Centric Swap leads ‘Uptober’ after a swift 1,000% gain. Here’s why it could go higher

CNS price rallied roughly 1,000% in the past 5 weeks as new partnerships, a chain migration and the promise of “announcements upon announcements” lure new investors.

In the past few weeks, Centric Swap (CNS), a dual-token model that gives stakers a fixed hourly yield that “stabilizes over time as it self-regulates token supply to meet ongoing changes in demand,” has rallied more than 850% and still about 200% away from its previous all-time high.

Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.000104 on Sept. 9, the price of CNS has skyrocketed 1,130% to a daily high at $0.0017659 on Oct. 15 as its 24-hour trading volume spiked 130% to $6.4 million.

CNS/USDT 4-hour chart. Source: TradingView

Three reasons for the rapid rise in CNS price include the expansion of the project’s ecosystem through partnerships, a $1 billion injection by Binance into the DeFi ecosystem on the Binance Smart Chain (BSC) and the promise of multiple upcoming developments and announcements by the project’s developers.

Centric’s ecosystem expands

Real-world adoption is probably one of the best validation signals for a project because the increased token utility tends to boost prices and it also brings new attention to the project.

Over the past couple of months, the Centric Swap protocol signed a handful of partnerships with companies like Tourvest Travel Services and Absolute World, which will allow CNS to be used as a payment option for traveling expenses.

Other big partnerships include a collaboration with Goldgenie, which specializes in high-end luxury items like gold-plated cell phones and a partnership with the decentralized cross-chain bridge CroxSwap.

Binance Smart Chain invests in CNS

On July 15, Centric Swap migrated from the Tron network to the Binance Smart Chain. This gave the project access to the active trading community on BSC which has helped boost its exposure and increase its trading volume.

This turned out to be a timely move because Binance recently announced that it would investing $1 billion toward developing the DeFi ecosystem on the BSC, which Centric Swap is now a part of.

Protocol investments and developer incentive plans have grown in popularity in recent months after multiple projects, including Avalance, Fantom and Terra used the tactic to grow their communities and attract liquidity to their DeFi ecosystems. In each instance, the tactic lead to a strong increase in each project’s token price.

Related: Ethereum alternatives and layer-one solutions see steady gains in September

Teasing upcoming announcements

The project’s Twitter feed shows that prior to the recent announcements such as the Absolute World partnership, the team at Centric dropped numerous hints about upcoming developments may have excited community members and triggered a buying spree.

The announcement of an announcement approach is a popular marketing tactic used in the cryptocurrency sector, but it remains to be seen if this will offer a sustainable pump in price or result in a buy the rumor, sell the news scenario.

When one Twitter user suggested that the project would amount to nothing more than a “buy the rumor, sell the news” event, Centric chief operating officer Thomas Butcher rebuffed the idea and said that there is more in the pipeline for Centric in the coming months.

Butcher said:

“It doesn’t matter, we have even more news behind that news, and more news behind that news, and more news behind that news… See the pattern that we’re entering.”

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 trading move involves risk, you should conduct your own research when making a decision.

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Bitcoin-related altcoins surge as BTC ETF rumors spread across the sector

Rumors of an imminent Bitcoin ETF approval are boosting sentiment and prices across the market, but caution is warranted, as it could turn into a buy-the-rumor, sell-the-news event.

On Oct. 14, bulls flexed their muscles and showed their intent to push the price of Bitcoin (BTC) closer to its $65,900 all-time high. One reason for the move is the steady chatter about the possibility of a Bitcoin exchange-traded fund (ETF) being approved by the end of October. 

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $54,103 on Oct. 13, the price of Bitcoin rallied 8.2% to an intraday high of $58,532 on Oct. 14 as the ETF discussion made fresh rounds on Crypto Twitter.

BTC/USDT 1-day chart. Source: TradingView

The spike above $58,500 is also significant because it marks a 100% increase in the price of BTC since bottoming at $29,193 on July 20, signaling a strong recovery and increasing demand.

Bitcoin’s price performance is also a signal that market participants are back in accumulation mode, a fact that is backed by data from Glassnode showing that the amount of Bitcoin held in wallets of all sizes has been on the rise since the price briefly dipped below $29,000 in mid-June.

Bitcoin hodl waves. Source: Glassnode

Badger DAO brings Bitcoin to DeFi

The rising price and growing bullish sentiment surrounding Bitcoin have also helped bring extra attention to Bitcoin-related projects that aim to facilitate its integration into the decentralized finance (DeFi) ecosystem and add smart contract capabilities to the Bitcoin ecosystem.

