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- Altcoin market sees bullish momentum after Bitcoin ETF news spread in the crypto market
- Rumours and an assortment of documents suggested that the path towards BTC ETF has less hurdles
- NuCypher and Keep Network are two altcoins that witnessed some significant gains
Altcoin market has also shown some extreme optimism besides the Bitcoin market. With the price of Bitcoin soaring with some tremendous pace, we have observed some altcoins offering several fold more gains than the flagship cryptocurrency. Late last week, it is observed that a possible Bitcoin ETF news was spread globally in the cryptocurrency industry. Surprisingly, the news of such exchange traded funds caused a spark in several privacy focused cryptocurrency’s price rally. Late last week, rumours and an assortment of documents suggested that the path of BTC ETF approval has fewer obstacles lying ahead.
Bitcoin highs sparked altcoin rallies
Following the aforementioned positive news, the price of Bitcoin began its bullish behaviour spiking towards the price level near $63k. Indeed, such a bull cycle has been observed for the first time since April this year. Notably, as the BTC market began to skyrocket, we have observed that multiple altcoins saw the prices achieving triple digit gains.
Such coins and tokens making gains include, NyCypher with more than 385% gains, Keep Network with more than 78% gains, and Orchid that made over 24%.
Why did NuCypher price skyrocketed?
NuCypher is a protocol that aims to create decentralized encryption, access control, and key management system services for public blockchains. The protocol offers end to end data sharing solutions and decentralized storage options. However, we have observed that the ERC-20 based token began to surge after being listed on UPbit, South Korea’s largest crypto assets exchange.
Keep Network makes coalition with NuCypher
Keep Network collaborated with NuCypher after counting the majority of votes from their community. Keep is designed to offer privacy-focused infrastructure on public blockchains. The collaboration came after efforts voting from several months. Moreover, both the projects will also work together to facilitate the release of tBTC v2 on the Keep Network. Notably, tBTC is designed to extend the censorship resistant property of Bitcoin onto every network that can interoperate with ETH.
Besides the aforementioned top performing altcoins, other projects including Handshake, Polygon, Conflux Network, and DODO have also witnessed some good gains. All these assets were up by at least more than 12%. Indeed, the overall altcoin and Bitcoin market’s capitalization is found standing over $2.48 billion. The data suggests that the coin design by Satoshi Nakamoto is having a dominance rate of more than 46.5%
