Privacy-Focused Altcoins Soar After Bitcoin ETF News Sparks Market-Wide Rally

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Traders and the market were extremely optimistic on October 15 after rumors and an assortment of documents suggested the path to Bitcoin ETF approval has fewer hurdles ahead.

Following the positive news, the price of Bitcoin (BTC) hit nearly $ 63,000 for the first time since April and several altcoins saw their prices register triple-digit gains.

Top 7 parts with the highest price variation over 24 hours. Source: Cointelegraph Markets Pro

Data from Cointelegraph Markets Pro and TradingView shows that the biggest winners in the last 24 hours have been NuCypher (NU), Keep Network (KEEP) and Orchid (OXT).

NuCypher partners with Keep Network

NuCyper is a protocol focused on creating decentralized encryption, access control and key management services for public blockchains by providing end-to-end encrypted data sharing and decentralized storage solutions.

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $ 0.283 at the start of trading hours on October 15, the price of new catapulted 535% to an intraday high at $ 1.80 as its 24-hour trading volume soared 19,440% to $ 2.152 billion.

NU / USD 4 hour chart. Source: TradingView

The surge in prices and trading volume for NU comes as the project helped facilitate the launch of tBTC v2 on the Keep network with is designed to extend Bitcoin’s censorship-resistant properties across all networks that can interact with it. Ethereum (ETH).

Censorship resistance arrives on the Ethereum network

Keep Network is a protocol designed to provide a privacy-focused infrastructure on public blockchains through the creation of an incentive network for the storage and encryption of private data.

Cointelegraph Markets Pro’s VORTECS data began to detect a bullish outlook for KEEP on October 12, ahead of the recent price hike.

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, trade volume, recent price movements and Twitter activity.

VORTECS score (green) against the KEEP price. Source: Cointelegraph Markets Pro

As shown in the graph above, the VORTECS score for KEEP started rising on October 12th and peaked at 75 and the price rose 585% the next day.

Along with the soaring KEEP has been the soaring price of NU as the two projects have collaborated to release tBTC v2 to the Keep network.

Related: BREAKING: Nasdaq Listing Hints SEC May Approve Valkyrie’s ETF Request Soon

Blockchain-based VPN service raises Orchid’s price

Orchid is a cryptocurrency-powered virtual private network (VPN) that describes itself as the world’s premier peer-to-peer privacy incentive network.

Cointelegraph Markets Pro’s VORTECS data began to detect a bullish outlook for OXT on October 12, ahead of the recent price hike.

VORTECS score (green) against the OXT price. Source: Cointelegraph Markets Pro

As shown in the graph above, the VORTECS score for OXT crossed into the green zone on October 12 and peaked at 75 on October 14, about 15 hours before its price peaked at 82% on October 14. next day.

A scroll of projects on Twitter indicates increased attention to privacy concerns like the impetus behind Friday’s price spike, which fits Nu and KEEP’s core goals, suggesting the privacy-related project industry may start to attract more attention.

The overall cryptocurrency market capitalization now stands at $ 2.482 trillion and the Bitcoin dominance rate is 46.6%.

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 comes with risk, you should do your own research before making a decision.

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