Altcoins with cross-chain bridges are rallying higher despite China’s crypto ban

CVC, CELR, and REN ignore the market’s bearish reaction on China’s new crypto ban. They post double-digit gains. The bullish momentum that had been building in the cryptocurrency ecosystem over recent days came to an abrupt halt on September 24, when news that China had banned cryptocurrency transactions was made public on social media. This led to 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 for the market’s to process the news, traders returned to buy dips on several altcoins. This helped to offset some of the earlier losses. Source: Cointelegraph Markets ProData compiled by TradingView and Cointelegraph Markets Pro shows that Ren (REN), Celer Network(CELR), and Civic (CVC) were the three biggest gainers in the past 24 hours. ArbitrumRen brings DAI, BTC and DAI to ArbitrumRen, a blockchain protocol that facilitates interoperability between different blockchain networks and liquidity transfer through a series darknodes that protect user privacy, is focused on facilitating interoperability. Cointelegraph Markets Pro data shows that market conditions have been favorable for REN for some time. The VORTECS ™ Score is an algorithmic comparison between historical and current market conditions. It is exclusive to Cointelegraph Markets Pro. It is a combination data points such as market sentiment, trading volume and Twitter activity. Source: Cointelegraph Markets Pro. The VORTECS(tm), Score for REN was in green for most of the week. It reached a peak of 81 on Sept. 21. This is just two hours before the price rose 58% over the next three trading days. Celer Network releases cBridge 2.0The Celer Network, another Ethereum layer-two scaling solution, has gained momentum in recent weeks due to its ability to lower transaction cost through the use off-chain transaction handling. This helps increase the transaction throughput and scalability of its network. VORTECS(tm), Score (green), versus CELR price. Source: Cointelegraph Markets ProAs you can see, the VORTECS ™ Score for CELR rose into the green on September 18 and reached a peak of 74 on September 20, just 26 hours before its price increased by 99% over three days. The launch of its cBridge2.0 cross-chain token bridge, which facilitates the transfer assets between multiple blockchain protocols such as Ethereum, Binance Smart Chain, and Arbitrum, has led to an increase in demand and price for CELR. Related: Diminished returns: Does Bitcoin have a lower return than other altcoins? Civic partners with Solrise Finance. Civic is a protocol that provides a blockchain-based identity management system that can satisfy KYC and AML regulations while protecting the privacy of all users. VORTECS(tm), data from Cointelegraph Markets Pro began to detect an optimistic outlook for CVC on September 21, prior to the recent price increase. VORTECS(tm), Score (green), vs. CVC Price. Source: Cointelegraph Markets ProAs you can see, the VORTECS ™ Score for CVC started to rise on Sept. 21. It reached a peak of 74 just eight hours before the price of CVC increased by 45% over two days. Civic’s momentum has increased following the Sept. 23 announcement by Solrise Finance that the protocol had partnered with Solrise Finance in order to help launch the first decentralized exchange (DEX), on Solana. The total cryptocurrency market cap is now $1.879 trillion. Bitcoin’s dominance rate of 42.1% is also evident. You should do your own research before making any investment or trading decision.

Relevant news

Leave a Reply