Trackers on January 18 showed that Rocket Pool’s native coin, (COIN: RPLUST), is up 55% and is among the top 100 coins by market cap.
Rocket Pool Recovers After Binance Listing
The increase coincides with the listing of RPL on Binance, the world’s largest cryptocurrency exchange by trading volume. The token is paired with USDT, the stablecoin issued by Tether Holdings, which is also the most liquid in crypto circles, and BUSD.
However, the increase recorded earlier in the day has been reversed. The data showed that the market value of the project is $675.1 million and RPL increased by 9% against USDT. At the same time, it is outperforming bitcoin (BTC) and ethereum (ETH), adding about 10% over the most liquid cryptocurrency.
Listing on Binance opens up the token to more liquidity, allowing traders and investors who may not be familiar with the intricacies of DeFi trading to purchase the token. Before it was made available on Binance, RPL was available for trading on most decentralized exchanges, including Uniswap, Bancor, and Balancer. However, RPL has been listed on exchanges across the US including Huobi, Coinbase, Kraken, and MEXC Global.
By jumping into spot levels and clearing spot areas, printing new monthly highs, it can be interpreted that the community has received the list positively, with more developments expected in the coming months. This may be especially the case given the state of the market and the role of Rocket Pool in Ethereum.
After the 2022 crash, RPL, like most cryptocurrencies and DeFi tokens, has fallen from record lows. As an illustration, the RPL fell by 76% from its April highs, and rose in mid-June before bouncing back to spot levels. Despite crashing in early November due to FTX concerns and the market-wide collapse of Alameda, RPL returned to territory in April.
Improve macroeconomic factors and upgrade Shanghai
The sharp reversal and change in RPL’s fortunes can be attributed to several underlying factors. At the top of the list, perhaps the explanation for the rally in financial markets is changing macroeconomic factors.
Statistics show that inflation is retreating from its highest levels in several years, which affects the decisions of central banks in implementing their monetary policies. Confidence among investors and traders has spilled over into the cryptocurrency, helping to pump bitcoin and altcoins, including RPL.
Rocket Pool has more tailwinds due to the upcoming Shanghai update on Ethereum and what the protocol inherently solves. Rocket Pool allows ETH holders to participate, reducing capital and hardware requirements, which can be prohibitive.
ETH holders can participate with as little as 0.01 ETH to the node operator and earn annual rewards. In Rocket Pool, the node operator must own 16 ETH. Since Ethereum allows users who have locked their coins in the Beacon Chain to withdraw, some can delegate the coins via the Rocket Pool. This prediction is supported by RPL and other staking providers, including Lido DAO.
Lido DAO’s native token, LDO, has surged in recent weeks, sending the broader market higher.
With info from NewsBTC / By Dalmas Ngetich
Disclaimer: ADVFN does not make recommendations on assets. The article is of a journalistic nature. The opinions expressed in this article are solely those of the author. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investments.