VGX, PERP, and LUNA rebound as Bitcoin price struggles to hold $ 38,000

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Last week’s momentum in Bitcoin has all but faded as (BTC) price is back below the $ 39,000 mark, with bears and bulls embroiled in a heated battle for dominance.

Data from Cointelegraph Markets Pro and TradingView show that several altcoins such as Voyager Token (VGX), Perpetual Protocol (PERP) and Terra (LUNA) saw double-digit gains during Bitcoin price.

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

VGX / USD

The top performer over the past 24 hours has been Voyager Token, a cryptocurrency brokerage platform that provides private and institutional investors with a safe place to buy, trade and rent crypto assets.

Cointelegraph Markets Pro’s VORTECS ™ data began to see a bullish outlook for VGX on July 31, 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 such as market sentiment, trading volume, recent price movements and Twitter activity.

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

As can be seen on the graph above, the VORTECS ™ Score for VGX climbed to a high of 75 on July 31, about 50 hours before the price rose 54% the next day.

The sudden surge in momentum for VGX followed Voyager’s acquisition of Coinify, a crypto trading platform, and the launch of the VGX web swap 2.0 and staking portal.

PERP / USD

Perpetual Protocol, a decentralized perpetual contract protocol that includes a decentralized exchange (DEX) in the chain and up to 10x leverage, was the second best performer in the past 24 hours.

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

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

As can be seen in the graph above, the VORTECS ™ Score for PERP began rising on June 29th and climbed to a high of 80 on July 31st, about 48 hours before the price rose 30% the next day.

The increase in price as well as trading volume follows the release of Curie, the v2 upgrade of the Perpetual Protocol that “dramatically improves capital efficiency and increases fee collection for liquidity providers”.

Related: Bitcoin price drops below $ 38,000 with bullish traders eyeing a new higher low next

LUNA / USD

The third top performer on Tuesday is Terra, a protocol that specializes in fiat-linked stablecoins like TerraUSD (UST) to run a price-stable global payments system.

Data from Cointelegraph Markets Pro and TradingView show that the price of LUNA rose 28% from a low of $ 11.13 on August 2nd to an intraday high of $ 14.21 on August 3rd during the 24th Hourly trading volume increased 58% to $ 714 million.

LUNA / USD 4 hour chart. Source: TradingView

The excitement for LUNA has been growing since last week after TerraUSD (UST) was added to DinoSwap, and it continued on Tuesday thanks to an ongoing community vote on bETH’s whitelist as collateral for the Anchor Protocol, which the Anchor Ether (ETH) staking Ecosystem will bring rewards.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every step of investing and trading involves risk, so you should do your own research when making a decision.