While the cryptocurrency market was undergoing a massive crash, Rain (RAIN) was making big moves. According to CoinGecko data, RAIN has rallied 14.9% in the last 24 hours, 4.5% in the previous week, 4.1% in the 14-day time frame, and 117.8% in the monthly charts. RAIN has far outpaced most other crypto assets. While the asset’s price has risen by more than 100% in the last 30 days, Bitcoin (BTC) has fallen by 0.5% in the same time frame. Let’s discuss why RAIN is up while other assets are struggling to generate steam.
Why is Rain Rallying While The Cryptocurrency Market is Facing a Crash?
RAIN’s incredible rally over the last month could be due to several developments on the protocol. According to an official X post, the project has kicked off its beta. According to the project’s website, RAIN currently has about $10 million in volume and $1.53 million TVL (total value locked). The cryptocurrency’s big rally may have found further support from Enlivex Therapeutics, a Nasdaq-listed firm, which announced a $212 million digital asset treasury for RAIN.
While the rally is commendable, RAIN may face a correction over the coming weeks. The larger cryptocurrency market is still fragile and far from recovered. Bitcoin (BTC) has fallen below the $87,000 price level, and other assets are following its trajectory. The crypto market is plagued with speculation, and that may have driven RAIN’s price further north.
Also Read: Monero Price Crashes 8% After Weeks Of Rallying: Here’s Why
Moreover, macroeconomic uncertainties continue to worry investors. Market participants are currently moving away from risky assets, such as cryptocurrencies. Gold and silver seem to be the assets of choice, given the condition of the larger economy. Therefore, there is a big probability that RAIN will face a steep price correction over the coming weeks.