It was a ruthless week in the cryptocurrency market after volatility returned to destabilize the bitcoin price (BTC), causing the digital asset to plummet to its lowest level since mid-October.
As has often happened in the past, the decline in the price of BTC has been accompanied by a rotation of altcoins, and the Altseason index from Cointelegraph Markets Pro shows that current market conditions are similar to those seen previously, as altcoins gave better results bitcoins.
Tyson’s Index. Source: Cointelegraph Markets Pro
Here are some of the altcoins that have shown steady growth in recent weeks.
DeFi Ecosystem explodes from avalanches
Avalanche (AVAX) is a Layer 1 blockchain protocol that has grown in popularity through 2021 as decentralized finance (DeFi) and non-financial token (NFT) systems grew, thanks in part to low fees. to attract users and liquidity from Ethereum.
VORTECS ™ data from Cointelegraph Markets Pro began to define the optimistic outlook for AVAX on November 5, ahead of the recent rally.
Exclusive to Cointelegraph, VORTECS ™ is an algorithmic comparison of historical and current market conditions derived from a number of data points, including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS score (green) versus AVAX price. Source: Cointelegraph Markets Pro
As shown in the chart above, the AVAX VORTECS begynte result began to rise on November 5, reaching a peak of 83, just as the AVAX price began to rise 54.76% over the next two weeks.
The price increase for AVAX came when the DeFi ecosystem collapsed with the network reaching new heights and Binance US announced plans to list the token this week.
Engine Targets Polkadot Parachain Slot
Enjin (ENJ) is a protocol running on the Ethereum (ETH) network focused on creating blockchain-based gaming products and indestructible tokens.
Data from Cointelegraph Markets Pro and TradingView shows that since reaching a low of $ 1.19 on September 29, the ENJ price has risen 213.5% to a daily high of $ 3.74 on November 19, and 24-hour trading volume is up 92% to 1.57. Billion dollars.
4-hour chart ENJ / USDT. Source: TradingView
The ENJ gain comes in November as the Enjin ecosystem seeks to secure a place as the Polkadot para chain through the Crdloan auction for its project across the Efinity metaverse chain.
Elrond announces $ 1.29 billion liquidity incentive program
Elrond is a blockchain protocol that aims to become the technology ecosystem of the “new Internet” and uses hashing technology to enable the network to process 15,000 transactions per second (TPS) at an average transaction value of $ 0.001.
VORTECS ™ data from Cointelegraph Markets Pro began to provide a positive outlook for EGLD on 12 November, ahead of the recent rise in prices.
VORTECS ™ -pricing (highlighted in green) versus EGLD price. Source: Cointelegraph Markets Pro
As shown in the chart above, the VORTECS ™ result for EGLD began to increase on November 12, reaching a peak of 76, approximately 108 hours before the EGLD price began to rise 30.27% over the next three days.
Spurring Development EGLD announces the official launch of the Maiar Decentralized Protocol (DEX) along with a $ 1.29 billion liquidity enhancement program designed to bring users and liquidity to the DeFi ecosystem.
The total market value of cryptocurrency is now 2.59 trillion dollars, and the bitcoin dominance is 42.2%.