Traders cram into altcoins after Bitcoin price bounces off key support

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

Despite the rapid turnaround, analysts remain wary and prominent financial analyst John Bollinger has warned investors that maybe now is the time to turn a profit.

Several altcoins managed to overcome the general market malaise to post double-digit gains on Wednesday as decentralized finance (DeFi) and non-fungible tokens (NFT) continue to advance.

Top 7 parts with the highest price variation over 24 hours. Source: Cointelegraph Markets Pro

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

Telos finalizes its bridge to Ethereum

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

Cointelegraph Markets Pro’s VORTECS data began to detect 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 including market sentiment, trade volume, recent price movements and Twitter activity.

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

As shown in the graph above, the VORTECS score for TLOS started turning positive on August 22 and peaked at 71 on August 23, about nine hours before its price began to rise 45% over the course of the years. next two days.

Enthusiasm for the project has grown over the past week as the Telos network prepares to release its Ethereum Virtual Machine (EVM) which will link assets between the two protocols.

Gnosis rallies after the creation of a DAO

Gnosis continued to see strong demand as the project developers turned to creating a Decentralized Autonomous Organization (DAO) for its asset management system called Gnosis Safe.

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

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

As shown in the graph above, the VORTECS score for GNO has been in the green for much of the past week and peaked at 75 on August 22, about eight hours before the price rose by 52. % over the next two days.

Related: Ethereum Supply Shock: ETH Exchange Reserves Continue To Drop After 26% Drop In 2021

Protocol upgrades give Alpha Finance Lab a boost

Alpha Finance Lab, a DeFi protocol providing leverage, was the third biggest winner in the 24 hour chart thanks in large part to the release of Alpha Homora V2 which includes a new minimal function mode designed specifically for farmers. with increased yield.

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

As shown in the graph above, the VORTECS score for Alpha first turned green on August 19 and climbed into the dark green area to peak at 81 on August 20. It was about 30 hours before the price of ALPHA rose 31% from the next three days.

The token also gained momentum on August 20 after ALPHA was selected as Binance Launchpad Project of the Year for being the top-performing project to come out of the exchange’s incubator in 2021.

The overall cryptocurrency market capitalization now stands at $ 2,091 trillion and the Bitcoin dominance rate is 43.8%.

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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