Popular cryptocurrency influencer coin Bureau has named the alternative cryptocurrency he sees as the most undervalued one in the decentralized finance (DeFi) space, pointing out it’s currently tackling a problem in the space.
In a video where he spoke to his nearly 500,000 subscribers on YouTube, the pseudonymous analyst revealed he believes Ren (REN) is the “most underrated and undervalued cryptocurrencies on the market,” even though REN is in a “perfect position to be the interoperability layer of the cryptocurrency space.”
Ren is a cross-chain liquidity protocol that allows assets to be tokenized on the Ethereum blockchain. One of its most popular assets is renBTC, which a tokenized version of bitcoin circulating on ETH, backed 1:1 with BTC.
Coin Bureau pointed out the Ren protocol is expanding to other blockchains other than Ethereum, and said:
Ren is one of the few cryptocurrency projects that’s been tackling interoperability head-on. The market cap of Ren’s wrapped Bitcoin token on Ethereum (renBTC) has grown to over $1 billion over the last few months.
The cryptocurrency is also getting list on more trading platforms, adding to its liquidity. Coin Bureau revealed he believes REN will continue to grow and will soon partner with the Serum decentralized exchange and the decentralized finance platform OpenDAO.
Other assets other than BTC are tokenized using Ren, including Dogecoin (DOGE), whose popularity surged earlier this year thanks to various tweets from celebrities such as Elon Musk.
Coin Bureau added:
Ren will also be supporting the Avalanche blockchain. Ren also announced that they had partnered with MyEtherWallet to make it possible to mint renBTC using BTC in the MyEtherWallet mobile app.
There, he added, risks involved with investing in REN. One is the cryptocurrency’s centralization, which could see large investors dump tokens on the market and force its price to drop. The analyst noted he has 2% of his crypto portfolio invested in the token.
According to CryptoCompare data, REN is currently trading above $1, up from over $0.50 at the beginning of the year. Last year, the cryptocurrency was trading at $0.03.
Featured image via Pixabay.