Even though Bitcoin’s price is close to a new all-time high, investors are anxiously optimistic about the cryptocurrency market on October 18. They are waiting for the first Bitcoin exchange-traded fund (ETF) to start trading on October 19.
Bulls are trying to keep support at $62,000 while the market waits for the launch of the historic ETF. While Bitcoin‘s price stayed the same on October 18, a few altcoins saw gains of more than 10% as investors tried to take advantage of the opportunities they offer.
Ankr Network (ANKR), Stacks (STX), and Kadena (KDN) led all cryptocurrencies in price appreciation during the last day, according to data from Cointelegraph Markets Pro and TradingView (KDA).
Ankr Network Partners with the Sacramento Kings
Blockchain solutions like Ankr Network aim to fuel the cryptocurrency market by using unused processing power from computers and data centres all over the world.
Before the most recent price increase on October 17, VORTECS data from Cointelegraph Markets Pro started to show that the future of ANKR was looking good.
Cointelegraph’s exclusive VORTECST Score compares market circumstances in the past and presents using an algorithm based on market sentiment, trading volume, recent price changes, and Twitter activity.
According to the data above, the momentum for ANKR’s VORTECS Score started to ramp up on October 17, peaking at 70 around four hours later before the price jumped 46% the following day.
The reason for this price hike is that ANKR has a multi-year sponsorship deal with the NBA’s Sacramento Kings.
Stacks Advances Toward Launching Smart Contracts on Bitcoin
Stacks (STX) is a layer-one blockchain solution that makes it possible to use smart contracts and distributed apps on the Bitcoin network.
Before the most recent price increase on October 11, VORTECS data from Cointelegraph Markets Pro started to show a bullish forecast for STX.
The above figure shows that on October 11, STX’s VORTECS Score started to rise and peaked at 88, just five hours before the price started to rise by 55% over the next week.
STX is becoming more popular at the same time that investors are excited about Bitcoin’s potential as a platform for smart contracts, thanks to the possibility of several BTC ETFs.
Kadena Adds NFT Capabilities
Over the past day, the value of Kadena (KDA) has likewise risen.
According to figures from Cointelegraph Markets Pro and TradingView, KDA’s 24-hour trading volume increased 313% to $9.4 million on October 18 after having hit a low of $2.14 on October 16. Meanwhile, the price of KDA rose 30%, reaching a daily high of $2.79.
Integration of the protocol with Immutable Records has increased interest in KDA because it promises to give the Kadena ecosystem a fully functional NFT marketplace.
As of this writing, the total value of the cryptocurrency market is $2.46 trillion, with Bitcoin accounting for 47.2% of that value.
