Traders Express Optimism Amid Bitcoin ETF Speculations
On October 15, traders displayed significant optimism as rumors and various documents indicated that the approval process for a Bitcoin ETF may be encountering fewer hurdles. In light of this encouraging news, Bitcoin’s price surged to nearly $63,000, marking its highest level since April, while multiple altcoins experienced remarkable gains, with some achieving triple-digit increases.
Top 7 Coins with Notable Price Changes
Data from Cointelegraph Markets Pro and TradingView revealed that the most substantial price increases over the past 24 hours were seen in NuCypher (NU), Keep Network (KEEP), and Orchid (OXT).
NuCypher and Keep Network Partnership
NuCypher is a protocol dedicated to providing decentralized encryption, access control, and key management services for public blockchains. It enables end-to-end encrypted data sharing and offers decentralized storage solutions. According to data from Cointelegraph Markets Pro and TradingView, after dipping to $0.283 during early trading hours on October 15, NuCypher’s price surged by an impressive 535%, reaching an intraday peak of $1.80, while its 24-hour trading volume skyrocketed by 19,440% to $2.152 billion.
Price Surge Fueled by tBTC v2 Launch
The recent price and trading volume surge for NuCypher coincided with the project’s involvement in launching tBTC v2 on the Keep Network. This initiative aims to extend Bitcoin’s censorship-resistant features to any network capable of interoperating with Ethereum (ETH).
Enhancing Censorship-Resistance on Ethereum
Keep Network is designed to provide privacy-centric infrastructure on public blockchains by creating an incentivized network for the storage and encryption of private data. VORTECS™ data from Cointelegraph Markets Pro identified a bullish trend for KEEP starting on October 12, ahead of the recent price increase. The VORTECS™ Score, which is a unique algorithmic assessment of historical and current market conditions based on various factors like market sentiment, trading activity, recent price changes, and social media engagement, tracks the performance of crypto assets.
VORTECS™ Score Insights for KEEP
The VORTECS™ Score for KEEP began rising on October 12, reaching a peak of 75, and subsequently, the price surged by 585% within the following day. This momentum for KEEP was closely linked to the price increase of NuCypher, as both projects collaborated on the tBTC v2 release.
Orchid’s Price Boost from Blockchain-Based VPN Service
Orchid operates as a cryptocurrency-powered virtual private network (VPN), claiming to be “the world’s first incentivized, peer-to-peer privacy network.” VORTECS™ data from Cointelegraph Markets Pro also detected a positive outlook for OXT on October 12, prior to its recent price increase.
OXT Price Surge and Privacy Focus
The VORTECS™ Score for OXT entered the positive range on October 12, achieving a high of 75 on October 14, just 15 hours before its price spiked by 82% within the next day. The project’s Twitter activity highlighted a growing emphasis on privacy concerns, aligning with the objectives of both NuCypher and Keep Network, indicating that privacy-related projects may be gaining more traction in the market.
Current Market Overview
The total cryptocurrency market capitalization is now recorded at $2.482 trillion, with Bitcoin holding a dominance rate of 46.6%. The perspectives presented in this article reflect the author’s views and do not necessarily represent those of Cointelegraph.com. It is essential to understand that every investment and trading strategy carries risks, and individuals should conduct thorough research before making financial decisions.
