Sunday, October 2

Traders stack on altcoins after Bitcoin price bounces off key support


The broader cryptocurrency market has a wait-and-see feeling on August 25 when the price of Bitcoin (BTC) dipped to $ 47,360 before recovering from the lower support of the ascending channel to regain the $ 48,000 level.

Despite the rapid turnaround, analysts remain cautious and well-known financial analyst John Bollinger has warned investors that it could be a good time to secure some gains.

Several altcoins have managed to overcome the general malaise of the market to post double-digit gains on Wednesday as decentralized finance (DeFi) and non-fungible tokens (NFT) continue to climb.

Top 7 currencies with the highest price change in 24 hours. Source: Cointelegraph Markets Pro

Cointelegraph Markets Pro data and TradingView shows that the biggest beneficiaries in the last 24 hours were Telos (TLOS), Gnosis (GNO) and Alpha Finance Labs (ALPHA).

Telos completes its bridge to Ethereum

The highest performing token on the 24-hour chart was Telos, a scalable blockchain network built on EOSIO software with a focus on creating NFTs and smart contracts for decentralized finance, gaming, and social media.

VORTECS ™ data from Cointelegraph Markets Pro began to detect a bullish outlook for TLOS on August 22, ahead of the recent price surge.

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 trading activity. Twitter

VORTECS ™ score (green) vs. TLOS price. Source: Cointelegraph Markets Pro

As seen in the graph above, the VORTECS ™ score for TLOS began to turn positive on August 22 and reached a high of 71 on August 23, approximately nine hours before its price began to increase by 45% during the next two days.

Enthusiasm for the project has been on the rise over the past week as the Telos network prepares to launch its Ethereum Virtual Machine (EVM) that will enable asset bridging between the two protocols.

Gnosis meets after creating a DAO

Gnosis continued to see strong demand as the project developers turned their attention to creating a decentralized autonomous organization (DAO) for its asset management system called Gnosis Safe.

According to data from Cointelegraph Markets Pro, market conditions for GNO have been favorable for some time.

VORTECS ™ score (green) vs. GNO price. Source: Cointelegraph Markets Pro

As seen in the graph above, the VORTECS ™ score for GNO has been in the green for much of the past week and peaked at 75 on August 22, about eight hours before the price rose 52% over the past few weeks. next two days.

Related: Ethereum supply shock: ETH exchange reserves continue to fall after 26% drop in 2021

Protocol updates provide a boost for Alpha Finance Lab

Alpha Finance Lab, a DeFi protocol that provides leverage, has been the third biggest winner on the 24-hour chart thanks in large part to the launch of Alpha Homora V2, which includes a new ‘Minimal Function Mode’ designed specifically for performance farmers. leveraged. .

VORTECS ™ score (green) vs. ALPHA price. Source: Cointelegraph Markets Pro

As seen in the graph above, the VORTECS ™ score for Alpha first turned green on August 19 and climbed into the dark green zone to reach a high of 81 on August 20. This was approximately 30 hours before the ALPHA price increased 31% above the next three days.

The token also received a boost on August 20 after ALPHA was selected as the Binance Launchpad project of the year for being the best performing project to come out of the exchange’s incubator in 2021.

The overall cryptocurrency market capitalization is now $ 2.091 trillion and Bitcoin’s dominance rate is 43.8%.

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.