Altcoins rack up 30% gains as Bitcoin price chases $39,000
The cryptocurrency market is in a state of confusion on January 31, as many traders view Bitcoin (BTC) weakness as a sign that a crypto winter is beginning, but more adoption news is growing. and multi-million dollar funding rounds continue to make headlines. a regular basis.
As Bitcoin trades at $38,500, analysts are highlighting the current price action as a possible buy zone and this bullish sentiment carries over to altcoins as well.
Data from UKTN Markets Pro and TradingView shows that the biggest gainers over the past 24 hours have been DerivaDAO (DDX), Telos (TLOS) and Bonfida (FIDA).
DerivaDAO sees 3,692% increase in trading volume
DerivDAO is a decentralized derivatives exchange that operates on the Ethereum (ETH) network.
VORTECS™ data from UKTN Markets Pro began detecting a bullish outlook for DDX on January 25, ahead of the recent price rally.
The VORTECS™ score, exclusive to UKTN, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity. .
As shown in the chart above, the VORTECS™ score for DDX hit a high of 70 on January 25, about 62 hours before the price is expected to rise 102% over the next three days.
The DDX price surge comes with a 3,692% increase in trading volume for the token, with over $13 million in volume coming from leading US-based cryptocurrency exchange, Coinbase.
TLOS partners with BikeChain
TLOS is a blockchain network created with EOSIO software, and it is designed to bring speed and scalability to smart contracts for decentralized finance (DeFi), non-fungible tokens (NFT), gaming, and social media.
VORTECS™ data from UKTN Markets Pro began detecting a bullish outlook for DDX on January 28, ahead of the recent price rally.
As seen in the chart above, the VORTECS™ score for DDX hit a high of 71 on January 25, about 2 hours before the price began to rise 61.54% over the following two days.
The bullish move for TLOS comes as the project announced a new partnership with autonomous ridesharing app BikeChain and celebrated the growth of its first native decentralized exchange OmniDEX.
Related: Down front? Solana paints her first ‘death cross’ as SOL lose 50% in January
Launch of the Solana name service on Bonfida
Bonfida is a protocol built on the Solana network that will bridge Serum DEX to the wider Solana ecosystem.
Data from UKTN Markets Pro and TradingView shows that since hitting a low of $1.59 on January 28, the price of FIDA has risen 84.72% to a daily high of $2.95 on January 31. January, as its 24-hour trading volume soared 81% to $28.5. million.
The sudden spike in prices and trading volume follows the launch of perpetual futures trading for FIDA on cryptocurrency exchange AscendEX and the rollout of Twitter handles user registration with name service Solana.
The overall cryptocurrency market capitalization now stands at $1.745 trillion, and Bitcoin’s dominance rate is 41.6%.
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