Trackers on January 18 To display that Rocket Pool’s native token, RPL, is up 55% and is among the top performers among the top 100 coins by market cap.
Rocket Pool mobilizes after Binance listing
The push coincides with RPL’s listing on Binance, the largest cryptocurrency exchange in the world by trading volume. The token is paired with USDT, the stablecoin issued by Tether Holdings, which is also the most liquid in the crypto circles, and BUSD.
However, the surge recorded earlier in the day has since reversed. The data showed that the market cap of the project is $675.1 million and the RPL is up 9% against USDT. At the same time, it outperforms bitcoin (BTC) and ethereum (ETH), adding around 10% compared to the most liquid cryptocurrencies.
Listing on Binance opens up the token to more liquidity, allowing traders and investors who might not be familiar with the intricacies of DeFi trading to purchase the token. Prior to being used on Binance, RPL was available for trading on most decentralized exchanges, including Uniswap, Bancor and Balancer. However, RPL had been listed on stock exchanges in the United States, including Huobi, Coinbase, Kraken, and MEXC Global.
Hard work of the @Rocket_Pool the team pays with a @binance register today. A project on which we have remained optimistic for many years with $RPL up to 100x from first coverage. The next market cycle is now about decentralizing all layers of the $ETH stack. 🚀🌐🖥️
— Alex Saunders 🇦🇺👨🔬 (@AlexSaundersAU) January 18, 2023
By hitting spot levels and eliminating immediate liquidation zones, printing new monthly highs, one can interpret that the community has received the listing positively, expecting more developments in the coming months. This may be especially the case given the state of the market and Rocket Pool’s role in Ethereum.
After the 2022 crises, RPL, like most crypto and DeFi tokens, fell from record highs. As an illustration, the RPL fell 76% from April highs, bottoming out in mid-June before rallying back to spot levels. Despite the hiccups in early November, triggered by market-wide fears of the collapse of FTX and Alameda, RPL is back in April territory.
Improving macroeconomic factors and upgrading Shanghai
The abrupt reversal and change in fortunes of RPL can be attributed to various fundamental factors. At the top of the list, changing macroeconomic factors may explain the rise in financial markets.
The statistics indicate that inflation is down from multi-year highs, influencing the decisions of central banks on the implementation of their monetary policies. Investor and trader confidence spilled over into crypto, helping to pump up BTC and altcoins, including RPL.
Rocket Pool has more tailwinds due to the upcoming Shanghai upgrade in Ethereum and what the protocol inherently resolves. Rocket Pool allows ETH holders to participate, reducing capital and hardware requirements, which can otherwise be prohibitively expensive.
ETH holders can stake as little as 0.01 ETH on a node operator and earn annual rewards. In Rocket Pool, a node operator must hold 16 ETH. Once Ethereum allows users who have locked their coins in the Beacon chain to withdraw, some can delegate coins through Rocket Pool. This expectation supports RPL and other staking service providers, including Lido DAO.
Like NewsBTC reportedLido DAO’s native token, LDO, has risen in recent weeks, spearheading the broader market recovery.
Featured image from Flickr, Charts from TradingView.com