Chain bridge-equipped altcoins recover despite China’s crypto ban

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The bullish momentum that had developed in the cryptocurrency ecosystem over the past few days came to a screeching halt on September 24 as news that China had banned cryptocurrency transactions circulated. social media and triggered a sharp drop in the price of Bitcoin (BTC) from $ 45,000 to $ 42,000.

After the initial gut reaction and a brief period of time for the market to digest the news, traders returned to buy the dips on several altcoins, which helped some of the losses seen earlier in the day.

Top 7 parts with the highest price variation over 24 hours. Source: UKTN Markets Pro

Data from UKTN Markets Pro and TradingView shows that three of the biggest winners in the past 24 hours were Ren (REN), Celer Network (CELR) and Civic (CVC).

Ren brings DAI and BTC to Arbitrum

Ren is a blockchain protocol that aims to facilitate interoperability and liquidity transfer between different blockchain networks through a series of darknodes that help protect user privacy.

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According to data from UKTN Markets Pro, market conditions for REN have been favorable for some time.

The VORTECS ™ score, exclusive to UKTN, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trade volume, recent price movements and activity Twitter.

VORTECS ™ score (green) against the REN price. Source: UKTN Markets Pro

As shown in the graph above, the VORTECS ™ score for REN was in the green zone for most of last week and peaked at 81 on September 21, about two hours before the price increased by. 58% over the next three days. .

The positive momentum for REN came as the protocol spear wrapped forms of Bitcoin and DAI on the Ethereum (ETH) Arbitrum Layer Two Solution.

Celer Network launches cBridge 2.0

The Celer Network is another Ethereum Layer Two scaling solution that has gained momentum in recent weeks thanks to its ability to reduce transaction costs through the use of transaction management. off-chain, which helps increase the scalability and transaction throughput of its network.

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UKTN Markets Pro’s VORTECS ™ data began to detect a bullish outlook for CELR on September 20, ahead of the recent price hike.

VORTECS ™ score (green) against the CELR price. Source: UKTN Markets Pro

As shown in the graph above, the VORTECS ™ score for CELR went green on September 18 and peaked at 74 on September 20, about 26 hours before its price began to increase 99% over the course of the year. the next three days.

The increase in price and demand for CELR has occurred as a result of the launch of its cBridge 2.0 cross-chain token bridge which facilitates the transfer of assets between multiple blockchain protocols, including Ethereum, Binance Smart Chain and Arbitrum.

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Related: Falling returns: is bitcoin underperforming against altcoins?

Civic partners with Solrise Finance

Civic is a protocol focused on providing a blockchain-based identity management solution capable of meeting the KYC and AML requirements of regulators while protecting user data and privacy on the network.

UKTN Markets Pro’s VORTECS ™ data began to detect a bullish outlook for CVC on September 21, ahead of the recent price hike.

VORTECS ™ score (green) against the HVAC price. Source: UKTN Markets Pro

As shown in the graph above, the VORTECS ™ score for CVC started increasing on September 21 and peaked at 74 about eight hours before its price increased 45% over the next two days.

The momentum for Civic comes after September 23 announcement that the protocol partnered with Solrise Finance to help launch the first authorized decentralized exchange (DEX) on Solana.

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

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of UKTN.com. Every investment and trading move comes with risk, you should do your own research before making a decision.