Altcoins turn bullish even as Bitcoin price slips below $46K again

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The mood across cryptocurrency is one of rising anticipation as the price of Bitcoin (BTC) continues to trade just below $ 47,000. Sideways price action prompts analysts to warn that a “period of explosive volatility” is fast approaching, but few have been willing to predict the direction of the breakout.

As the price of Bitcoin compresses, the altcoin market has come alive and several tokens are showing notable gains, especially in the DeFi cohort.

Top 7 coins with the highest price variation over 24 hours. Source: Cointelegraph Markets Pro

Data from Cointelegraph Markets Pro and TradingView shows that the biggest winners in the past 24 hours have been Everest (ID), PAC Protocol (PAC) and Ravencoin.

Everest extends its interoperability

Everest is a blockchain company focused on removing barriers to public services and improving economic inclusion through the creation of a global device-less digital transaction protocol with built-in identity features.

Cointelegraph Markets Pro’s VORTECS ™ data began to detect a bullish outlook for ID on December 30, ahead of the recent price hike.

The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trade volume, recent price movements and activity Twitter.

VORTECS ™ score (gray) against the ID price. Source: Cointelegraph Markets Pro

As shown in the graph above, the VORTECS ™ score for ID began to increase on December 30 and reached a high score of 70 approximately 44 hours before the price began to increase by 115% over the next three days. .

The rising price of ID comes as Project Everest is rolling out bridges connecting EverChain to several blockchain networks, including Polygon, Binance Smart Chain, Avalanche, and Solana.

PAC protocol deploys data storage accounts

The Procotol PAC, a next-generation blockchain masternode network with more than 18,000 active nodes, has seen its symbolic price increase by 36% in the past 24 hours.

Data from Cointelegraph Markets Pro and CoinGecko shows that after hitting a low of $ 0.002 on December 31, the price of the PAC climbed 79% to a daily high of $ 0.00359 on January 3 as its volume of 24-hour transactions climbed 50%.

PAC / USD 1 hour chart. Source: CoinGecko

The momentum to build PAC comes as the project has started rolling out the beta of its yanDNA ™ data storage accounts and is offering 5 gigabytes of free storage for first-time users.

Related: Third largest whale celebrates Bitcoin’s anniversary with 456 BTC purchase

Ravencoin celebrates its 4 years

Ravencoin, a blockchain network specifically designed to efficiently handle the transfer of assets from one party to another, has seen its price jump 34% in the past 24 hours.

Cointelegraph Markets Pro’s VORTECS ™ data began to detect a bullish outlook for ID on December 30, ahead of the recent price hike.

VORTECS ™ score (green) against RVN price. Source: Cointelegraph Markets Pro

As shown in the graph above, the VORTECS ™ score for RVN started increasing on December 29 and peaked at 87 on December 30, about 15 hours before the price rose 45.5% over the course of the year. of the next four days.

The bullish move for RVN comes as the project celebrates the fourth anniversary of its official launch and now seeks to move toward developing “next generation fintech for Wall Street on Ravencoin” while expanding its NFT capabilities.

The overall cryptocurrency market capitalization now stands at $ 2,253 billion and Bitcoin’s dominance rate is 39.4%.

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 comes with risk, you should do your own research before making a decision.