Saturday, August 13, 2022

Ankr Network, Stacks and Kadena rally while most altcoins cool off

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Even with Bitcoin (BTC) value on the verge of a brand new all-time excessive, the cryptocurrency market initiatives an aura of anxious optimism on Oct. 18 as buyers await the official launch of the primary Bitcoin exchange-traded fund (ETF), which is set to begin trading on Oct. 19

Whereas the market waits for the historic ETF launch, BTC bulls are battling to carry the $62,000 stage as help. In the meantime, a handful of altcoins posted double-digit rallies on Oct. 18 as merchants look to capitalize on the positive aspects they supply when Bitcoin value consolidates.

High 7 cash with the very best 24-hour value change. Supply: Cointelegraph Markets Pro

Knowledge from Cointelegraph Markets Pro and TradingView reveals that the most important gainers over the previous 24 hours have been Ankr Community (ANKR), Stacks (STX) and Kadena (KDA).

Ankr Community companions with the Sacramento Kings

Ankr Community’s blockchain resolution is designed to make use of idle computing energy from units and knowledge facilities from all over the world to assist energy the crypto ecosystem.

VORTECS™ knowledge from Cointelegraph Markets Professional started to detect a bullish outlook for ANKR on Oct. 17, previous to the current value rise.

The VORTECS™ Rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market circumstances derived from a mix of knowledge factors together with market sentiment, buying and selling quantity, current value actions and Twitter exercise.

VORTECS™ Rating (inexperienced) vs. ANKR value. Supply: Cointelegraph Markets Pro

As seen within the chart above, the VORTECS™ Rating for ANKR started to choose up on Oct. 17 and climbed to a excessive of 70 round 4 hours earlier than the worth spiked 46% over the subsequent day.

The bounce in value for ANKR comes following the undertaking’s multi-year sponsorship take care of the Nationwide Basketball Affiliation’s (NBA) Sacramento Kings.

Stacks advances towards launching sensible contracts on Bitcoin

Stacks (STX) is a layer-one blockchain resolution centered on bringing sensible contracts and decentralized purposes to the Bitcoin community.

VORTECS™ knowledge from Cointelegraph Markets Professional started to detect a bullish outlook for STX on Oct. 11, previous to the current value rise.

VORTECS™ Rating (inexperienced) vs. STX value. Supply: Cointelegraph Markets Pro

As seen within the chart above, the VORTECS™ Rating for STX started to choose up on Oct.11 and reached a excessive of 88, round 5 hours earlier than the worth started to extend by 55% over the subsequent week.

The rise in prominence for STX comes because the doable launch of a number of BTC ETFs has excited the broader funding group about the potential of sensible contract capabilities on the Bitcoin community.

Associated: Grayscale confirms Bitcoin ETF plans and adds exposure to Zcash, Stellar Lumens and Horizen to its trusts

Kadena provides NFT capabilities

The worth of Kadena (KDA) additionally took a bullish flip during the last 24 hours.

Knowledge from Cointelegraph Markets Pro and TradingView reveals that after hitting a low of $2.14 on Oct. 16, the worth of KDA has rallied 30% to a day by day excessive at $2.79 on Oct. 18 as its 24-hour buying and selling quantity spiked 313% to $9.4 million.

KDA/USDT 4-hour chart. Supply: TradingView

The rise in momentum for KDA comes following the protocol’s partnership with Immutable Data, which is able to convey a fully-built nonfungible token (NFT) market to the Kadena ecosystem.

The general cryptocurrency market cap now stands at $2.462 trillion and Bitcoin’s dominance price is 47.2%.

The views and opinions expressed listed here are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes danger, it’s best to conduct your individual analysis when making a choice.