Cross-chain bridge equipped altcoins rally higher despite China’s crypto ban
REN, CELR and CVC ignore the market’s bearish reaction to China’s new crypto ban by posting double-digit gains.
The bullish momentum that had been growing across the cryptocurrency ecosystem over the past 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 initial knee-jerk reaction and a brief period of time for the market to digest the news, traders jumped back in to buy the dips on several altcoins which helped some of the losses seen earlier in the day.
Data from Cointelegraph Markets Pro and TradingView shows that three of the biggest gainers over 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 focuses on facilitating interoperability and liquidity transfer between different blockchain networks through a series of darknodes that help protect user privacy.
According to data from Cointelegraph Markets Pro, market conditions for REN have been favorable for some time.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the chart above, the VORTECS™ Score for REN was in the green zone for the majority 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 as the protocol has launched wrapped forms 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 costs through the use of off-chain transaction handling which helps to increase the scalability and the transaction throughput of its network.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for CELR on Sept. 20, prior to the recent price rise.
As seen in the chart above, the VORTECS™ Score for CELR climbed into the green 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 next three days.
The increase in price and demand for CELR has come following the launch of its cBridge 2.0 cross-chain token bridge that facilitates the transfer of assets between multiple blockchain protocols including Ethereum, Binance Smart Chain and Arbitrum.
Related: Diminishing returns: Is Bitcoin underperforming compared to altcoins?
Civic partners with Solrise Finance
Civic is protocol focused on providing a blockchain-based identity management solution capable of satisfying KYC and AML requirements from regulators while also protecting the data and privacy of users on the network.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for CVC on Sept. 21, prior to the recent price rise.
As seen in the chart above, the VORTECS™ Score for CVC began to pick up on Sept. 21 and reached a high of 74 around eight hours before its price increased 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 help launch the first permissioned 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 Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.