive growth from the launch. The price history speaks for itself, and the upward growth continued for a long time. And there is a lot to support since the working of renBTC is simple, yet nobody implemented it in such a good way before. The most common method is lock and mint transactions, which take place between Bitcoin and Ethereum blockchains in a cross-chain condition.

They first create a smart contract in ETH and Bitcoin to carry out a balance blocking operation in BTC and mints renBTC on Ethereum. All of this happens in a decentralized architecture, without the need for any third parties. All of this becomes possible by taking advantage of RenVM.

When a user transacts, the user sends the BTC to RenVM. RenVM then begins processing it, minting the renBTC tokens by granting the user a minting signature that allows the user to obtain the same amount of BTC on the ETH Network by using those tokens. In this way, the user has essentially gained the ability to convert their BTC tokens into ERC-20 tokens with the same value, allowing Bitcoin users to participate in the Ethereum DeFi network without complex operations.

Fundamental Analysis of renBTC

RenVM technology enables the conversion of a user’s tokens into a token of their desired network without any friction. The flexibility provided by the Ren Protocol can easily transform your tokens into any supported tokens.

On top of it, it is also a secure way of doing transactions. It competes directly with DAI when entering the DeFi world very privately. The reason is that renBTC (like DAI) can be created without a KYC. Also, the Ren Protocol and the RenVM use advanced cryptography algorithms, including the Multi-Party Signature System (MPC) and Shamir Secret Sharing Algorithm.

RenBTC also has the added advantage of transaction speeds. The internal consensus protocol of RenVM is Hyperdrive, designed for efficiency and performance. At the moment, few projects can provide the interoperability that Ren Protocol offers. This has allowed renBTC to gain attention in the DeFi world and make it known.

Since the renBTC is an ERC-20 token, it is limited in a similar manner like Ethereum. But this is just one little limitation that can be looked over. In the future, the development team might reach a consensus with the community to remove this limitation using some advanced algorithms. It also offers other use cases, like lending and cross-chain operations.

The renBTC can create a Decentralized Exchange or DEX, which could conduct cross-chain operations with other currencies supported by the Ren Protocol. At the moment, this token offers secure and private operations without counterparty risks. Also, the renBTC cryptocurrency helps make BTC more flexible and enables it to participate easily in the DeFi world. The users can simply send their BTC, transform it into renBTC and participate in the DeFi world without the cumbersome process of going through KYC or creating Demat accounts.

It also has another use case for managing a lending platform. Here, the token can allow flexibility to create pools that offer liquidity in different tokens beyond just Bitcoin. Creating a liquidity pool and withdrawing a loan using DAI, ZEC, BTC, or ETH is possible.

Technical Analysis of renBTC

Cryptocurrencies are subject to high volatility and any decision regarding the investment should not be taken on the basis of mere guts. You must follow the best crypto prediction site and even do your own research and technical analysis.

Since its inception, the price of renBTC has continued to shoot up without much resistance. The current price of $28,868.07 is quite stable. The historical data shows that the up-trending growth lasted long before hitting a consolidation base.