RChain Soars 95% As Testnet Hype Ramps Up

Rise

RChain (RHOC) climbed 95% in value against the U.S dollar between September 13th and 14th, as the team celebrate the successful launch of their testnet.

Bitcoin dominance fell by almost 2.5% in the past two days as altcoins start to recover ground lost in early September. The RHOC token itself lost 61% since September 1st as it fell to a new 2018 low, and now its rebound has hit just as strong.

RHOC Price Up 91%

From a token price of $0.164900 recorded at 04:00 UTC on September 13th, RHOC began to surge as volumes jumped seven-fold since the day before. The token spiked and dipped over the next day and a half en route to a valuation of $0.322516.

Despite almost doubling in value over the past 36 hours RHOC is still worth around a third less than it was at the start of the month when it peaked at the $0.430000 range. RHOC is one of the least actively traded tokens in the market cap top one-hundred, and even after daily volumes rose from $130,000 to $850,000 in the previous two days, Rchain still finds itself flying high on a relatively low volume of trades.

Indeed, less than $750,000 worth of RHOC has changed hands on Kucoin and Bitinka, yet that sum accounts for close to 95% of the daily total. The RHOC/BTC pair makes up 46% of the total, while RHOC/ETH and RHOC/USD each take around 24%. RChain finds itself with a USD pair despite only being available for trade on eight exchanges. Today the Asian market (Kucoin) and the Latin American (Bitinka) have hosted the lion’s share of RHOC movements.

RChain Testnet Live

The RChain testnet went live on September 5th just as this month’s market dip struck. Since the broader market recovery returned Ethereum and the altcoins to a semblance of normality, RChain has been the best performer in the market cap top one-hundred.

The RChain Cooperative, which oversees the RChain venture, has ramped up media activity in the past week, with a four-day conference recently being held in Berlin. The conference gave the RChain team a chance to show off some of the projects currently under development on its platform, and helped introduce coders and developers to Rholang – the coding language used in RChain smart contracts.

This month’s testnet launch is a precursor to the upcoming mainnet launch in Q1 of 2019. The switch to the mainnet will also involve a token swap which sees RHOC tokens become REV coins at a ratio of 1:1.

Featured image courtesy of Shutterstock. 

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.