YFI, HXRO and AR record profits despite Bitcoin price falling to $ 45,500

The bulls of Bitcoin (BTC) had to be hit again on December 17th when a midday attack brought the price down to $ 45,500. The price quickly bounced back to $ 47,000, but a fresh daily low could be a sign of further downward movement.

In the midst of the market crash, several altcoins provided weary traders with a source of refuge as token buybacks and increased network activity helped prop up their prices and protect them from the storm.

The 7 coins with the highest price change in 24 hours. Fountain: Cointelegraph Markets Pro

Data from Cointelegraph Markets Pro and TradingView show that the biggest gains over the past 24 hours have been Yearn.finance (YFI), Hxro (HXRO) and Arweave (AR).

YFI benefits from the token buyback

YFI, HXRO and AR record profits despite Bitcoin price falling to $ 45,500
YFI, HXRO and AR record profits despite Bitcoin price falling to $ 45,500

Yearn.finance is a decentralized financial aggregation (DeFi) service that enables investors to maximize their income from the income economy through automation.

Data from Cointelegraph Markets Pro and TradingView show that YFI’s price, after hitting a low of $ 18,844 on December 15, rose 56.48% to a daily high of $ 29,488 on 17,844 million.

YFI / USDT 4 hour chart. Source: TradingView

YFI’s sudden surge is because the project revealed that it has been buying back tokens since November after the community voted to improve the YFI tokenomy. To date, the log has bought 282.4 YFIs at an average price of $ 26,651, indicating that further buybacks will come in the future using funds from the project’s $ 45 million treasury.

Hxro features on the TD Ameritrade network

Hxro is a cryptocurrency options trading protocol that operates on the Ethereum (ETH) network and provides users with access to popular cryptocurrencies, including BTC, Ether, Dogecoin (DOGE), and Solana (SOL).

Cointelegraph Markets Pro’s VORTECS ™ data began to see a bullish outlook for HXRO on December 14 ahead of the recent price surge.

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 volumes, movements and market movements.

VORTECS ™ Score (green) vs. HXRO price. Fountain: Cointelegraph Markets Pro

As can be seen in the graph above, the VORTECS ™ Score for HXRO soared into the green on December 14th, hitting 77 for about 45 hours before rising 13.2% the next day.

HXRO’s price spike comes after Dan Gunsberg’s co-founder appeared on the podcast Close of market from TD Ameritrade Network on the future of Bitcoin and the development of the cryptocurrency ecosystem in general.

Arweave sets a new record for daily transactions

Arweave is a decentralized storage network that was developed as the first truly permanent storage network supported by sustainable equipment.

Cointelegraph Markets Pro’s VORTECS ™ data predicted a bullish outlook for AR on December 14, ahead of the recent price hike.

VORTECS ™ Score (green) vs. AR price. Fountain: Cointelegraph Markets Pro

As can be seen in the graph above, the VORTECS ™ Score for AR climbed into the dark green zone on December 14th, peaking at 77 for about sixteen hours before rising 40.78% over the next two days.

The upside in AR price comes as the number of transactions on the protocol’s Bundlr network hit a new all-time high of 2.19 million transactions, which is a 50x increase in maximum daily transactions in less than a year.

The global market cap for cryptocurrencies is now $ 2.192 trillion and Bitcoin’s dominance index is 40.6%.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and every course of business carries risks and you should conduct your own research when making a decision.

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