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Because of this, RUNE is up 22% in the last 24 hours

 


RUNE is the best performer among the top 50 cryptocurrencies by market cap in the last 24 hours.


The cryptocurrency market has performed well over the past 24 hours. The total cryptocurrency market cap surged above the $42 trillion mark earlier today, with Bitcoin hitting the $45,000 mark.


However, the market has retreated slightly and Bitcoin is now trading at around $44,000 per coin. Ether has held its price above USD 3,100.


RUNE, the native token of the THORChain ecosystem, is up more than 22% in the last 24 hours, making it the best performer among the top 50 cryptocurrencies by market cap.


At the time of writing, RUNE is trading at $9.8 per coin. The main catalyst behind RUNE's continued rally is the protocol update by the development team.


The team announced a few hours ago that the active protocol version has been updated from 1.82.0 to 1.83.0. It added that all 101 active nodes on its blockchain are now running on 1.83.0.

The RUNE/USD 4 hour chart is the most optimistic among the top 50 cryptocurrencies by market cap. The technical indicators show that RUNE is currently performing excellently.


The MACD line has been above the neutral zone since the start of the week, indicating strong bullish momentum. The 14-day relative strength index of 80 shows that RUNE is currently in overbought territory.


If the rally continues, RUNE could trade above USD 10 for the first time this year. In case of a longer move higher, RUNE could trade above the second major resistance level at $11.2.


However, the resistance level at $12 should limit further upside in the short-term.

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