Protocol upgrades and a new cross-chain Ethereum bridge back the rally in TLOS, GNO and ALPHA.
The wider crypto market has a wait-and-see feel to it on Aug. 25 as the price of Bitcoin (BTC) dipped to $47,360 before rebounding off the lower support of the ascending channel to reclaim the $48,000 level.
Despite the swift turnaround, analysts are still wary and well-known financial analyst John Bollinger warned investors that it might be a good time to secure some profit.
Several
altcoins have managed to overcome the general market malaise to post
double-digit gains on Wednesday as decentralized finance (DeFi) and
nonfungible tokens (NFT) continue to push higher.
Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Telos (TLOS), Gnosis (GNO) and Alpha Finance Labs (ALPHA).
Telos finalizes its bridge to Ethereum
The
top-performing token on the 24-hour chart was Telos, a scalable
blockchain network created from EOSIO software with a focus on the
creation of 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 Aug. 22, prior to the recent price rise.
The
VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic
comparison of historic and current market conditions derived from a
combination of data points including market sentiment, trading volume,
recent price movements and Twitter activity.
As
seen in the chart above, the VORTECS™ Score for TLOS began to shift
positive on Aug. 22 and reached a high of 71 on Aug. 23, roughly nine
hours before its price began to increase by 45% over the next two days.
Excitement
for the project has been on the rise over the past week as the Telos
network prepares to release its Ethereum Virtual Machine (EVM) which
will enable the bridging of assets between the two protocols.
Gnosis rallies after creating a DAO
Gnosis
continued to see strong demand as developers on the project turned
their attention toward the creation of 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.
As
seen in the chart above, the VORTECS™ Score for GNO has been in the
green for much of the past week and reached a high of 75 on Aug. 22,
around eight hours before the price increased 52% over the next two
days.
Related: Ethereum supply shock: Exchange ETH reserves continue to fall after a 26% drop in 2021
Protocol upgrades provide a boost for Alpha Finance Lab
Alpha
Finance Lab, a leverage-providing DeFi protocol, has been the
third-biggest gainer on the 24-hour chart thanks in large part to the
release of Alpha Homora V2 which includes a new ‘Minimal Function Mode’
designed specifically for leveraged yield farmers.
As
seen in the chart above, the VORTECS™ Score for Alpha first turned
green on Aug. 19 and climbed into the dark green zone to hit a high at
81 on Aug. 20. This was approximately 30 hours before ALPHA price
increased 31% over the next three days.
The token also got a
boost of momentum on Aug. 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 cap now stands at $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 trading move involves risk, you should conduct your own
research when making a decision.
source link : https://cointelegraph.com/news/traders-pile-into-altcoins-after-bitcoin-price-bounces-at-a-key-support
