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

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 quick time period for the market to digest the information, merchants jumped again in to purchase the dips on a number of altcoins, which helped among the losses seen earlier within the day.

Top 7 cash with the very best 24-hour worth change. Source: Cointelegraph Markets Pro

Data from Cointelegraph Markets Pro and TradingView exhibits that three of the largest gainers over the previous 24-hours have been Ren (REN), Celer Network (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 sequence of darknodes that assist to guard consumer privateness.

According to knowledge from Cointelegraph Markets Pro, market situations for REN have been favorable for a while.

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

VORTECS™ Score (inexperienced) vs. REN worth. Source: Cointelegraph Markets Pro

As seen within the chart above, the VORTECS™ Score 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 subsequent 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 Network releases cBridge 2.0

The Celer Network is one other Ethereum layer-two scaling resolution that has been gaining momentum in latest weeks because of its capacity 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 Pro started to detect a bullish outlook for CELR on Sept. 20, previous to the latest worth rise.

VORTECS™ Score (inexperienced) vs. CELR worth. Source: Cointelegraph Markets Pro

As seen within the chart above, the VORTECS™ Score 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 subsequent three days.

The improve 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 property between a number of blockchain protocols, together with Ethereum, Binance Smart Chain and Arbitrum.

Related: Diminishing returns: Is Bitcoin underperforming in comparison with altcoins?

Civic companions with Solrise Finance

Civic is a protocol targeted on offering a blockchain-based id administration resolution able to satisfying Know Your Customer (KYC) and Anti-Money Laundering (AML) necessities from regulators whereas additionally defending the information and privateness of customers on the community.

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

VORTECS™ Score (inexperienced) vs. CVC worth. Source: Cointelegraph Markets Pro

As seen within the chart above, the VORTECS™ Score for CVC started to select up on Sept. 21 and reached a excessive of 74 round eight hours earlier than its worth elevated by 45% over the subsequent 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 trade (DEX) on Solana.

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

The views and opinions expressed listed here are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Every funding and buying and selling transfer entails danger, it is best to conduct your individual analysis when making a choice.