Since the beginning of 2021, the decentralized finance (DeFi) and non-fungible token (NFT) industry has been making enormous progress in the cryptocurrency industry. Both instruments managed to gain enormous adoption in 2020 despite being launched back in 2017.
Although several products have been introduced in the cryptocurrency industry, these two products have managed to become the center of attention for individual investors and companies.
As bitcoins, decentralized finance, and non-fungible tokens have gained much user attention, it means that these products are the most demanded and crucial in the development of the crypto-industry.
Investors are constantly adding their money and investments into these assets with the aim to make huge profits. This is the reason the majority of the sentiments of the investors in these products are positive and bullish.
In the light of the above, it is expected that the entire DeFi and NFT industry is going to experience a bullish run throughout the year 2021. Analysts are predicting that this is just the beginning of the development and mass adoption of these products.
These products are only going to gain enormous adoption and growth with respect to adoption, trades, valuation, and demand.
Among the decentralized finance and non-fungible token markets, one asset that has earned the spotlight is Reserve Rights (RSR). The firm has quietly managed to amass a lot of gains with respect to price and valuation in the running year.
Reserve Rights is a platform that is known for providing support to dual-token stablecoins. The Reserve Rights platform is known for providing a basket of cryptocurrencies that are managed by smart-contracts.
There are several on-chain data analyzing firms that have shared stats around the price growth of Reserve Rights (RSR). Some of the major crypto-data analyzing firms include TradingView and Cointelegraph Markets.
The firms have revealed that back on January 1, 2021, the price of Reserve Rights (RSR) token was $0.0196. As of March 8, 2021, the price of Reserve Rights (RSR) is now at $0.829, meaning that it has successfully gained a rally of 320% since the first of January, 2021.
It has been revealed that the growth to the project has come at the perfect timings. It has been revealed that the project was on the verge of expanding its services and introducing more products to its users.
The analysts are speculating that there may be three major factors that must have resulted in surging the price of Reserve Rights (RSR) tokens.
The first reason is the investors’ and stakeholders’ optimism for several developments and the launch of mainnet of Reserve. The second factor is the deterioration of the financial conditions globally that is now resulting in hyperinflation in many countries. This is the exact sector that is currently being targeted by Reserve.
The third major factor is the adoption of stablecoins as a viable payment method where the Reserve Rights (RSR) token is one of the assets.