Privacy-focused altcoins soar after Bitcoin’s ETF news sparks a market-wide rally

Traders and the market are showing extreme optimism on Oct. 15 after rumors and an assortment of documents suggest that the path toward a Bitcoin ETF approval has fewer obstacles lying ahead.Following the positive news, the price of Bitcoin (BTC) rallied to nearly $63,000 for the first time since April and multiple altcoins saw their prices book triple-digit gains.Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets ProData from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were NuCypher (NU), Keep Network (KEEP) and Orchid (OXT). NuCypher partners with Keep NetworkNuCyper is a protocol focused on creating decentralized encryption, access control and key management system services for public blockchains by offering 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 in the early trading hours on Oct. 15, the price of new catapulted 535% to an intraday high at $1.80 as its 24-hour trading volume skyrocketed by 19,440% to $2.152 billion. NU/USD 4-hour chart. Source: TradingViewThe surge in price and trading volume for NU come as the project helped facilitate the launch of tBTC v2 on the Keep Network with is designed to “extend the censorship-resistant properties of Bitcoin onto every network that can interoperate with Ethereum (ETH). Censorship-resistance comes to the Ethereum networkKeep Network is a protocol designed to offer privacy-focused infrastructure on public blockchains through the creation of an incentivized network for storing and encrypting private data. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for KEEP on Oct. 12, prior to the recent price rise. 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, trading volume, recent price movements and Twitter activity.VORTECS™ Score (green) vs. KEEP price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for KEEP began to pick up on Oct. 12 and climbed to a high of 75 and the price increased 585% over the next day.The spike in momentum for KEEP came along with the spike in the price of NU as the two projects collaborated to release tBTC v2 on the Keep Network. Related: BREAKING: Nasdaq listing hints that the SEC may soon approve ETF application from ValkyrieBlockchain-based VPN service boosts Orchid priceOrchid is a cryptocurrency-powered virtual private network (VPN) that describes itself as “the world’s first incentivized, peer-to-peer privacy network. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for OXT on Oct. 12, prior to the recent price rise. VORTECS™ Score (green) vs. OXT price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for OXT climbed into the green zone on Oct. 12 and reached a high of 75 on Oct. 14, around 15 hours before its price spiked 82% over the next day. A scroll through the project’s Twitter feed points to an increased focus on privacy concerns as the impetus behind Friday’s price surge, which lines up with the main goals of both Nu and KEEP suggesting that the sector of privacy-related projects could be starting to attract more attention. The overall cryptocurrency market cap now stands at $2.482 trillion and Bitcoin’s 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 involves risk, you should conduct your own research when making a decision.

Source link