The crypto bull run keeps gaining momentum. Soon after bitcoin reached its new spectacular all-time high of almost $42,000, Ethereum followed its steps and surpassed the $1,650 price level. It looks like the spring of 2021 will be altcoin season, and many investors are starting to look for undervalued coins and tokens with the most potential for growth. When it comes to alternative cryptocurrencies, REN price predictions for 2021 look especially bullish, and many experts believe REN might be one of the biggest winners of the current bull run.
What Is REN?
Even though REN is already listed as one of the top 100 cryptocurrencies by market capitalization, the innovative digital asset still hasn’t gained wide renown in the crypto community and remains largely undervalued. Before we move to analyze REN price predictions for 2021, let’s focus on the strong technologic fundamentals that make this cryptocurrency so attractive to investors.
REN’s history begins in 2017, and originally the project was called Republic Protocol. In 2018, a successful ICO allowed the team to acquire $38,000,000 for the project’s development. REN in its current form was launched in 2019, and it quickly rose to the position of one of the most technologically groundbreaking DeFi solutions.
REN (also called RenVM) is an open protocol designed to allow access to inter-blockchain liquidity for all dApps (decentralized applications). In simple terms, RenVM allows developers of DeFi solutions utilizing the Ethereum network to seamlessly integrate the support for cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH) and Zcash (ZEC) into their projects.
What Problem Does REN Solve?
The main issue faced by the DeFi ecosystem today is the fact that most of the Decentralized Finance solutions are very limited to the Ethereum network. Since most DeFi projects are ERC-20 (Ethereum tokens), investing in them, or purchasing them on DEXs (decentralized exchanges) requires using an Ethereum wallet, but exchanging ETH tokens for BTC is usually not supported by these applications.
An investor who would like to exchange his DeFi tokens into bitcoins normally would have to go through a complicated process involving centralized exchanges. REN solves this problem completely and allows Ethereum-powered DeFi projects to provide their users with the full support of cryptocurrencies like Bitcoin.
REN is currently the only solution that enables real, practical, and scalable interoperability. Instead of being a simple digital asset or a dApp, RenVM is a fully functional decentralized network that enables all blockchain developers to effortlessly include cross-chain functionality in their DeFi applications.
“REN to Ten” in 2021?
When it comes to REN price predictions, everyone in the crypto community is convinced that the RenVM can only appreciate in value. Because of REN’s solid technologic fundamentals, it’s impossible to find anyone who would be bearish about the project, so virtually every REN price prediction for 2021 published recently has been bullish.
The only disagreements concern the precise value that REN will have at the end of the year. While the forecasts vary, the catchphrase “REN to Ten” has become quite popular. One of the people thinking that the REN price is likely to reach $10 in 2021 is the popular Twitter analyst @bitcoinprophet1:
My price predictions for EOY 2021:$XRP $.001$BTC $215,000$ETH $18,500$DOT $125$RSR $4$DAG $3$HNT $17$NOIA $ $10$LINK $1000$OCEAN $35$FRM $4.50$QNT $550$HTR $15$REN $10$ORAI $300$OCTO $300$KYL $2.50$UNN $1.25$BOND $1$SPDR $1
— BitcoinBa🅡🅡y💎⋰·⋰ ⓟ (@bitcoinprophet1) January 10, 2021
Finance analyst Scott Lining also believes that “REN to Ten” is more than just a catchy hashtag, and the $10 price level might be reached sooner than people think. However, Lining mentions that REN might not reach that level before the end of 2021, and instead surpass $10 at the beginning of 2022:
$RentoTen in 1-2 yrs!
— Scott Lining (@LiningScott) January 5, 2021
Another expert to share the $10 REN price prediction is the popular YouTuber EllioTradesCrypto, who considers the Ren protocol to be one of the most undervalued and promising tokens in the DeFi ecosystem. According to him, the high demand for technological cross-chain services REN provides is very likely to make the price skyrocket in the near future.
