CRYPTO

Altcoins equipped with cross-chain bridges higher despite Chinese crypto ban


The growing momentum across the cryptocurrency ecosystem over the past few days came to a halt on Sept. 2 as news spread on social media that China had banned cryptocurrency transactions and the price of Bitcoin began to plummet (BTC) from $ 45,000 to $ 42,000.

After the initial knee-jerk reaction and the market digesting the news for a short time, traders returned to buy dips in several altcoins, which helped some of the losses seen the day before.

Top co currency with maximum 2-hour price change. Source: Cointelegraph Markets Pro

According to data from Cointelegraph Markets Pro and TradingView, three of the biggest gains in the last two hours were Ren (REN), Celer Network (CELR) and Civic (CVC).

Rain brought DAI and BTC to arbitration

Ren is a blockchain protocol that focuses on the benefits of inter-operative functionality and liquidity transfer between different blockchain networks that help protect user privacy.

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

The VORTECS ore score is an algorithmic comparison of exclusive, sent historical and current market conditions for Cointelegraph derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS ™ Score (green) vs. REN value. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS ore score for REN was in the green zone for most of last week and reached a high of 81 on September 21, almost two hours before the price rose 58% over the next three days.

The positive momentum for REN came as a protocol On Ethereum (ETH) layer-two solutions coated forms of bitcoin and DAI in arbitra.

Cellar Network releases Sibridge 2.0

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

Data from VORTECS C Cointelegraph Markets Pro began to identify a bullish outlook for CELR before the recent price increase.

VORTECS ™ Score (green) vs. CELR value. Source: Cointelegraph Markets Pro

As can be seen in the chart above, the VORTECS ore score for CELR went green on September 18 and reached a high of 74 on September 20, about 26 hours before the 99% increase in the next three days.

The increase in the price and demand of CELR has been following Get started Its cBridge 2.0 is a cross-chain token bridge that facilitates the transfer of resources across multiple blockchain protocols, including Ethereum, Benson Smart Chain and Arbitram.

Related: Decreasing returns: Is Bitcoin inferior to Altcoin?

Citizen partner with Solaris Finance

Civic is a protocol focused on providing blockchain-based identity management solutions that enable you to meet the Know Your Customer (KYC) and Money Laundering (AML) requirements from regulators while protecting the data and privacy of network users.

Data from VORTECS C Cointelegraph Markets Pro began to identify a bullish outlook for CVC on September 21 before the recent price increase.

VORTECS ™ Score (green) vs. CVC value. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS ™ score for CVC started on September 21 and reached a high of 74 about eight hours before its price rose 45% over the next two days.

The Civic’s speed increase comes after 23 September Announcement The protocol has partnered with Solaris Finance to help launch the first permitted decentralized exchange (DEX) in Solara.

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

The opinions and opinions expressed here do not necessarily reflect the views of the author and Cointelegraph.com. With every investment and trading move involving risk, you should conduct your own research when making decisions.