Traders pile up in altcoins after Bitcoin price rises on a major support


The broader crypto market has a wait-and-see feeling on Aug 25 as the price of Bitcoin (BTC) fell to $ 47,360 before bouncing off lower support from the ascending channel to regain the $ 48,000 level.

Despite the rapid turnaround, analysts are still suspicious and well-known financial analyst John Bollinger warned investors that it may be a good time to make a profit.

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Several altcoins have managed to beat the general market weakness, posting double-digit gains on Wednesday as decentralized finance (DeFi) and non-fungible tokens (NFT) keep pushing higher.

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

Data from Cointelegraph Markets Pro and TradingView shows that the biggest winners over the past 24 hours have been Telos (TLOS), Gnosis (GNO) and Alpha Finance Labs (ALPHA).

Telos completes its bridge to Ethereum

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

Cointelegraph Markets Pro’s VORTECS ™ data began to see a bullish outlook for TLOS on August 22, 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.

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

As can be seen in the graph above, the VORTECS ™ Score for TLOS began to shift positive on August 22nd, reaching a high of 71 on August 23rd, approximately nine hours before the price rose 45% over the next two days. began to rise.

The excitement for the project has increased over the past week as the Telos network prepares to release its Ethereum Virtual Machine (EVM), which will allow assets to be bridged between the two protocols.

Gnosis accumulates after creating a DAO

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

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

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

As can be seen in the graph above, the VORTECS ™ Score for GNO has been in the green for most of the past week, hitting a high of 75 on August 22nd, about eight hours before the price rose 52% over the next two days. rose.

Related: Ethereum supply shock: The exchange’s ETH reserves continue to decline after falling 26% in 2021

Protocol upgrades give Alpha Finance Lab a boost

Alpha Finance Lab, a DeFi leverage protocol, was the third biggest winner on the 24-hour chart, thanks in large part to the release of Alpha Homora V2, which includes a new “Minimal Function Mode” specifically for leveraged yield -Farmers was developed.

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

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

The token also received a boost in momentum on Aug. 20 after ALPHA was selected for the Binance Launchpad Project of the Year as the top performing project from the exchange’s incubator in 2021.

The total market capitalization of the cryptocurrency is now $ 2.091 trillion and the dominance rate of Bitcoin is 43.8%.

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