{"id":56782,"date":"2023-08-16T09:41:19","date_gmt":"2023-08-16T13:41:19","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=56782"},"modified":"2023-08-17T03:05:54","modified_gmt":"2023-08-17T07:05:54","slug":"thorchain-rune-bucks-crypto-slump-jumps-58-in-a-week","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/thorchain-rune-bucks-crypto-slump-jumps-58-in-a-week\/","title":{"rendered":"ThorChain (RUNE) Bucks Crypto Slump, Jumps 58% in One Week"},"content":{"rendered":"\n

ThorChain (RUNE) <\/a>has outperformed the crypto market this week, recording a 58% increase in its price and a 5,160% surge in volume. The protocol allows users to swap native assets between eight different blockchains without intermediaries or wrapped tokens.<\/p>\n\n\n\n

\"ThorChain<\/figure>\n\n\n\n

ThorChain\u2019s impressive performance comes amid a general downtrend in the crypto market, which has seen a $29 billion<\/strong> drop in its total capitalization.<\/p>\n\n\n\n

Crypto Market Loses Steam<\/h3>\n\n\n\n

According to data from CoinMarketCap, the total crypto market cap has seen a drawdown of $29 billion (-2.4%) this past week, falling from $1.22 trillion<\/strong> on August 9 to $1.19 trillion<\/strong> on August 16. <\/p>\n\n\n\n

Many tokens have seen significant sell-offs, including GMX,<\/a> Optimism,<\/a> and Immutable,<\/a> down 15.9%, 12.9%, and 12.2%, <\/strong>respectively, over the past week.<\/p>\n\n\n\n

Market leader Bitcoin (BTC)\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> held relatively steady, posting 2.2% losses over the same period.<\/p>\n\n\n\n
\"\"

The chart shows that RUNE has been in an upward trend for a week, with consistent gains. Source:<\/em> CoinMarketCap<\/em><\/use><\/svg><\/span><\/a><\/figcaption><\/figure>\n\n\n\n

In recent months, the crypto market has been facing increased pressure from regulatory uncertainty, environmental concerns, and cyberattacks. <\/p>\n\n\n\n

Some major events that have impacted the market sentiment include:-<\/p>\n\n\n\n