One beneficiary is Badger DAO, a decentralized autonomous organization focused on building products and infrastructure around Bitcoin’s utility in DeFi.

Data from and TradingView shows that since Oct. 1, the price of its BADGER token surged 187% from a low of $15.69 to a daily high of $45.09 on Oct. 14 as its 24-hour trading volume increased by 147% to $162 million.

BADGER/USDT 4-hour chart. Source: TradingView

The surge in the price of BADGER coincides with the token listing on crypto exchange Coinbase Pro.

Related: CME Bitcoin futures open interest hits 8-month high, greater than when BTC price was at $65K

Stacks brings smart contracts to Bitcoin

Another Bitcoin-focused project that has seen a bump in its token price is Stacks, a layer-one blockchain solution aiming to bring smart contracts and decentralized applications to the Bitcoin network.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for Stacks’ STX coin on Oct. 11, prior to the recent price rise.

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 Twitter activity.

VORTECS™ Score (green) vs. STX price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for STX began to pick up on Oct. 11 and reached a high of 82 around five hours before the price increased 33% over the next two days.

Overall, the ongoing discussions about a Bitcoin ETF continue to help drive speculation and price action across the crypto market, especially for tokens associated with the top cryptocurrency. But a word of caution is warranted, as there is still the possibility that this could turn into a buy-the-rumor, sell-the-news type of event.

It’s also worth noting that the possibility of a Bitcoin ETF has been discussed as far back as 2013, and it was one of the driving forces behind the 2017–2018 bull cycle, so it would be wise to wait for an official announcement from a regulatory body before assuming that the arrival of a BTC ETF is guaranteed.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, and you should conduct your own research when making a decision.

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VORTECS™ Report: How this quant-style indicator foreshadowed Axie Infinity’s rally to a new ATH

AXS wrested control of the 2021 bull market to become one of the top-performing tokens, and Cointelegraph’s Markets Pro indicators accurately tracked each step of the journey.

Every week, subscribers of Cointelegraph’s Markets Pro data analytics platform receive a detailed breakdown of the top performers of the week and the VORTECS™ Score indicator’s performance in tracking potential bullish and bearish developments.

Here are some of the highlights of the latest report:

  • Axie Infinity Shard (AXS) recorded a new all-time high following a strong VORTECS™ Score.
  • Three out of ten top price movers flashed a VORTECS™ Score of 80 or higher before peaking.
  • NewsQuakes™ alerts gave traders an early signal for NEAR’s and RAY’s double-digit rally.
  • The all-time top VORTECS™ Scorers’ average gains against Bitcoin (BTC) demonstrated that the greatest returns come 24 and 72 hours after assets flash scores of 80 and 90.
  • Community members shared information on interesting tokens and successful trading strategies.

AXS charts its own path to the moon

The stellar run of Axie Infinity’s AXS to a new all-time high at $155.27 also shocked many investors, and it deserves particular attention.

The asset’s whirlwind appreciation follows its growing utility in the virtual Axie Infinity universe where players breed, trade and battle nonfungible token (NFT)-based creatures called Axies to earn AXS alongside another token called Smooth Love Potion (SLP). There are now more than 1.85 million active players in the game, which marks a 4,500% increase since April 2021.

Clearly, the asset has seen quite a few explosive rallies on its way to the current valuation. The data generated throughout this time allowed the VORTECS™ indicator, exclusive to Cointelegraph, to get exceptionally good at recognizing the telltale signs of AXS’ breakouts.

The VORTECS™ Score, exclusive to Cointelegraph Markets Pro, is an algorithmic comparison of historical and current market and social conditions around a coin calculated from a combination of variables including market sentiment, trading volume, recent price movements and Twitter activity.

While the indicator will not tell investors when to go long or short, it can provide insights that are based on historically bullish or bearish conditions for a particular coin. According to the algorithm, the higher the score, the more likely it is that the observed conditions will be historically favorable for the next 12 to 72 hours.

In the case of AXS, historical precedent seems to be particularly instructive.

VORTECS™ Score (green) vs. AXS price, Sept. 25 – Oct. 2. Source: Cointelegraph Markets Pro

Between Sept. 25 and Oct. 2, AXS gained 76.67% against the U.S. dollar and 56.05% against Bitcoin, reaching a new all-time high above $117.

