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SafePal, Bifrost and Request Network soar after Bitcoin price hits $59K

Bitcoin (BTC) started the new month in strength and today’s run up to $59,053 suggests that bulls are whence to shake off the fears stirred up by the Federal Reserve’s taper talks and the emergence of a new strain of Covid-19. 

Altcoins moreover saw their prices lift off and early hopes of a potential “Santa Claus rally” are making the rounds on crypto Twitter.

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Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Request Network (REQ), Bifrost (BFC) and SafePal (SFP).

Request Network transactions hit an all-time high

Request Network is an Ethereum-based decentralized payment system that allows users to send and receive funds through secure channels without the need for an intermediary.

VORTECS™ data from Cointelegraph Markets Pro began to snift a bullish outlook for REQ on Nov. 28, prior to the recent price rise.

The VORTECS™ Score, sectional 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.

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

As seen in the orchestration above, the VORTECS™ Score for REQ climbed into the untried zone on Nov. 28 and reached a upper of 81 virtually 57 hours surpassing the price increased 98% over the next day.

The spike in the price of REQ comes as worriedness on the network increases and the number of transactions surged 32% in November. The running tally has the transaction count up 46.34% over the last 30 days and 67.32% over the past 90 days.

Bifrost releases ChainRunner Q

Bifrost is a multichain middleware platform which allows developers to build decentralized applications (DApps) capable of operating on top of multiple protocols.

Data from Cointelegraph Markets Pro and TradingView shows that without hitting a low of $0.35 in the early trading hours on Dec. 1, the price of BFC surged 56.84% to an intraday upper at $0.556 as its 24-hour trading volume surpassed $130 million.

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BFC/USDT 4-hour chart. Source: TradingView

The jump in the price of BFC comes as the Bifrost protocol released its long-awaited ChainRunner Q protocol which provides users with wangle to pre-built decentralized finance (DeFi) strategies, as well as the worthiness to deposit, borrow, transfer, buy, and leverage their cryptocurrency holdings.

Related: Bitcoin correction weakest of 2021 so far as hopes of Santa Claus rally rise

SafePal adds support for nine new blockchains

SafePal is a cryptocurrency wallet that offers hardware and software options for investors holding resources from the Ethereum, Binance Smart Chain and Tron ecosystem.

VORTECS™ data from Cointelegraph Markets Pro began to snift a bullish outlook for SFP on Nov. 29, prior to the recent price rise.

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

As seen in the orchestration above, the VORTECS™ Score for SFP spiked into the untried zone on Nov. 29 and hit a upper of 81 virtually 41 hours surpassing the price increased 38% over the next day.

The climbing price of SFP follows the utterance that the project widow support for Cardano, Nervos Network, Fantom, Avalanche, HECO Chain, Boba Network, Arbitrum and Optimism.

The overall cryptocurrency market cap now stands at $2.67 trillion and Bitcoin’s dominance rate is 41.2%.

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

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