All-time highs from AVAX, ENJ and EGLD point to the “old season”

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It was a roller coaster week in the cryptocurrency market after volatility returned to rock the price of Bitcoin (BTC) and push the digital asset to lows not seen since mid-October.

As has often happened in the past, the collapse of BTC’s price was followed by a rotation in altcoins, and Cointelegraph Markets Pro’s Altseason Indicator suggests that current market conditions are similar to those in the past when altcoins outperformed Bitcoin.

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Old season indicator. Source: Cointelegraph Markets Pro

Here’s a look at a few altcoins that have been rising steadily over the past few weeks.

Avalanche’s DeFi ecosystem is exploding

Avalanche (AVAX) is a first-tier blockchain protocol that grew in popularity over the course of 2021 as its decentralized finance (DeFi) and non-fungible token (NFT) ecosystems grew, thanks in part to the protocol’s low fees Attracting users and liquidity from Ethereum.

Cointelegraph Markets Pro’s VORTECS ™ data began to see a bullish outlook for AVAX on November 5th, 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. AVAX price. Source: Cointelegraph Markets Pro

As can be seen in the graph above, the VORTECS ™ Score for AVAX started rising on November 5th, hitting a high of 83, just as the price of AVAX started rising 54.76% over the next two weeks.

The rising price of AVAX comes as the DeFi ecosystem on Avalanche has soared its total value tied to the network to new highs and Binance US announced plans to list the token this week.

Enjin is aiming for a polkadot parachain slot

Enjin (ENJ) is a protocol that operates on the Ethereum (ETH) network and focuses on creating blockchain-based gaming products and non-fungible tokens.

Data from Cointelegraph Markets Pro and TradingView show that the price of ENJ has risen 213.5% from its low of $ 1.19 on September 29 to a daily high of $ 3.74 on November 19, during its 24- Hourly trading volume up 92%. is up $ 1.57 billion.

ENJ / USDT 4 hour chart. Source: TradingView

The rising strength for ENJ in November comes as the Enjin ecosystem aims to secure a spot as the polkadot parachain for its cross-chain metaverse project Efinity through the crowdloan auction.

Elrond Announces $ 1.29 Billion Liquidity Incentive Program

Elrond is a blockchain protocol aiming to become the technology ecosystem for the “new internet” and uses sharding technology to allow its network to process 15,000 transactions per second (TPS) with average transaction costs of $ 0.001.

Cointelegraph Markets Pro’s VORTECS ™ data began to see a bullish outlook for EGLD on November 12, ahead of the recent price hike.

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

As can be seen in the graph above, the VORTECS ™ Score for EGLD started rising on November 12th, hitting a high of 76, approximately 108 hours before EGLD’s price began rising 30.27% over the next three days .

The building momentum for EGLD comes when the Maiar Decentralized Exchange (DEX) protocols were officially launched along with a $ 1.29 billion liquidity incentive program designed to help attract users and liquidity to its DeFi ecosystem.

The total market cap of the cryptocurrency is now $ 2.59 trillion and the dominance of Bitcoin is 42.2%.

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, you should do your own research when making a decision.