Stocks and cryptocurrencies saw a notable rebound on March 9, even though the war, rising inflation, and historically high oil prices have investors unsure about the future.
Bitcoin (BTC) price surged as high as $42,600 in early trading hours and several altcoins followed suit with double-digit gains.
Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers in the last 24 hours were Monero (XMR), Kyber Network (KNC), and Tornado Cash (TORN), with Zcash (ZEC) earning an honorable mention.
Monero
Monero is one of the oldest privacy-focused protocols in the cryptocurrency market. and the project is popular with investors looking to conduct private and anonymous transactions.
Data from Cointelegraph Markets Pro and TradingView 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, as its 24-hour trading volume increased by 186%.
Monero’s price surge comes at a time when rising regulatory concerns and sanctions globally may have pushed crypto users toward privacy-focused protocols to prevent their assets from being seized or frozen.
Kyber Network
Kyber Network extended the hot streak it has been on 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 8, while its 24-hour trading volume soared 222%.
VORTECS™ data from Cointelegraph Markets Pro began spotting a bullish outlook for KNC on Jan. 22, prior to the recent price rally.
As seen in the chart above, the VORTECS™ Score for KNC reached a high of 77 on January 22, some 48 hours before the price began to rise 148.58% over the next six weeks.
The push for KNC follows the release of Kyber 3.0 in late January and the March 6 launch of the protocol on Arbitrum, which promises to deliver faster transaction times with lower fees.
TornadoCash
Tornado cash is a decentralized, non-custodial protocol that provides private cryptocurrency transactions by breaking the on-chain link between source and destination addresses.
VORTECS™ data from Cointelegraph Markets Pro began spotting a bullish outlook for TORN on March 8, prior to the recent price rally.
As seen in the chart above, the VORTECS™ Score for TORN started to rally on March 7th and reached a high of 87 on March 8th, about an hour before the price surged 32.7% over the next day.
TORN’s price hike follows the launch of the protocol’s new decentralized relay network, which helps maintain privacy during the withdrawal process on the platform. Those interested in being part of the repeater network must bet a minimum of 300 TORN.
The global cryptocurrency market capitalization now stands at $1.732 trillion and the dominance rate for Bitcoin is 42.4%.
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 do your own research when making a decision.
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