Sunday, August 14

SafePal, Bifrost and Request Network soar after Bitcoin price hits $ 59K


Bitcoin (BTC) started the new month strong and today’s run to $ 59,053 suggests that bulls are beginning to shed fears raised by the Fed’s downsizing talks and the emergence of a new strain of Covid. -19.

Altcoins also saw their prices skyrocket and early hopes of a possible “Santa Claus rally” are circulating on crypto Twitter.

Top 7 currencies with the highest price change in 24 hours. Source: Cointelegraph Markets Pro

Cointelegraph Markets Pro data and TradingView shows that the largest beneficiaries in the last 24 hours were Request Network (REQ), Bifrost (BFC) and SafePal (SFP).

Request Network transactions hit an all-time high

Request Network is a decentralized payment system based on Ethereum that allows users to send and receive funds through secure channels without the need for an intermediary.

VORTECS ™ data from Cointelegraph Markets Pro began to detect a bullish outlook for REQ on November 28, ahead of the recent price surge.

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 trading activity. Twitter

VORTECS ™ score (green) vs. REQ price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS ™ score for REQ rose to the green zone on November 28 and peaked at 81 around 57 hours before the price rose 98% the following day.

The rebound in REQ’s price comes as network activity increases and the number of transactions increased 32% in November. The current count has the transaction count down 46.34% in the last 30 days and 67.32% in the last 90 days.

Bifrost launches ChainRunner Q

Bifrost is a multi-chain middleware platform that enables developers to create decentralized applications (DApps) capable of operating on multiple protocols.

Cointelegraph Markets Pro data and TradingView shows that after hitting a low of $ 0.35 in the first trading hours of December 1, BFC’s price rose 56.84% to an intraday high of $ 0.556, as its 24-hour trading volume exceeded $ 130 million.

BFC / USDT 4-hour chart. Source: TradingView

The jump in the price of BFC comes as the Bifrost protocol launched its long-awaited ChainRunner Q protocol that gives users access to predefined decentralized finance (DeFi) strategies, as well as the ability to deposit, borrow, transfer, buy, and leverage your cryptocurrency holdings.

Related: Bitcoin correction is weakest in 2021 when it comes to hopes of a Santa Claus rally

SafePal adds support for nine new blockchains

SafePal is a cryptocurrency wallet that offers hardware and software options for investors who own assets from the Ethereum ecosystem, Binance Smart Chain, and Tron.

VORTECS ™ data from Cointelegraph Markets Pro began to detect a bullish outlook for the SFP on November 29, ahead of the recent price surge.

VORTECS ™ score (green) vs. SFP price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS ™ score for SFP spiked into the green zone on November 29 and peaked at 81 around 41 hours before the price surged 38% over the next day.

SFP’s rising pricing follows the announcement that the project added support for Cardano, Nervos Network, Fantom, Avalanche, HECO Chain, Boba Network, Arbitrum, and Optimism.

The overall cryptocurrency market capitalization is now $ 2.67 trillion and Bitcoin’s dominance rate is 41.2%.

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 trade move involves risk, you should do your own research when making a decision.