It’s been a busy week in the cryptocurrency market after volatility returned to destabilize the price of Bitcoin (BTC), pushing the digital asset to lows not seen since mid-October.
As has often happened in the past, the decline in the price of BTC was followed by a transition to altcoins, and the Altseason Index from Cointelegraph Markets Pro indicates that current market conditions are similar to those we saw earlier when altcoins were outperforming bitcoin.
Alternate season indicator. Source: Cointelegraph Markets Pro
Here are some of the cryptocurrencies that have posted steady gains in recent weeks.
DeFi ecosystem in avalanche is growing rapidly
Avalanche (AVAX) is a Tier 1 blockchain protocol that has grown in popularity in 2021 as the decentralized finance (DeFi) and non-financial (NFT) token ecosystems grow, in part due to the lower tax nature of the protocol. Attract users and liquidity from Ethereum.
VORTECS data from Cointelegraph Markets Pro began to define the optimistic outlook for AVAX on November 5, ahead of the recent price rally.
The VORTECS Men assessment, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions drawn from a range of data points, including market sentiment, trading volume, recent price movements, and Twitter activity.
VOTECS™ score (in green) vs. AVAX price. Source: Cointelegraph Markets Pro
As shown in the chart above, the VORTECS™ valuation of AVAX started rising on November 5, peaking at 83, just as the price of AVAX started rising 54.76% over the next two weeks.
AVAX’s price hike stems from the fact that the overall value of the DeFi ecosystem on the avalanche recorded on the network has soared to new heights, and this week Binance US announced plans to list the token.
The engine targets the Polkadot parachain track.
Enjin (ENJ) is a protocol running on the Ethereum (ETH) network focused on building blockchain-based gaming products and non-fungible tokens.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $1.19 on September 29, ENJ price rose by 213.5% to a daily high of $3.74 on November 19, when 24-hour trading volume increased by 92%. Up to $1.57 billion.
4-hour ENJ/USDT chart. Source: TradingView
ENJ’s growing strength in November stems from the Enjin ecosystem seeking to secure a place like the Polkadot Parachute Chain through a mass auction for the cross-chain Efinity metaverse project.
Elrond announces $1.29 billion liquidity incentive program
Elrond is a blockchain protocol that aims to become the technology ecosystem of the “new internet” and uses disintegration technology to enable the network to process 15,000 transactions per second (TPS) with an average transaction value of $0.001.
VORTECS data from Cointelegraph Markets Pro began to show a positive outlook for EGLD on November 12, ahead of the recent price rally.
VORTECS™ score (in green) vs. EGLD price. Source: Cointelegraph Markets Pro
As shown in the chart above, the VORTECS™ valuation of EGLD began rising on November 12, peaking at 76, which is about 108 hours before the price of EGLD began to rise by 30.27% over the next three days.
The building blocks of EGLD are the officially launched Mayar Decentralized Exchange (DEX) protocols along with a $1.29 billion liquidity boosting program designed to bring users and liquidity into the DeFi ecosystem.
The total market capitalization of the cryptocurrency is now $2.59 trillion, and the bitcoin dominance rate is 42.2%.