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Bitcoin price reliably bounced off the 20-day moving average, which catalyzed an explosive rally from VGX, CHSB and EWT.
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MARKET UPDATE
The cryptocurrency market got off to a slow start on Aug. 19 after stimulus tapering talks from the U.S. Federal Reserve put pressure on global financial markets, but momentum within the crypto market picked up in the afternoon session as Bitcoin (BTC) bulls finally managed to break above the $46,000 level.
While most altcoins were slow to warm up on Thursday, several altcoins led the way with gains in excess of 20% due to major protocol upgrades and exchange listings.
Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro
Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Voyager Token (VGX), SwissBorg (CHSB) and Energy Web Token (EWT).
VGX is the native coin of the Voyager platform, a cryptocurrency broker that provides trading services to retail and institutional investors.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for VGX on Aug. 16, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ Score (green) vs. VGX price. Source: Cointelegraph Markets Pro
As seen on the chart above, the VORTECS™ Score for VGX turned green on Aug.15 and proceeded to climb to a high of 85 on Aug. 16, around 46 hours before the price increased 100% over the next day.
Excitement for the project comes as VGX and the platform are undergoing a token swap and upgrade to Voyager 2.0.
SwissBorg is another platform focused on wealth management and it provides a community-centric environment where users can exchange and store their crypto assets.
Data from Cointelegraph Markets Pro and CoinGecko shows that after hitting a low at $0.714 on Aug. 18, the price of CHSB spiked 35% to an intraday high at $0.973 as its 24-hour trading volume surged 445% to $16.1 million.
CHSB/USDT 1-hour chart. Source: CoinGecko
The sudden boost in momentum for the project was the result of the CHSB token being listed on the Bitfinex exchange on Aug. 18 and the growing strength of the ecosystem is evidenced by the recent revelation that the SwissBorg community now has 450,000 verified users.
Related: Stablecoin adoption and the future of financial inclusion
The price of Energy Web Token also rallied today after the project debuted new staking features. According to data from Cointelegraph Markets Pro, market conditions for EWT have been favorable for some time.
VORTECS™ Score (green) vs. EWT price. Source: Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for EWT began to pick up on Aug. 13 and reached a high of 77 on Aug. 14, around 84 hours before the price increased 33% over the next day.
Interest in the project has begun to rise thanks to an ongoing series of team member-led discussions that explain the different aspects of the protocol, including staking and the ‘switchboard’ user interface.
The overall cryptocurrency market cap now stands at $1.954 trillion and Bitcoin’s dominance rate is 43.9%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
