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19 MINUTES AGO
Newly launched incentive programs and protocol upgrades were followed by 50% rallies in CELO, FTM and KP3R.
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MARKET UPDATE
The cryptocurrency market once again finds itself waiting for some form of catalyst to get the prices moving and this week commenced with the market moving sideways as Bitcoin struggles to find its footing near $48,000.
Several altcoins have managed to break free of the wider market malaise and post impressive gains, giving credence to Cointelegraph's Markets Pro data intelligence service which is now indicating that altseason has arrived.
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 Celo (CELO), Fantom (FTM) and Keep3rV1 (KP3R).
The top gainer over the past 24-hours was Celo, a blockchain ecosystem that focuses on increasing cryptocurrency adoption among smartphone users as a way to help increase global financial inclusion.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for CELO on Aug. 29, 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. CELO price. Source: Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for CELO turned green on Aug. 29 and reached a high of 75 around 20 hours before its price spiked by 170% over the next day.
The sudden surge in CELO price came following the launch of a $100 million “DeFi for the people” initiative by Celo in conjunction with multiple partners including AAVE, SushiSwap, Curve, 0x and PoolTogether. The initiative is built on the Celo blockchain and looks to harness the decentralized nature of the blockchain ecosystem to help increase financial inclusivity for the world’s 6 billion mobile phone users.
Fantom is a layer-one smart contract platform that utilizes a directed acyclic graph architecture to attempt to solve the common problems faced by other blockchain networks, including slow transaction speeds and high costs.
According to data from Cointelegraph Markets Pro, market conditions for FTM have been favorable for some time.
VORTECS™ Score (green) vs. FTM price. Source: Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for FTM began to pick up on Aug. 28 and climbed to a high of 70 on Aug. 29, around four hours before the price increased 80% over the next day.
The surge in interest for FTM came following the Aug. 30 announcement of a 370 million FTM incentive program for builders, protocols and teams who bridge assets to Fantom blockchain and engage with the ecosystem.
Related: Recommending regulations: Crypto working groups make push for adoption
Keep3rV1 is a decentralized job board of sorts that is designed to help projects that need external development operations connect with individuals or organizations that can provide the required services.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for KP3R on Aug. 25, prior to the recent price rise.
VORTECS™ Score (green) vs. KP3R price. Source: Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for KP3R began to pick up on Aug. 24 and reached a high of 75 on Aug. 25, around 48 hours before its price began to increase by 93% over the next three days.
Momentum for the project is on the rise following the release of Keep3r expansion and consolidation which includes options liquidity mining (olm), fixed forex, and v3 liquidity incentives.
The overall cryptocurrency market cap now stands at $2.08 trillion and Bitcoin’s dominance rate is 43.5%.
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.
