Privacy-conscious altcoins soar after Bitcoin ETF news sparked a market-wide rally
Traders and markets expressed extreme optimism on Oct. 15 after rumors and a flurry of documents suggested that the path to Bitcoin ETF approval had fewer roadblocks ahead.
Following the positive news, the price of Bitcoin (BTC) rose to nearly $ 63,000 for the first time since April, and many altcoins have seen three-digit price increases.
Data from Cointelegraph Markets Pro and TradingView shows that the biggest winners over the past 24 hours are NuCypher (NU), Keep Network (KEEP) and Orchid (OXT).
NuCypher works with Keep Network
NuCyper is a protocol that focuses on creating decentralized encryption, access control and key management system services for public blockchains by providing world class solutions for encrypted data exchange.
Data from Cointelegraph Markets Pro and TradingView show that after hitting a low of $ 0.283 in the early hours of October 15, the new price rose 535% to an intraday high of $ 1.80 on the block. Its 24-hour trading volume grew 19,440% to $ 2.152 billion.
The increase in price and transaction volume for NU comes as the project helps facilitate the rollout of tBTC v2 on the Keep Network, which, with Ethereum (ETH), aims to “extend the censorship-resistant properties of Bitcoin over any interoperable network”.
Resistance to censorship in the Ethereum network
Keep Network is a protocol designed to provide a privacy-focused infrastructure on public blockchains by creating an incentive network for storing and encrypting personal data.
VORTECS ™ data from Cointelegraph Markets Pro began to see a bullish outlook for KEEP on October 12, ahead of the recent price rally.
The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions, derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.
As can be seen in the graph above, the VORTECS ™ Score for KEEP started rising on October 12th, climbing to a high of 75 and the price rose 585% the next day.
The momentum for KEEP increased along with the rise in NU prices when the two projects merged to release tBTC v2 on Keep Network.
Related: DISCLOSURE: Nasdaq listing suggests the SEC may approve Valkyrie’s ETF filing soon
Orchid’s bullish blockchain-based VPN service
Orchid is a virtual private network (VPN) powered by cryptocurrency that calls itself “the world’s first private, peer-to-peer network with incentives”.
Cointelegraph Markets Pro’s VORTECS ™ data began to see a bullish outlook for OXT on October 12, ahead of the recent price rally.
As can be seen in the graph above, the VORTECS ™ Score for OXT climbed into the green on October 12th and hit a high of 75 on October 14th, about 15 hours before the price rose by 82% the day after.
Scrolling through the project’s Twitter feed reveals a growing focus on privacy concerns as the driving force behind Friday’s price hike, which is in line with both key and Nu goals.
The total crypto market cap is $ 2.482 trillion and the dominance of bitcoin is 46.6%.