Friday, January 14, 2022

SafePal, Bifrost and Request Network soar after Bitcoin price hits $59K

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Bitcoin (BTC) began the brand new month in power and Dec. 1’s run up to $59,053 means that bulls are starting to shake off the fears stirred up by the Federal Reserve’s taper talks and the emergence of a brand new pressure of COVID-19. 

Altcoins additionally noticed their costs carry off and early hopes of a possible “Santa Claus rally” are making the rounds on crypto Twitter.

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Prime 7 cash with the best 24-hour worth change. Supply: Cointelegraph Markets Pro

Knowledge from Cointelegraph Markets Pro and TradingView exhibits that the most important gainers over the previous 24-hours had been Request Community (REQ), Bifrost (BFC) and SafePal (SFP).

Request Community transactions hit an all-time excessive

Request Community (REQ) is an Ethereum-based decentralized cost system that permits customers to ship and obtain funds via safe channels with out the necessity for an middleman.

VORTECS™ information from Cointelegraph Markets Pro started to detect a bullish outlook for REQ on Nov. 28, previous to the current worth rise.

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

VORTECS™ Rating (inexperienced) vs. REQ worth. Supply: Cointelegraph Markets Pro

As seen within the chart above, the VORTECS™ Rating for REQ climbed into the inexperienced zone on Nov. 28 and reached a excessive of 81 round 57 hours earlier than the worth elevated 98% over the subsequent day.

The spike within the worth of REQ comes as exercise on the community will increase and the variety of transactions surged 32% in November. The working tally has the transaction depend up 46.34% during the last 30 days and 67.32% over the previous 90 days.

Bifrost releases ChainRunner Q

Bifrost (BFC) is a multichain middleware platform that permits builders to construct decentralized functions (DApps) able to working on high of a number of protocols.

Knowledge from Cointelegraph Markets Professional and TradingView exhibits that after hitting a low of $0.35 within the early buying and selling hours on Dec. 1, the worth of BFC surged 56.84% to an intraday excessive at $0.556 as its 24-hour buying and selling quantity surpassed $130 million.

BFC/USDT 4-hour chart. Supply: TradingView

The leap within the worth of BFC comes because the Bifrost protocol launched its long-awaited ChainRunner Q protocol, which offers customers with entry to pre-built decentralized finance (DeFi) methods, in addition to the flexibility to deposit, borrow, switch, purchase and leverage their cryptocurrency holdings.

Associated: Bitcoin correction weakest of 2021 so far as hopes of Santa Claus rally rise

SafePal provides assist for 9 new blockchains

SafePal (SFP) is a cryptocurrency pockets that provides {hardware} and software program choices for traders holding belongings from the Ethereum, Binance Sensible Chain and Tron ecosystem.

VORTECS™ information from Cointelegraph Markets Professional started to detect a bullish outlook for SFP on Nov. 29, previous to the current worth rise.

VORTECS™ Rating (inexperienced) vs. SFP worth. Supply: Cointelegraph Markets Pro

As seen within the chart above, the VORTECS™ Rating for SFP spiked into the inexperienced zone on Nov. 29 and hit a excessive of 81 round 41 hours earlier than the worth elevated 38% over the subsequent day.

The climbing worth of SFP follows the announcement that the venture added assist for Cardano, Nervos Community, Fantom, Avalanche, HECO Chain, Boba Community, Arbitrum and Optimism.

The general cryptocurrency market cap now stands at $2.67 trillion and Bitcoin’s dominance price is 41.2%.

The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, you must conduct your personal analysis when making a choice.