AXS saw its VORTECS™ Score peak at 87 on Sept. 26 when its price was $63.15, and the model recognized a historically bullish setup of market dynamics and social sentiment. The breakout began some 2 1/2 days later when the token began to steadily climb from $65 to $117 on Oct. 2.

All-time-high scorer

With an overall 60 days during which its VORTECS™ Score hit 80 or higher, AXS remains the second-best all-time performer in terms of high-score days, trailing only THORChain’s RUNE.

However, AXS’ average returns following high scores are much better than those of RUNE.

On average, AXS gained 4% 24 hours after its VORTECS™ Score hit 80, 7% after 48 hours and 10% after 72 hours. When looking at the occasions when the coin hit the 90 VORTECS™ Score mark, the coin’s average returns are even more impressive: 7% after 24 hours, 13% after 48 hours and 21% after 72 hours.

VORTECS™ Score (green) vs. AXS price, Sept. 29 – Oct. 5. Source: Cointelegraph Markets Pro

The token’s price plateaued on Oct. 2 and 3 after recording its then-all-time high above $117. With the price still flat, AXS’ VORTECS™ Score began sharply rising again, crossing the 80 threshold when it traded for $105 and surging to 96. Fifteen hours after hitting 80, AXS price reached a record $153.70.

Currently, AXS’ VORTECS™ Score is again in the high eighties, so it is quite possible that the feast is not over yet.

Cointelegraph is a publisher of financial information, not an investment adviser. We do not provide personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risk including the risk of permanent and total loss. Past performance is not indicative of future results. Figures and charts are correct at the time of writing or as otherwise specified. Live-tested strategies are not recommendations. Consult your financial advisor before making financial decisions.

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Ethereum price gets back to $3K as institutional investors pile into ETH futures

Ethereum prices recovered on Sunday amid a market-wide upside correction while receiving an additional upside boost from a bullish JPMorgan & Chase report.

Ethereum’s native token Ether (ETH) staged a rebound on Sept. 26 following a massive decline earlier this week that saw its prices plunging to as low as $2,651 on Coinbase.

The ETH/USD exchange rate rose 3.63% to hit an intraday high of $3,030. The upside move amounted to a 14.3% upside retracement from the pair’s week-to-date low at $2,651, showing that traders attempted to retain their bullish bias despite potential headwinds ahead.

Last week, Ether prices fell due to a flurry of issues arising from China. On Monday, traders dumped crypto assets en masse after a tumult in China’s heavily indebted property market prompted a selloff across global stock markets.

A rebound move ensued later in the week but met with another selloff on Friday after People’s Bank of China reiterated that crypto transactions are illegal. Nonetheless, Ethereum bulls maintained their foothold and pushed prices back above $3,000, a psychological resistance level.

ETH/USD daily price chart. Source: TradingView.com

The sentiments were similar across some top crypto assets, with the benchmark cryptocurrency Bitcoin hitting an intraday high of $43,767 on Coinbase following a 2.49% upside move. Meanwhile, Uniswap exchange’s native asset UNI also fared higher by more than 19%, becoming the top-performing crypto asset at least in the previous 24 hours.

At the same time, Ethereum’s top rivals Cardano (ADA) and Solana (SOL) performed poorly, with ADA/USD dropping more than 5% and SOL/USD losing over 3% on a 24-hour adjusted timeframe.

Institutional demand

Ethereum gains also followed a bullish report thifrom JPMorgan & Chase.  The study noted that institutional investors have started increasing their exposure in Ethereum markets.

Analysts at JPMorgan credited the ongoing craze in the decentralized finance (DeFi) and nonfungible token (NFT) sector as the primary driver behind investors’ interest in Ethereum. They added that the 21-day average Ethereum Futures premium climbed to 1% over spot ETH prices, citing the Chicago Mercantile Exchange (CME) data recorded since August.

Ethereum Futures daily price chart. Source: TradingView.com

The JPMorgan report coincided with a record amount of Ether tokens getting withdrawn out of all crypto exchanges, as per data provided by CryptoQuant. At press time, the net ETH reserves on trading platforms had dropped to 18.44 million ETH compared to 23.94 million ETH a year ago.

Related: Ethereum drops more than Bitcoin as China escalates crypto ban, ETH/BTC at 3-week low

Independent analyst PostyXBT also anticipates a potential further price rebound in Ethereum markets, noting that the cryptocurrency’s latest declines had pushed it inside a classic accumulation range, as shown in the chart below.

