Ren has shifted the limelight towards itself as it gave out a good performance during the daily timeframe. The cryptocurrency had been under the grips of bears after the market saw prolonged bullish momentum; however, the bears appear to be subsiding. At the time of writing, the cryptocurrency stands at a price level of $0.89. The cryptocurrency has increased by 15% during the past twenty-four hours while the daily trading volume has surged upwards by more than 200%. Ren stands at a market rank of #120 with a growing capitalization due to the favorable price movements. 

Is it an attractive investment? 

Ren is essentially aimed at increasing the interoperability between blockchains as interoperability persists to be one of the major issues plaguing the market. Blockchain-based software enables the transfer of digital assets across different platforms. A user with Bitcoins can trade Ethereum and also access the DeFi of Ethereum-based projects by locking BTC into Ren. The software utilizes bridges for this purpose. One of the reasons that makes the project so attractive is that it is not competing with any of the big blockchains in the market, instead, it is complimenting them – by enabling them to unlock their full potential. 

Moreover, Ren is also sometimes confused to be just a bridge but it is essentially and Ethereum Virtual Machine-compatible Layer-1 which allows decentralized applications – like its bridge – to be built on top of it. The network’s numbers are attractive which has been a reason for much of the hype surrounding the project. RenBridge has transacted over $84 million up till now with zero hacks and fund loses. The network has more than 1700 active nodes and offers an attractive 8-10% return on investment on running a node.

Ren – Future outlook 

Ren has a very interesting proposition – with its aim of tackling one of the most dreaded problems of the blockchain industry. The proposition coupled with the fact that the project is designed to complement and work in tandem with other blockchains is the icing on the cake.  The strong fundamentals coupled with the equally interesting technicals make the project an interesting one. According to the estimates of Digital Price Coin, Ren is expected to end the year with a price level of $1.33 while the five-year projection places the token at $3.08. Wallet Investor also has favorable predictions for the token and suggests a price of $1.26 in a year’s time and $3.25 in five years’ time.