Altcoins pump as traders anticipate Bitcoin’s lower support test

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Bitcoin Bulls (BTC) are locked in a battle with the bears to gain control of the $ 40,000 level and the conciliatory comments from US Federal Reserve Chairman Jerome Powell suggest accommodating monetary policies will remain in place in the future. the foreseeable future.

Generally, the crypto ecosystem is cautiously optimistic about further price hikes as the fallout from the China miners purge begins to fade and displaced miners begin to establish mining operations in other countries. , causing the Bitcoin hash rate to rebound.

Data from Cointelegraph Markets Pro and TradingView shows that while Bitcoin’s momentum has slowed, several altcoins have gained more than 30% on the chart in 24 hours, led by THORChain (RUNE), Quant (QNT) and Perpetual Protocol ( PERP).

Top 7 parts with the highest price change over 24 hours. Source: Cointelegraph Markets ProRUNE / USD

The top performer over the past 24 hours has been THORChain, a decentralized liquidity protocol that facilitates the exchange of cryptocurrencies across multiple networks while allowing the token holder to retain full custody of their assets.

Cointelegraph Markets Pro’s VORTECS data began to detect a bullish outlook for RUNE on July 24, 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, including market sentiment, trade volume, recent price movements and Twitter activity. .

VORTECS score (green) against the RUNE price. Source: Cointelegraph Markets Pro

As shown in the graph above, the VORTECS score for RUNE first peaked at 85 on July 24, then declined slightly over the next two days and recorded a high of 75 on July 26, about 18 hours before its price started to climb. 65% rally over the next two days.

RUNE’s price has been hammered in recent weeks after a series of protocol exploits resulted in the withdrawal of $ 7.6 million in funds from the platform, but it appears the fallout has now subsided.

QNT / USD

The second biggest winner in the past 24 hours was Quant (QNT), a project focused on interoperability between different blockchain networks.

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

VORTECS score (green) against the QNT price. Source: Cointelegraph Markets Pro

As shown in the graph above, the VORTECS score for QNT started rising on July 25 and peaked at 81, about 24 hours before the price rose 75% over the next two days.

The NewsQuake alert system took notice of Binance’s announcement that it would list QNT just before its price began to rise significantly, from $ 96 to an intraday high of $ 144.75.

Related: Crypto Population Has Doubled To Over 200 Million Users Since January, Report Says

PERP / USD

Perpetual Protocol, a decentralized perpetual contracts protocol that includes on-chain DEX and up to 10x leverage, also erupted today.

Cointelegraph Markets Pro’s VORTECS data began to detect a bullish outlook for PERP on July 25, ahead of the recent price hike.

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

As shown in the graph above, the PERP VORTECS score went green on July 25 and peaked at 79 in early July 26, about 24 hours before the price rose 52% over the course of the year. of the following two days.

The building momentum behind PERP comes after the release of Curie, a second version of the Perpetual Protocol.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move comes with risk, you should do your own research before making a decision.

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