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

CoinTelegraph

Even with Bitcoin price on the verge of a new all-time high, the cryptocurrency market projects an aura of anxious optimism on Oct. 18 as investors await the official launch of the first Bitcoin (BTC) exchange-traded fund (ETF) which is set to begin trading on Oct. 19. 

While the market waits for the historic ETF launch, BTC bulls are battling to hold the $62,000 level as support. Meanwhile, a handful of altcoins posted double-digit rallies on Monday as traders possibly look to capitalize on the gains they provide when Bitcoin price consolidates.

How To Get Free Crypto  

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Ankr Network (ANKR), Stacks (STX) and Kadena (KDA).

Ankr Network partners with the Sacramento Kings

Ankr Network’s blockchain solution is designed to use idle computing power from devices and data centers from around the world to help power the crypto ecosystem.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ANKR on Oct. 17, 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.

Coinbase Banner  

VORTECS™ Score (green) vs. ANKR price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for ANKR began to pick up on Oct. 17 and climbed to a high of 70 around four hours before the price spiked 46% over the next day.

The jump in price for ANKR comes following the project’s multi-year sponsorship deal with the National Basketball Association’s (NBA) Sacramento Kings.

Stacks advances toward launching smart contracts on Bitcoin

Stacks is a layer-one blockchain solution focused on bringing smart contracts and decentralized applications to the Bitcoin network.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for STX on Oct. 11, prior to the recent price rise.

VORTECS™ Score (green) vs. STX price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for STX began to pick up on Oct.11 and reached a high of 88, around five hours before the price began to increase by 55% over the next week.

FreeBitcoin Banner  

The rise in prominence for STX comes as the possible launch of multiple BTC ETFs has excited the wider investment community about the possibility of smart contract capabilities on the Bitcoin network.

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

Kadena adds NFT capabilities

Kadena price also took a bullish turn over the last 24 hours.

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $2.14 on Oct. 16, the price of KDA has rallied 30% to a daily high at $2.79 on Oct. 18 as its 24-hour trading volume spiked 313% to $9.4 million.

KDA/USDT 4-hour chart. Source: TradingView

The increase in momentum for KDA comes following the protocol’s partnership with Immutable Records which will bring a fully-built NFT marketplace to the Kadena ecosystem.

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

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.

Go to Source
Author: Jordan Finneseth


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.