Altcoins Round-up: The bullish momentum that had been growing across the cryptocurrency ecosystem over the previous few days came to a screeching halt on Sept. 24 as news that China had banned cryptocurrency transactions made the rounds on social media and initiated an abrupt fall in the price 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, traders jumped again in to purchase the dips on several altcoins, which helped a few of the losses seen earlier within the day.
Data from Cointelegraph Markets Professional and TradingView shows that three of the biggest gainers over the previous 24-hours were 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 transfer between different blockchain networks through a series of darknodes that assist to protect consumer privacy.
According to data from Markets Professional, market conditions for REN have been favorable for a while.
The VORTECS™ Score, exclusive to Cmnnews, is algorithmic comparability of historic and current market conditions derived from a combination of data factors including market sentiment, trading quantity, current value movements and Twitter activity.
As seen within the chart above, the VORTECS™ Score for REN was within the green zone for almost all of the past week and hit a high of 81 on Sept. 21, around two hours before the price increased 58% over the next three days.
The positive momentum for REN has come because the protocol has launched wrapped types of Bitcoin and DAI on the Ethereum (ETH) layer-two solution Arbitrum.
Celer Network releases cBridge 2.0
The Celer Network is another Ethereum layer-two scaling solution that has been gaining momentum in recent weeks thanks to its ability to lower transaction prices by means of using off-chain transaction handling, which helps to extend the scalability and the transaction throughput of its network.
VORTECS™ data from Markets Professional began to detect a bullish outlook for CELR on Sept. 20, previous to the current value rise.
As seen in the chart above, the VORTECS™ Rating for CELR climbed into the inexperienced on Sept. 18 and reached a high of 74 on Sept. 20, around 26 hours before its price began to increase by 99% over the following three days.
The increase in value 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, including Ethereum, Binance Smart Chain and Arbitrum.
Civic partners with Solrise Finance
Civic is a protocol focused on providing a blockchain-based identity management solution capable of satisfying Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements from regulators whereas additionally defending the info and privacy of users on the network.
VORTECS™ data from Cointelegraph Markets Professional started to detect a bullish outlook for CVC on Sept. 21, prior to the current value rise.
As seen within the chart above, the VORTECS™ Score for CVC began to pick up on Sept. 21 and reached a high of 74 around eight hours earlier than its value elevated by 45% over the next two days.
The boost in momentum for Civic comes following the Sept. 23 announcement that the protocol has partnered with Solrise Finance to assist launch the first permission decentralized exchange (DEX) on Solana.
The general cryptocurrency market cap now stands at $1.879 trillion and Bitcoin’s dominance rate is 42.1%.
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Source: Cointelegraph
