UMA, LRC, and GNO broke out as ETH made a new all-time high and BTC traded above key resistance.

Crypto market momentum returned to growth on Nov. 8 after a strong rally in Bitcoin (BTC) propelled its price back above $66,000 and Ether (ETH) hit a new all-time high of $4,793. Gains in the two largest cryptocurrencies helped launch a market-wide rally that saw the total cryptocurrency market cap surpass $3 trillion for the first time.

Unlike previous rallies, when BTC made significant gains at the expense of the altcoin market, this time most of the top 200 tokens are also in positive territory, with many projects posting double-digit gains.

Top 7 coins with the highest price change in 24 hours. Source: Cointelegraph Markets Pro.
Data from Cointelegraph Markets Pro and TradingView shows that Loopring’s UMA, LRC and Gnosis’ GNO have risen the most over the past 24 hours.

UMA publishes Gateway Bridge
UMA stands for Universal Market Access and is a platform specializing in the creation of synthetic assets on the Ethereum blockchain, which are self-executing, self-sufficient financial contracts that allow counterparties to digitize and automate all real-world financial derivatives .

Data from Cointelegraph Markets Pro and TradingView shows that UMA’s price rose 109% from a low of $10.72 on Oct. 28 to an intraday high of $22.44 on Nov. 7, amid 24-hour trading volume up 1,329% to $943 million. . .

UMA/USD on the 4 hour chart. Source: Trade View
The sudden spike in trading volume and prices on UMA came as the platform rolled out an “across protocol” bridge between layers one and two on its main network to offer a fast, cheap, and secure bridge for decentralized finance (DeFi) users .

Low commissions on Loopring attract new users
Loopring is a zk-rollups layer 2 scaling solution for the Ethereum network, specializing in building decentralized exchange (DEX) and payment protocols.

Cointelegraph Markets Pro VORTECS™ data began revealing a bullish outlook for the LRC on Nov. 5, ahead of the recent price rally.

Exclusive to Cointelegraph, the VORTECS™ Score is an algorithmic comparison of historical and current market conditions, derived from a combination of data points such as market sentiment, trading volume, recent price movements, and Twitter activity.

VORTECS™ score (green) compared to LRC price. Source: Cointelegraph Markets Pro.
As seen in the chart above, LRC’s VORTECS™ rating turned green on November 4th, reaching a peak of 72 on November 5th, about five hours before the price surged 76% over the next three days .

Momentum is growing for Loopring as high fees on the Ethereum network continue to push users to explore cheaper options, leading to a new all-time high in daily trading volume on Loopring of $75 million on Nov. 2.

Related: Ethereum returns to price open as ETH closes at $5,000

Gnosis proposes merging with xDai
Gnosis is a protocol focused on creating new market mechanisms for DeFi, allowing users to securely create, trade and store digital assets on the Ethereum network.

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

VORTECS™ score (green) compared to GNO price. Source: Cointelegraph Markets Pro.
As you can see in the chart above, GNO’s VORTECS™ score has been in the green for the past week, peaking at 79 on November 5th, about 10 hours before the price moves around 39.3 over the next two days % rise.

The surge in GNO price comes after the protocol rolled out Gnosis Improvement Proposal (GIP) 16, which proposes that the Gnosis and xDai communities combine their tokens to develop the xDai blockchain dubbed “Gnosis Chain.”

The total cryptocurrency market cap is currently $2.88 trillion and Bitcoin’s dominance rate is 43.2%.

Source: CoinTelegraph

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