Altcoins book 40% gains after Bitcoin and the crypto market enter a relief rally

189
SHARES
1.5k
VIEWS

Related articles


Crypto investors are beginning to feel a sense of hope once more on Jan. 26 as the wider cryptocurrency market is seeing green and Bitcoin (BTC) price trading near $38,000. Even with the breakout, traders are advising caution ahead of the Federal Open Market Committee meeting where the Federal Reserve is expected to unveil their plans for hiking interest rates. 

As bullish sentiment begins to return, several altcoin projects have seen their prices spike more than 41% as dip buyers sought to secure a position ahead of a possible market rally.

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 gainers over the past 24-hours were Frontier (FRONT), Decentral Games (DG) and Quantstamp (QSP).

Frontier lists at Bithumb

Frontier is a chain-agnostic decentralized finance aggregator designed to allow users to store, earn, swap and invest in crypto assets on multiple blockchain networks from one interface.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for FRONT on Jan. 24, prior to the recent price rise.

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, trading volume, recent price movements and Twitter activity.

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

As seen in the chart above, the VORTECS™ Score for FRONT rose into the green zone on Jan. 23 and hit a high of 86 on Jan. 24, around 33 hours before the price spiked 100% over the next day.

The surge in FRONT price comes as the token was listed on the Korean-based Bithumb cryptocurrency exchange.

Decentral Games rolls out ICE poker

Decentral Games is a play-to-earn gaming protocol that offers users an opportunity to make a living through incentivized gameplay, self-custody and the delegation of yield-bearing Metaverse assets.

Data from Cointelegraph Markets Pro and CoinGecko shows that the price of DG has rallied 55% from a low of $0.236 on Jan. 25 to a daily high of $0.366 on Jan. 26.

DG/USD 1-hour chart. Source: CoinGecko

The increase in price for DG comes as the beta version of the protocols ICE poker game is now live and allowing users to create avatars and earn money in a virtual reality skyline ICE poker lounge.

Related: BTC price hits $38K as Bitcoin analysts focus on weekly close

Quantstamp services are in high demand

The blockchain security and code audit provider Quantstamp saw its token price rise 66% on Jan. 26 to hit a daily high of $0.357.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for QSP on Jan. 23, prior to the recent price rise.

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

As seen in the chart above, the VORTECS™ Score for QSP climbed to a high of 73 on Jan. 23, around 10 hours before the price staged a 69% rally over the next two days.

The climbing price of QSP follows a series of audits conducted by the Quantstamp team for multiple projects including the code for the CasperSwap decentralized exchange and the MakersPlace NFT market.

The overall cryptocurrency market cap now stands at $1.734 trillion and Bitcoin’s dominance rate is 41.8%.

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 involves risk, you should conduct your own research when making a decision.