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

On Sept. 24, the bullish momentum in cryptocurrency fell to a halt as the news that China had banned cryptocurrency transactions spread quickly on social media. This caused a sudden drop in Bitcoin’s price from $45,000 to $42,000.

After the initial reaction of the market and a short period of time to process the news, traders returned to the trading floor to purchase the dips on various altcoins. This helped to reduce some of the earlier losses.

The top 7 coins that saw the largest 24-hour price changes. Source: Cointelegraph Markets Pro

Cointelegraph Markets Pro and TradingView data show that Ren (REN), Celer Network(CELR) and Civics (CVC) were the three biggest gainers in the last 24 hours.

Ren brings DAI, BTC and Arbitrum to Ren

Ren is a Blockchain protocol that facilitates liquidity transfer and interoperability between different blockchain networks via a series darknodes that protect users privacy.

Cointelegraph Markets Pro data shows that the market conditions have been favorable for REN for some time.

Cointelegraph’s exclusive VORTECS(tm), Score is an algorithmic comparison between historical and current market conditions. It’s based on a combination data points, including trading volume, market sentiment and recent price movements, and tweet activity.

VORTECS(tm), Score (green) vs. the REN price. Source: Cointelegraph Markets Pro

The chart shows that the VORTECS(tm), Score for REN was in green for most of the week. It reached a peak of 81 on Sept. 21 around two hours prior to the price increase of 58% over three days.

The protocol launched wrapped forms for Bitcoin and DAI on Ethereum (ETH), thereby generating positive momentum for REN. Arbitrum is the layer-two solution Arbitrum.

Celer Network launches cBridge 2.0

Celer Network, another Ethereum layer-2 scaling solution, has gained momentum in recent weeks due to its ability lower transaction costs using off-chain transaction handling. This helps increase the network’s scalability as well as transaction throughput.

Data from Cointelegraph Markets Pro showing a bullish outlook on CELR, VORTECS(tm), began to show signs of improvement on Sept. 20, before the recent price increase.

VORTECS(tm), Score (green) vs. CELR Price. Source: Cointelegraph Markets Pro

The chart shows that the CELR VORTECS(tm Score rose to the green on September 18 and reached a peak of 74 on September 20, just 26 hours before the price increased by 99% in the following three days.

After the launch of its cBridge2.0 cross-chain token bridge, which facilitates asset transfers between multiple blockchain protocols such as Ethereum, Binance Smart Chain, and Arbitrum, the CELR price has risen and is now in high demand.

Related: Bitcoin’s declining returns: Does it outperform altcoins in terms of performance?

Solrise Finance partners with civic organizations

Civic is a protocol that focuses on providing a blockchain-based identity solution for regulators. It can also satisfy KYC and AML needs while protecting data privacy and security of users.

Data from Cointelegraph Markets Pro VORTECS(tm), began to detect a bullish outlook on CVC on September 21, before the recent price increase.

VORTECS(tm), Score (green), vs. CVC Price. Source: Cointelegraph Markets Pro

The chart shows that the VORTECS(tm), Score for CVC started to rise on Sept. 21. It reached an all-time high of 74 just eight hours later, before its price rose by 45% in the following two days.

Civic’s momentum has increased following the September 23rd announcement by Solrise Finance that it had partnered with the protocol to launch Solana’s first decentralized exchange (DEX).

The total cryptocurrency market is now worth $1.879 trillion, and Bitcoin’s dominance rate of 42.1%.

com. You should do your research before making any investment or trading decision.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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