DeFi tokens are seeing double-digit gains as Ethereum and Bitcoin hit new highs

The momentum in the cryptocurrency market picked up again on Nov. 8 after a solid rally in Bitcoin (BTC) pushed the price above $ 66,000 and Ether hit a new all-time high of $ 4,793. The gains from the two largest cryptocurrencies helped fuel a market-wide rally that pushed the total market cap of cryptocurrencies to over $ 3 trillion for the first time.

Unlike previous rallies where BTC would make significant profits at the expense of the altcoin market, this time most tokens in the top 200 are also in the green and many projects are generating double-digit profits.

Top 7 currencies with the highest price change in 24 hours. Source: Cointelegraph Markets Pro

Data from Cointelegraph Markets Pro and TradingView shows that the biggest winners over the past 24 hours have been UMA (UMA), Loopring (LRC) and Gnosis (GNO).

UMA launches a cross chain bridge

DeFi tokens are seeing double-digit gains as Ethereum and Bitcoin hit new highs
DeFi tokens are seeing double-digit gains as Ethereum and Bitcoin hit new highs

The Universal Market Access Protocol is a platform that specializes in creating synthetic assets on the Ethereum blockchain that are self-executing and self-enforcing financial contracts that allow counterparties to digitize and automate all real world financial derivatives.

Data from Cointelegraph Markets Pro and TradingView show that after hitting a low of $ 10.72 on October 28, UMA price rose 109% to a daily high of $ 22.44 on November 7th while its 24-hour trading volume rose 1.329% to $ 943 million. .

4-hour chart of the UMA / USD pair. Source: TradingView

The sudden explosion in trading volume and price growth for UMA comes as the platform rolled out its Layer-One-to-Layer-2 “Across Protocol” bridge on its core network to provide a fast, affordable, and reliable bridge to financial users.

Low fees at Loopring attract new users

Loopring is a Layer 2 scaling solution from zkRollups for the Ethereum network, which specializes in the creation of decentralized exchange (DEX) and payment protocols.

Cointelegraph Markets Pro’s VORTECS data began to spot a bullish outlook for DOGE on April 5th, 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, trading volume, recent price movements and Twitter activity.

VORTECSâ ?? ¢ Score (green) compared to the LRC price. Source: Cointelegraph Markets Pro

As can be seen in the graph above, the VORTECS score for LRC soared on November 4th, peaking at 72 on November 5th, about five hours before the price soared 76% over the next three days.

As can be seen in the graph above, the VORTECS score for LRC soared on November 4th, peaking at 72 on November 5th, about five hours before the price soared 76% over the next three days.

Gnosis proposes merger with xDAI

Gnosis is a protocol that focuses on creating new market mechanisms for DeFi that allow users to securely create, share, and manage digital assets on the Ethereum network.

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

VORTECSâ ?? ¢ Score (green) compared to the GNO price. Source: Cointelegraph Markets Pro

As can be seen in the graph above, the VORTECS score for LRC rose in the green zone for the past week, hitting a high of 79 on November 5th, about 10 hours before the price rose 39.3% over the next two days. will rise.

The rising price of GNO is due to the fact that the protocol introduced the Gnosis Improvement Proposal (GIP) 16, which suggests that Gnosis and the xDAI communities should merge their tokens to form the xDAI blockchain under the name “Gnosis Chain” to develop.

The global market capitalization of the cryptocurrency is currently at $ 2.88 trillion and the dominance index of Bitcoin is 43.2%.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph. Every investment and trade move involves risk, you will need to do your own research when making a decision.

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