Home Altcoin Cross-chain bridge equipped altcoins rally higher despite China’s crypto ban

Cross-chain bridge equipped altcoins rally higher despite China’s crypto ban

7 min read
Comments Off on Cross-chain bridge equipped altcoins rally higher despite China’s crypto ban
14

The bullish momentum that had been rising throughout the cryptocurrency ecosystem over the previous few days got here to a screeching halt on Sept. 24 as information that China had banned cryptocurrency transactions made the rounds on social media and initiated an abrupt fall within the worth of Bitcoin (BTC) from $45,000 to $42,000. 

After the preliminary knee-jerk response and a short time period for the market to digest the information, merchants jumped again in to purchase the dips on a number of altcoins, which helped a number of the losses seen earlier within the day.

Prime 7 cash with the best 24-hour worth change. Supply: Cointelegraph Markets Pro

Knowledge from Cointelegraph Markets Pro and TradingView exhibits that three of the most important gainers over the previous 24-hours had been Ren (REN), Celer Community (CELR) and Civic (CVC).

Ren brings DAI and BTC to Arbitrum

Ren is a blockchain protocol that focuses on facilitating interoperability and liquidity switch between completely different blockchain networks by a collection of darknodes that assist to guard person privateness.

In line with knowledge from Cointelegraph Markets Professional, market circumstances for REN have been favorable for a while.

The VORTECS™ Rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market circumstances derived from a mix of information factors together with market sentiment, buying and selling quantity, latest worth actions and Twitter exercise.

VORTECS™ Rating (inexperienced) vs. REN worth. Supply: Cointelegraph Markets Pro

As seen within the chart above, the VORTECS™ Rating for REN was within the inexperienced zone for almost all of the previous week and hit a excessive of 81 on Sept. 21, round two hours earlier than the value elevated 58% over the following three days.

The constructive momentum for REN has come because the protocol has launched wrapped types of Bitcoin and DAI on the Ethereum (ETH) layer-two resolution Arbitrum.

Celer Community releases cBridge 2.0

The Celer Community is one other Ethereum layer-two scaling resolution that has been gaining momentum in latest weeks due to its capability to decrease transaction prices by the usage of off-chain transaction dealing with, which helps to extend the scalability and the transaction throughput of its community.

VORTECS™ knowledge from Cointelegraph Markets Professional started to detect a bullish outlook for CELR on Sept. 20, previous to the latest worth rise.

VORTECS™ Rating (inexperienced) vs. CELR worth. Supply: Cointelegraph Markets Pro

As seen within the chart above, the VORTECS™ Rating for CELR climbed into the inexperienced on Sept. 18 and reached a excessive of 74 on Sept. 20, round 26 hours earlier than its worth started to extend by 99% over the following three days.

The rise in worth and demand for CELR has come following the launch of its cBridge 2.0 cross-chain token bridge that facilitates the switch of belongings between a number of blockchain protocols, together with Ethereum, Binance Sensible Chain and Arbitrum.

Associated: Diminishing returns: Is Bitcoin underperforming compared to altcoins?

Civic companions with Solrise Finance

Civic is a protocol centered on offering a blockchain-based identification administration resolution able to satisfying Know Your Buyer (KYC) and Anti-Cash Laundering (AML) necessities from regulators whereas additionally defending the info and privateness of customers on the community.

VORTECS™ knowledge from Cointelegraph Markets Professional started to detect a bullish outlook for CVC on Sept. 21, previous to the latest worth rise.

VORTECS™ Rating (inexperienced) vs. CVC worth. Supply: Cointelegraph Markets Pro

As seen within the chart above, the VORTECS™ Rating for CVC started to choose up on Sept. 21 and reached a excessive of 74 round eight hours earlier than its worth elevated by 45% over the following two days.

The increase in momentum for Civic comes following the Sept. 23 announcement that the protocol has partnered with Solrise Finance to assist launch the primary permissioned decentralized alternate (DEX) on Solana.

The general cryptocurrency market cap now stands at $1.879 trillion and Bitcoin’s dominance price is 42.1%.

The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes danger, you need to conduct your personal analysis when making a choice.