Traders expect a new season of altcoin as Bitcoin turned the $ 45,000 level into support

This week, the total capitalization of the cryptocurrency market recovered to USD 1.9 trillion, which was a weekly increase of 20% and the highest level since May 20th.

While the renewed upward momentum caught the attention of investors, Bitcoin’s (BTC) move from $ 33,400 to $ 45,900 was very well in tune with the rest of the market.

It remains to be seen whether Bitcoin will finally break the resistance at $ 46,000. However, the more time goes by, the greater the chances that altcoins will outperform the main cryptocurrency.

Total market capitalization of cryptocurrencies in millions of USD (right) and Bitcoin dominance (left). Source: TradingView
Traders expect a new season of altcoin as Bitcoin turned the $ 45,000 level into support
Traders expect a new season of altcoin as Bitcoin turned the $ 45,000 level into support

Not all altcoins behaved in the same way and Only 14 of the CoinMarketCap Top 100 outperformed Bitcoin by 3% or more.

Top 100 tokens with the best weekly performance. Source: CoinMarketCap

ICP, RVN, VGX, and EGLD followed Bitcoin’s 40% surge

Internet Computer (ICP) announced on July 30th that the Fleek app had 700 website launches within two weeks of its launch. Fleek enables you to create websites and front-end for decentralized applications on the Internet computer blockchain with smooth hosting.

According to the blog of the Dfinity Foundation, Fleek has created an alternative open source gateway to the blockchain so that Internet computer smart contract data is freely accessible via normal browsers.

Ravencoin (RVN) also became the most profitable coin that graphics cards could mine, outperforming the Ethereum (ETH) network, according to data from whattomine.com.

The Voyager rally was organized by the VORTECSâ ?? ¢ indicator recorded

Voyager Digital, the company behind Voyager Token (VGX), acquired cryptocurrency trading and payments startup Coinify for $ 85 million. On August 1st, so did Voyager threw the VGX Web 2.0 exchange and staking portal.

Cointelegraph Markets Pro’s VORTECS data began to see a bullish outlook for VGX on July 31, ahead of the recent price surge.

The VORTECSâ ?? -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 activity. On twitter.

VORTECSâ ?? -Score (green) compared to the VGX price (white). Source: Cointelegraph Markets Pro

As shown above, the VORTECS score for VGX rose to a high of 90 on August 3, 30 hours before the price jumped 23% to $ 3.50.

After all, Elrond (EGLD) announced $ 20 million funding from the Moonlorian Blockchain Business Laboratory. According to the Elrond blog, the blockchain company is already incubating several projects in areas such as tokenization, NFT, traceability and loyalty platforms.

On the other hand, only six projects showed negative performance in the last seven days.

Top 100 tokens with worst weekly performance. Source: CoinMarketCap

Flexa (AMP) was up 90% between July 22nd and July 29th, as Binance US announced that the token arrives on your platform. However, from its high of $ 0.083 on July 29, the altcoin quickly fell 26%.

Theta Fuel (TFUEL) saw a similar move, rising 63% from July 20-25, during the introduction of Protocol 3.1.0, to a high of $ 0.368. The hard fork created a more efficient block proposition protocol, optimized the blockchain database, and added support for the Ethereum RPC API.

Those who own altcoins certainly have reason to celebrate, but investors should be aware that if there is a Bitcoin price correction, traders are likely to quickly benefit from the more volatile altcoins.

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

Similar Posts