Rain (RAIN), a cryptocurrency, was making huge moves while the market crashed. RAIN, according to CoinGecko, has rallied by 14.9% over the past 24 hours. It also gained 4.5% during the week prior, 4,1% for the 14-day period, and 117.28% on the monthly chart. RAIN outperformed most other cryptoassets. Bitcoin (BTC), meanwhile, fell by 0.5% over the same 30 day period. We’ll discuss why RAIN has been gaining momentum while other assets have struggled to gain traction.
Why Is Rain Rising While Cryptocurrency Markets are Crashing?
RAIN’s phenomenal rally of the last few months could be attributed to several new developments in the protocol. A post by X states that the beta phase of the project is underway. According to the project’s website, RAIN currently has about $10 million in volume There is also $1.53 Million TVL (total locked value). Enlivex Therapeutics a Nasdaq listed firm may have contributed to the cryptocurrency’s huge rally by announcing a $212million digital asset treasury.
RAIN could face a RAIN correction within the next weeks, despite the positive rally. The cryptocurrency market as a whole is fragile, and has not recovered. Bitcoin’s (BTC) price has dropped below $87,000, and the trend is being followed by other assets. RAIN’s price may have risen because the crypto-market is awash with speculation.
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Investors are also concerned by macroeconomic uncertainty. Participants are moving away from high-risk assets such as cryptocurrency. Amid the current economic conditions, gold and silver appear to be popular assets. RAIN’s price is expected to drop sharply in the weeks ahead.
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Source: watcher.guru