ETH/USD weekly price chart featuring its latest accumulation range. Source: PostXBT, TradingView.com

“Weekly close equally as important for ETH today as price tests the previous range highs as support,” the analyst noted.

“Seems like a logical area to make a higher low and I have bought more here for long-term bags/swing trade. RR looks favorable after a 33% correction from the local top.”

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 trading move involves risk, you should conduct your own research when making a decision.

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Here’s why Avalanche, OriginTrail and Coti hardly budged as Bitcoin fell to $40K

Market corrections are scary, but savvy altcoin traders also know it is an opportunity to secure hefty gains — here’s how.

Admittedly, the last few days have not been not the most pleasant time for crypto traders as the price of Bitcoin (BTC) price fell short of breaking the $50,000 threshold, then slid to the low-$40,000 range and pulled the majority of altcoins down with it.

Despite this sharp downturn, a handful of tokens seemed to do much better than the rest of the market by posting weekly gains in their BTC and U.S. dollar-denominated pairs.

Some traders looking to rack up their Bitcoin holdings cannot be bothered to follow an altcoins’ price dynamics against the dollar. For them, BTC slumps like the recent one can be seen as a profit opportunity, but how does one tell what coins are likely to perform well when BTC is on its way down?

AVAX: Powered by the news

Avalanche (AVAX) has added 28.19% in its dollar pair and 43.46% against BTC over the past week. Furthermore, on Sept. 17, the price of AVAX rose from 128,600 satoshis (sats) to 153,600 sats on the news of a partnership between the Avalanche Foundation and DeFi liquidity hub Kyber Network.

AVAX price vs. VORTECS™ Score. Source: Cointelegraph Markets Pro

As AVAX’s price was coming down from this first peak, the pattern of market and social conditions around the asset’s price movement, trading volume, tweet volume and sentiment began to strongly resemble the patterns observed in previous dramatic price increases.

This was indicated by the coin’s algorithmic VORTECS™ Score — an indicator exclusively available to CT Markets Pro subscribers — going above 80, which can be seen on the dark green line marked by a red circle on the chart.

Scores of 80 and above indicate the model’s high confidence that the pattern is consistent.

Indeed, several hours after the VORTECS™ Score line had turned dark green, AVAX’s rally resumed. It was undercut by the market-wide slump in the early hours of Sept. 20, but the token’s individual bullish momentum was so strong that it rebounded in less than a day, trading at 156,900 sats on Sept. 22.

TRAC: A long turnaround

In the last seven days, OriginTrail’s Trace (TRAC) token has been up 6.02% against the U.S. dollar and 18.11% against Bitcoin.

TRAC price vs. VORTECS™ Score. Source: Cointelegraph Markets Pro

On Sept. 16, social and market variables around TRAC formed a historically favorable arrangement, and the coin’s VORTECS™ Score reached the value of 85 against the price of 852 sats. The algorithm is trained to detect conditions that have consistently preceded previous rallies by 12 to 72 hours, so sometimes price movement action can come days after a favorable score is registered.

This turned out to be the case with TRAC’s price action this week. Roughly 70 hours after the peak VORTECS™ Score showed up, the coin soared from 740 to 1088 sats in 24 hours. The Sept. 20 market flash crash took its toll on TRAC, but it recovered quicker and harder than most and secured positive weekly returns against both BTC and the dollar.

COTI: Enough momentum to weather the storm

COTI generated an extra 12.55% against the dollar and 26.51% versus BTC this past week.

COTI price vs. VORTECS™ Score. Source: Cointelegraph Markets Pro

The coin’s VORTECS™ Score briefly went beyond 80 briefly on Sept. 17 in the middle of a rally that took it from 668 to 926 Sats. COTI’s momentum began to recede before the Sept. 20 rout, with the asset trading at around 800 sats early that day. Yet, the robust market and social outlook detected earlier ensured that the asset’s recovery was smooth: The coin recouped much of the losses over the next two days.

While the VORTECS™ Score is by no means a prediction of future price movement, it can alert investors to historical trends that can be profitably incorporated into a trading strategy. 

Cointelegraph is a publisher of financial information, not an investment adviser. We do not provide personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risks including the risk of permanent and total loss. Past performance is not indicative of future results. Figures and charts are correct at the time of writing or as otherwise specified. Live-tested strategies are not recommendations. Consult your financial advisor before making financial decisions.

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