Analytics

Altcoins rack up 30% gains as Bitcoin price chases after $39,000

The cryptocurrency market is in a state of confusion on Jan. 31 as many traders view Bitcoin’s (BTC) weakness as a sign that a crypto winter is beginning, yet increasing news of adoption and multi-million-dollar financing rounds continue to make headlines on a regular basis. 

As Bitcoin trades at $38,500, analysts are highlighting the current price action as a possible buy zone and this bullish sentiment is spilling into altcoins also.

Top 7 coins with the highest 24-hour price change.

Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were DerivaDAO (DDX), Telos (TLOS) and Bonfida (FIDA).

DerivaDAO sees a 3,692% increase in trading volume

DerivaDAO is a decentralized exchange for derivatives that operates on the Ethereum (ETH) network.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for DDX Jan. 25, 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 (grey) vs. DDX price.

As seen in the chart above, the VORTECS™ Score for DDX hit a high score of 70 on Jan. 25, around 62 hours before the price increased 102% over the next three days.

The surge in DDX price comes amid a 3,692% increase in trading volume for the token, with more than $13 million in volume coming from the top U.S.-based cryptocurrency exchange Coinbase.

TLOS partners with BikeChain

TLOS is a blockchain network created with EOSIO software, and it is designed to bring speed and scalability to smart contracts for decentralized finance (DeFi), nonfungible tokens (NFTs), gaming and social media.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for DDX on Jan. 28, prior to the recent price rise.

VORTECS™ Score (grey) vs. TLOS price.

As seen in the chart above, the VORTECS™ Score for DDX climbed to a high of 71 on Jan. 25, around 2 hours before the price began to increase 61.54% over the next two days.

The bullish move for TLOS comes as the project has announced a new partnership with the self-governing ride-share application BikeChain and celebrated the growth of its first native decentralized exchange OmniDEX.

Solana name service launches on Bonfida

Bonfida is a protocol built on the Solana network that will create a bridge between the Serum DEX and the wider Solana ecosystem.

Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $1.59 on Jan. 28, the price of FIDA has rallied 84.72% to a daily high at $2.95 on Jan. 31 as its 24-hour trading volume spiked 81% to $28.5 million.

FIDA/USD 4-hour chart.

The sudden jump in price and trading volume follows the launch of perpetual futures trading for FIDA on the AscendEX cryptocurrency exchange and the rollout of user registration of Twitter handles with the Solana name service.

The overall cryptocurrency market cap now stands at $1.745 trillion and Bitcoin’s dominance rate is 41.6%.

   

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