The momentum in the cryptocurrency market picked up again on November 8 after a strong rally in Bitcoin (BTC) brought the price back above $ 66,000 and Ether (ETH) reached a new all-time high of $ 4,793. Revenues from the two largest cryptocurrencies contributed to to increase the market rally, bringing the total market value of cryptocurrencies to over $ 3 trillion for the first time.
Unlike previous peaks, when BTC has achieved significant growth at the expense of the altcoin market, this time most of the coins are also in the top 200 in green, with many projects showing double-digit growth.
7 main currencies with a maximum price change of 24 hours. Source: Cointelegraph Markets Pro
Cointelegraph Markets Pro and TradingView data show that UMA, Loopring’s LRC and GNO Gnosis have seen the biggest gains in the last 24 hours.
UMA launches bridge construction
UMA, which stands for Universal Market Access, is a platform that specializes in creating synthetic assets on the Ethereum blockchain, which are self-performing and self-performing financial contracts that allow counterparties to digitize and automate any financial derivative instrument in real life. world.
Data from Cointelegraph Markets Pro and TradingView show that after reaching a low of $ 10.72 on October 28, the UMA price rose 109% to a daily high of $ 22.44 on November 7, with a volume up 1329% in 24 hours. up to $ 943 million.
4-hour UMA / USD chart. Source: TradingView
The sudden increase in trading volume and price increases for UMA came when the platform launched a Layer 1 and Layer 2 “over protocol” bridge on the core network to provide a fast, cheap and secure bridge for Decentralized Finance (DeFi) users.
Loopring’s low fees attract new users
Loopring is a Layer 2 zk Rollups scaling solution for the Ethereum network that specializes in creating decentralized exchange protocols (DEX).
VORTECS ™ data from Cointelegraph Markets Pro began to provide positive outlook for LRC on November 5, ahead of the recent price increase.
Exclusive to Cointelegraph, VORTECS ™ is an algorithmic comparison of historical and current market conditions derived from a number of data points, including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS result (green) versus LRC price. Source: Cointelegraph Markets Pro
As shown in the chart above, the LRC VORTECS steg result rose on November 4 and peaked at 72 on November 5, about five hours before the price rose 76% over the next three days.
The evolution of Loopring comes as high fees on the Ethereum network continue to force users to explore low-cost options, resulting in a new record $ 75 million daily trading volume on Loopring on November 2nd.
RELATED: Ethereum returns in price opens when ETH approaches $ 5,000
Gnosis suggests merging with xDai
Gnosis is a protocol focused on creating new marketing mechanisms for DeFi that allow users to create, trade and securely store digital assets on the Ethereum network.
Market conditions have been favorable for GNO for some time, according to data from Cointelegraph Markets Pro.
VORTECS score (green) versus GNO price. Source: Cointelegraph Markets Pro
As you can see in the chart above, the VORTECS ™ estimate for GNO rose sharply in the last week and peaked at 79 on 5 November, about 10 hours before the price rose 39.3% over the next two days.
The GNO price increase came when the protocol introduced Gnosis Improvement Proposal (GIP) 16, which suggested that Gnosis and the xDai community combine their tokens to develop an xDai blockchain called “Gnosis Chain”.
The total market value of cryptocurrency is now 2.88 trillion dollars, and the bitcoin dominance is 43.2%.