Despite China’s crypto ban, altcoins equipped with cross-chain bridges are still on the rise

The bullish momentum that has been growing in the entire cryptocurrency ecosystem over the past few days came to an abrupt end on September 24th because of news that China has banned cryptocurrency trading The hype on social media triggered a sudden drop in the price of Bitcoin (Bitcoin) From 45,000 USD to 42,000 USD.

After the initial knee-jerk reaction and a short time for the market to digest the news, traders re-buyed several altcoins on dips, which helped some of the losses that occurred earlier in the day.

The top 7 tokens with the biggest price changes in 24 hours. source: Cointelegraph Markets Pro

Data from Cointelegraph Markets Pro with Transaction view The three showing the biggest gains in the past 24 hours are Ren (REN), Celer Network (CELR) and Civic (CVC).

Ren brings DAI and BTC to Arbitrum

Ren is a blockchain protocol that focuses on promoting the interoperability and liquidity transfer between different blockchain networks through a series of dark nodes that help protect user privacy.

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

Cointelegraph’s unique VORTECS™ score is an algorithmic comparison of historical and current market conditions. These data points include a combination of market sentiment, trading volume, recent price changes and Twitter activity.

VORTECS™ score (green) and REN price. source: Cointelegraph Markets Pro

As shown in the figure above, REN’s VORTECS™ score has been in the green zone for most of the past week, and reached a high of 81 on September 21, which is approximately the first two of the 58% price increase in the next three days. Hours.

REN’s positive momentum has arrived, because the agreement has roll out Bitcoin and DAI forms packaged on Ethereum (Ethereum) Two-layer resolution arbiter.

Celer Network releases cBridge 2.0

Celer Network is another Ethereum layer 2 scaling solution, because it can reduce transaction costs by using off-chain transaction processing, which helps to improve the scalability and transaction throughput of its network, which has been in recent weeks Always gaining momentum.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for CELR on September 20, before the recent price increase.

VORTECS™ score (green) and CELR price. source: Cointelegraph Markets Pro

As shown in the graph above, CELR’s VORTECS™ score climbed to green on September 18 and reached a high of 74 on September 20, approximately 26 hours before its price began to rise by 99% in the next three days.

CELR’s price and demand increase is due to emission Its cBridge 2.0 cross-chain token bridge 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 cooperates with Solrise Finance

Civic is an agreement that focuses on providing a blockchain-based identity management solution that can meet the Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements of regulators, while 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 September 21, before the recent price increase.

VORTECS™ score (green) and CVC price. source: Cointelegraph Markets Pro

As shown in the graph above, CVC’s VORTECS™ score began to rise on September 21 and reached a high of 74 in approximately 8 hours before its price rose by 45% in the next two days.

The momentum of the Civic after September 23 announcement The agreement has partnered with Solrise Finance to help launch the first licensed decentralized exchange (DEX) on Solana.

The overall cryptocurrency market value is now $1.879 trillion, and Bitcoin’s dominance rate is 42.1%.

The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Every investment and trading action involves risk, and you should conduct your own research when making a decision.