The bullish spike in Bitcoin and the urgent demand for secure crypto transactions appear to be benefiting XMR, TORN, and KNC.
On March 9, stocks and cryptocurrencies had a remarkable rebound, despite the fact that war, increasing inflation, and historically high oil costs have investors concerned about the future.
In the early trading hours, the price of Bitcoin (BTC) jumped to $42,600, and several altcoins followed suit with double-digit rises.
According to Cointelegraph Markets Pro and TradingView data, the top gainers in the last 24 hours were Monero (XMR), Kyber Network (KNC), and Tornado Cash (TORN), with Zcash (ZEC) earning an honorable mention.
Monero is one of the cryptocurrency market’s longest-running privacy-focused protocols, and the project is popular among investors seeking private, anonymous transactions.
According to Cointelegraph Markets Pro and TradingView data, the price of XMR rose 36% from a low of $153 on March 7 to a daily high of $208.82 on March 9, while its 24-hour trading volume grew by 186%.
The rising price of Monero coincides with an increase in global regulatory concerns and penalties, which may have driven crypto users toward privacy-focused protocols in order to avoid having their funds taken or frozen.
Kyber Network’s hot run, which began in early 2022, was extended after the multi-chain decentralized exchange (DEX) and aggregation platform had its price rise 37 percent from a low of $2.33 on March 7 to a daily high of $3.19 on March 8, while its 24-hour trading volume increased 222 percent.
Prior to the current price increase, VORTECSTM data from Cointelegraph Markets Pro detected an optimistic outlook for KNC on Jan. 22.
The VORTECSTM Score for KNC reached a high of 77 on Jan. 22, roughly 48 hours before the price began to rise 148.58 percent during the next six weeks, as shown in the chart above.
The impetus for KNC stems from the late-January release of Kyber 3.0 and the protocol’s March 6 launch on Arbitrum, which promises faster transaction times with lower costs.
Tornado cash is a non-custodial, decentralized system that allows for private crypto transactions by severing the on-chain link between source and destination addresses.
Cointelegraph Markets Pro’s VORTECSTM data began to detect a bullish outlook for TORN on March 8, prior to the latest price increase.
The VORTECSTM Score for TORN began to rise on March 7 and reached a high of 87 on March 8, roughly one hour before the price jumped 32.7 percent the next day, as shown in the chart above.
TORN’s price has risen in response to the release of the protocol’s new decentralized relayers network, which aids in the preservation of privacy during the withdrawal process on the platform. Those interested in joining the relayers network must stake a minimum of 300 TORN.
The total cryptocurrency market cap is currently $1.732 trillion, with Bitcoin dominating at 42.4 percent.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.