The Bare Minimum REN Price Prediction for 2021 Is $1
While the most bullish analysts see the $10 as a realistic maximum, other crypto observers try to predict the minimum amount by which the REN price can rise in 2021. Most people, like the popular crypto YouTuber CryptoBigBoss, tend to agree that $1 is the absolute minimum for the Ren protocol and that it would be highly unlikely for REN not to reach that level before the end of the year.
When it comes to establishing the minimum REN price at the end of the year, websites like WalletInvestor and DigitalCoinPrice come in handy. These services use technical analysis algorithms to provide automated REN price predictions for 2021. According to both of the websites, the REN price at the end of the year will be $1.11-$1.33 at minimum.
What’s the Most Realistic REN Price Forecast for 2021?
Depending on the methods used, analysts come up with different price forecasts, which usually fall within the $1-$10 range. For example, the crypto YouTuber Top Dollar used comparative technical analysis of REN and BTC to deduce $3 as a realistic REN price prediction for 2021.
Many similar predictions can be found that consider “REN to Ten” a bit too optimistic in the short term, and instead, see the Ren price reaching somewhere between $3 and $5 by the end of 2021.
Everyone agrees that REN is a project with extremely solid fundamentals, but just like other altcoins, it doesn’t exist in a vacuum. The altcoin market is highly correlated to Bitcoin, and whatever happens to BTC will also influence the REN price.
If the Bitcoin bull run continues, “REN to Ten” might actually happen before the end of the year. But if there’s a major correction of the BTC market, REN won’t have a chance at reaching $10, but it will still almost certainly be worth over $1 at the end of the year.
If we sum all the REN price predictions for $2021 and average them, $5 seems like the most logical outcome of the $1-$10 price range that all the experts seem to agree on.
The One Thing Everyone Agrees With: REN Price Will Keep Rising
The crypto market is so volatile that it’s pretty much impossible to make exact price forecasts, especially in a long-term perspective like one year. It’s often hard to find two experts who would have the same outlook on a future price of a coin or token.
What’s so special about the Ren protocol is the fact that everyone in the crypto community seems to agree that REN will definitely keep growing. The reason for that is simple: there’s almost no other project in the DeFi ecosystem that would have such strong technologic fundamentals, and that would solve an important real-life use case like the cross-chain interoperability of different crypto assets.
One thing that needs added is the fact that currently the REN price is performing superbly, and 1 REN is currently worth $0.93. There’s a good chance that by the time you are reading this article REN has already surpassed $1. And if the minimum REN price prediction for the end of 2021 is reached as soon as in February, “REN to Ten” will definitely look like a realistic goal for the end of the year.
Synthetix Price Sheds 22%, Will SNX/USD Sink to $8?
Balancer (BAL) Price Predictions for 2021
Cardano Price Adds 19%, ADA/USDT Bulls Target $1.3
AAVE Price adds 8%, will AAVE/USD Hold Above $300?
Ethereum Price Free-Falling losing 19%, will ETH/USD Sink to $1k?
ZRX Price Prediction for 2021
REN Price Prediction for 2021
Uniswap (UNI) Price Prediction for 2021
1inch Explained: Is It a Good Investment?
Best Cryptocurrency Trading Indicators
Tellor (TRB) Price Prediction for 2021
Synthetix (SNX) Price Prediction for 2021
Learn4 months ago
Is Polkadot (DOT) A Good Investment?
News4 months ago
How Will Bitcoin React if Either Trump or Biden Wins?
Price Analysis3 months ago
Bitcoin Price Prediction: China FUD, Path back to $13k or $20k?
Price Analysis3 months ago
Synthetix (SNX) Price Analysis: Bulls Aiming at $6 after Closing above Last Week’s high
Learn3 months ago
Yearn Finance Explained: A Simplified Guide to YFI
Price Analysis3 months ago
How The “Easiest Bitcoin Short of Our Lives” Turned Sour