Even with the price of Bitcoin on the verge of a new all-time high, the cryptocurrency market projects an aura of anxious optimism on October 18 as investors await the official launch of the first Bitcoin (BTC) exchange-traded fund (ETF) which is ready to start trading on October 19.
As the market awaits the historic ETF launch, BTC bulls are struggling 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 the price of Bitcoin consolidates.
Data of Cointelegraph Markets Pro and TradingView shows that the biggest beneficiaries in the last 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 the idle computing power of devices and data centers around the world to help power the crypto ecosystem.
VORTECS โข data from Cointelegraph Markets Pro began to detect a bullish outlook for ANKR on October 17, ahead of the recent price surge.
The VORTECS โข 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
As seen in the chart above, the VORTECS โข score for ANKR began to rebound on October 17 and rose to a high of 70 around four hours before the price soared 46% over the next day.
ANKR's price increase comes after the project's multi-year sponsorship deal with the Sacramento Kings of the National Basketball Association (NBA).
Stacks moves towards launching smart contracts in Bitcoin
Stacks is a layer one blockchain solution focused on bringing smart contracts and decentralized applications to the Bitcoin network.
VORTECS โข data from Cointelegraph Markets Pro began to spot a bullish outlook for STX on October 11, ahead of the recent price surge.
As seen in the chart above, the VORTECS โข score for STX began to rebound on October 11 and peaked at 88, around five hours before the price began to increase by 55% over the next week.
STX's rise in prominence comes as the potential launch of multiple BTC ETFs has gotten the broader investment community excited about the possibility of smart contract capabilities on the Bitcoin network.
Kadena adds NFT capabilities
Kadena price also took a bullish turn in the last 24 hours.
Data of Cointelegraph Markets Pro and TradingView shows that after hitting a low of $ 2.14 on Oct 16, KDA's price has rallied 30% to a daily high of $ 2.79 on Oct 18 as its 24-hour trading volume skyrocketed 313% to $ 9.4 million.
The increased momentum for KDA follows the protocol's partnership with Immutable Records, which will bring a fully built NFT marketplace to the Kadena ecosystem.
The overall cryptocurrency market capitalization is now $ 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 business move involves risk, you should do your own research when making a decision.
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