It was a roller coaster week in the cryptocurrency market after volatility returned to rock the price of Bitcoin (BTC), pushing the digital asset to levels not seen since mid-October.
As has often happened in the past, the decline in the price of BTC was followed by a rotation towards altcoins and Cointelegraph Markets Pro’s Altseason indicator suggests that current market conditions are similar to those seen in the past when altcoins outperformed Bitcoin.
Here is a look at a few altcoins that have made consistent gains over the past few weeks.
Avalanche’s DeFi ecosystem explodes
Avalanche (AVAX) is a layer one blockchain protocol that gained popularity during 2021 as its decentralized finance (DeFi) and non-fungible token (NFT) ecosystems grew, in part thanks to nature. inexpensive protocol. attract Ethereum users and cash.
Cointelegraph Markets Pro’s VORTECS ™ data began to detect a bullish outlook for AVAX on November 5th, 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 Twitter activity .
As shown in the graph above, the VORTECS ™ score for AVAX started increasing on November 5 and peaked at 83, just as the price of AVAX started to increase by 54.76% over the course of the year. the next two weeks.
The rising price of AVax comes as the DeFi ecosystem on Avalanche saw its total value locked on the network reach new highs and this week Binance US announced plans to list the token.
Enjin aims for a Parachain Polkadot slot machine
Enjin (ENJ) is a protocol that runs on the Ethereum (ETH) network and focuses on creating blockchain-based gaming products and non-fungible tokens.
Data from Cointelegraph Markets Pro and TradingView show that since hitting a low of $ 1.19 on September 29, the price of the ENJ has risen 213.5% to a daily high of 3.74 $ on November 19, as its 24-hour trading volume climbed 92% to $ 1.57 billion.
ENJ’s growing strength in November comes as the Enjin ecosystem aims to secure a spot as Parachain Polkadot through crowdloan’s auction for its cross-chain metaverse project Efinity.
Elrond announces $ 1.29 billion liquidity incentive program
Elrond is a blockchain protocol aimed at becoming the ‘New Internet’ technology ecosystem and it uses sharding technology to enable its network to process 15,000 transactions per second (TPS) with an average transaction cost of $ 0.001.
Cointelegraph Markets Pro’s VORTECS ™ data began to detect a bullish outlook for EGLD on November 12, ahead of the recent price hike.
As shown in the graph above, the VORTECS ™ score for EGLD began to increase on November 12 and peaked at 76, approximately 108 hours before the price of EGLD began to increase by 30.27%. over the next three days.
The building momentum for EGLD comes as the Maiar Decentralized Exchange (DEX) protocols were officially launched alongside a $ 1.29 billion liquidity incentive program designed to help attract users and liquidity to its DeFi ecosystem.
The overall cryptocurrency market capitalization now stands at $ 2.590 billion and Bitcoin’s dominance rate is 42.2%.
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