This week the whole cryptocurrency market capitalization bounced back to $1.9 trillion, which was a 20% weekly increase and the highest level seen since May 20.
Whereas the contemporary bullish momentum attracted the eye of buyers, Bitcoin’s (BTC) move from $33,400 to $45,900 was just about in line with the rest of the market.
Whether Bitcoin will lastly break the $46,000 resistance remains an open query. Nevertheless, the longer it takes, the upper the chances that altcoins will outperform the leading cryptocurrency.
Not every altcoin performed equally and only 14 of the top 100 from CoinMarketCap outperformed Bitcoin by 3% or more.
ICP, RVN, VGX and EGLD followed Bitcoin’s 40% rally
Internet Computer (ICP) announced on July 30 that within two weeks of its launch, the Fleek utility reached 700 website deployments. Fleek permits one to construct websites and front-end for decentralized purposes on the Internet Computer blockchain with frictionless internet hosting.
In keeping with the Dfinity Basis blog, Fleek created another open-source gateway to the blockchain so Internet Computer smart contracts data could be freely accessed utilizing common browsers.
Ravencoin (RVN) additionally turned essentially the most profitable coin to mine using graphic cards, according to data from whattomine.com and the network surpassed Ethereum (ETH).
Voyager’s breakout was caught by the VORTECS™ indicator
Voyager Digital, the corporate behind Voyager Token (VGX), acquired crypto trading and payments startup Coinify for $85 million. On August 1, Voyager also launched the VGX web swap 2.0 and staking portal.
VORTECS™ data from Markets Professional started to detect a bullish outlook for VGX on July 31, before the current worth rise.
The VORTECS™ Score is algorithmic comparability of historic and present market situations derived from a mixture of data factors, together with market sentiment, trading quantity, current price actions, and Twitter activity.
As displayed above, the VORTECS™ Rating for VGX climbed to 90 excessive on Aug 3, 30 hours forward of the 23% worth to $3.50.
Lastly, Elrond (EGLD) introduced a $20 million funding from Moonlorian Blockchain Enterprise Laboratory. In keeping with Elrond’s weblog, the blockchain agency is already incubating a number of tasks in domains akin to tokenization, NFT, traceability and loyalty platforms.
Alternatively, solely six tasks offered a destructive efficiency over the past seven days.
Flexa (AMP) rallied 90% from July 22 to 29 as Binance US introduced the token itemizing. Nevertheless, the altcoin rapidly retraced 26% from the $0.083 prime on July 29.
Theta Fuel (TFUEL) faced an identical motion because it rallied 63% from July 20 to 25 throughout the launch of protocol 3.1.0 and reached a $0.368 top. The hard fork created an extra efficient block proposal protocol, optimized the blockchain database, and added support for Ethereum RPC API.
Altcoin holders definitely have causes to rejoice, however, buyers ought to be aware that an eventual Bitcoin worth correction will doubtless trigger merchants to rapidly seize income from the most volatile altcoins.
The views and opinions expressed listed below are solely these of the creator and don’t essentially reflect the views of Cmnneews. Each funding and buying and selling transfer includes risk. You need to conduct your personal analysis when making a choice.