The cryptocurrency market is showing signs of progress after a multi-day sell-off that saw total market capitalization drop more than $ 400 billion as the price of Bitcoin (BTC) briefly fell below $ 46,000.
While the majority of altcoins have entered a period of consolidation that includes retesting underlying support levels, several projects have lost ground after new developments rekindled investor optimism.
ADA / USDT
Cardano’s ADA started the year on a bullish spark, with the price rising 624% from $ 0.165 on Jan.2 to a high of $ 1.20 on Feb.20. This week’s sharp correction brought the price to a low of $ 0.80, but it is clear that traders bought the dip.
Since ADA hit a low of $ 0.80, ADA’s price soared 30% to $ 1.05 after community members of the Venus Protocol approved a proposal to add ADA to the Venus mainnet.
VIP-9 is over and will be executed soon! @Cardano will be an available digital asset on #Venus!
First steps: https://t.co/cAsPHdzOlQ https://t.co/KCgHWRPlfB
– Venus (@VenusProtocol) February 23, 2021
Cointelegraph Markets Pro’s VORTECS ™ data identified an optimistic outlook for ADA on February 14 ahead of the recent price hike.
The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.
As the graph above shows, Binance introduced staking on February 10th, and the VORTECS ™ value for ADA rose to a high of 88 on February 14th
MATIC / USDT
On February 9th, the Matic network was renamed “Polygon” as part of a strategic change to a layer two aggregator. The move came in response to Polkadot’s growing momentum and a desire to build an interoperability protocol on top of Ethereum.
High gas fees on the Ethereum network have increased the need for Layer Two solutions, and Polygon has become one of the top solutions where projects like Aavegochi and Golem are already working with the protocol.
The rebranding helped raise the price of MATIC from $ 0.07 on February 9 to an all-time high of $ 0.197 on February 20, before the market downturn pushed it back down to $ 0.111 on February 23.
Since then, the MATIC has rebounded 62%, trading at $ 0.16 as Polygon’s community and overall value continue to grow.
STX / USDT
Stacks (STX) was the breakout star on February 24th when the Layer-One blockchain solution, which is designed to deliver smart contracts and decentralized applications for Bitcoin, hit a record $ 166 million that STX on raised a new all-time high of $ 1.17.
The excitement for the project comes after the February 23 announcement that STX holders can now participate in delegated deployments from the Stacks wallet to receive BTC rewards.
According to Cointelegraph Markets Pro, market conditions have been favorable for STX for some time.
As seen in the graph above, VORTECS ™ for STX hit a high of 87 on February 23, about 30 hours before the price rose 75% to its new high of $ 1.17.
Interoperability, cross-bridge solutions and equity holdings have emerged as growth drivers that encourage investors to hold onto their tokens and attract new participants to old and new blockchain projects.
After the recent market downturn, it is clear that projects that offer token holders multiple ways to generate returns and operate over separate blockchain networks stand out from the rest of the field.