Stocks and cryptocurrencies saw notable gains on March 9, although war, rising inflation and historically high oil prices leave investors uncertain about the future.
The price of Bitcoin (BTC) surged to $42,600 in the early trading hours and several altcoins followed in double digits.
Top 7 coins with the highest 24-hour price change. Source: Coin-Crypto Markets Pro
Data from Coin-Crypto Markets Pro and Trading Display shows that Monero (XMR), Kyber Network (KNC) and Tornado Cash (TORN) were the biggest winners of the last 24 hours, with Zcash (ZEC) receiving an honorable mention.
monero
Monero is one of the longest-running privacy-focused protocols in the cryptocurrency market, and the project is popular with investors looking to make private, anonymous transactions.
Data from Coin-Crypto Markets Pro and Trading Display shows that 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 24-hour trading volume increased 186%.
XMR/USD 4-hour chart. Source: TradingView
Monero’s rising price comes as a rise in global concerns over regulations and sanctions may have pushed crypto users toward privacy-focused protocols to avoid having their assets seized or frozen.
Kyber Network
Kyber Network extended its hot streak since early 2022 after the multi-chain decentralized exchange (DEX) and aggregation platform saw its price rise 37% from a low of $2.33 on March 7 to a daily high of $3.19 on March 1. March 8 as the 24-hour trading volume rose 222%.
VORTECS™ data from Coin-Crypto Markets Pro began to detect a bullish outlook for KNC on Jan. 22 ahead of the recent price hike.
VORTECS™ Score (green) vs. KNC price. Source: Coin-Crypto Markets Pro
As can be seen in the chart above, the VORTECS™ score for KNC peaked at 77 on January 22, about 48 hours before the price started to rise 148.58% over the next six weeks.
The momentum for KNC follows the release of Kyber 3.0 in late January and the protocol’s launch on March 6 on Arbitrum, which promises to provide faster transaction times at a lower cost.
Related: Kyber Network (KNC) Beats the Market-Wide Downtrend With a 57% Gain in January
Tornado Cash
Tornado Money is a decentralized, non-custodial protocol that provides private crypto transactions by breaking the on-chain link between source and destination addresses.
VORTECS™ data from Coin-Crypto Markets Pro began detecting a bullish outlook for TORN on March 8, ahead of its recent price surge.
VORTECS™ Score (green) vs. TORN price. Source: Coin-Crypto Markets Pro
As can be seen in the chart above, the VORTECS™ score for TORN started rising on March 7, reaching a high of 87 on March 8, about an hour before the price rose 32.7% the following day.
TORN’s rising price follows the release of the protocol’s new decentralized relayers network, which helps maintain privacy during the incorporation process on the platform. Those interested in joining the relayers network must wager a minimum of 300 TORN.
The total cryptocurrency market cap now stands at $1,732 trillion and Bitcoin’s dominance is 42.4%.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Coin-Crypto.com. Every investment and trading move involves risks, you should do your own research when making a decision.