ELA, API3 and PROM buck the market-wide downtrend by posting a 20%+ gain

Published at: Jan. 19, 2022

Fear and volatility remain the theme of the week as Bitcoin (BTC) continues to face stiff resistance near the $42,000 price level and stock markets were also hard hit on Jan. 18. Investor fear over this year's proposed rate hikes continue to apply bearish pressure and at the closing bell the DOW was down 530 points, or 1.4%.

Despite the downturn, altcoins managed to overcome the noise and several posted double-digit gains on Tuesday.

Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Elsastos (ELA), API3 (API3) and Prometheus (PROM).

Elastos launches a token buyback program

Elastos protocol, a web3-focused project aiming to become the "blockchain-powered version of the internet" broke out with a notable 22% rally.

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $2.80 on Jan. 8, the price of Elastos has blasted 120% higher to reach a daily high of $6.16 on Jan. 18 as its 24-hour trading volume spiked 142% to $7.57 million.

The surge in price and trading volume for ELA came after the Elastos Foundation announced plans for an upcoming ELA buyback program. The platform’s first decentralized exchange, Glide Finance, also saw an uptick in the total value locked for its protocol.

API3 and “first-party” oracles

API3 is a protocol focused on enhancing the communication capabilities between smart contracts and application programming interfaces (APIs) as a way to facilitate the secure and reliable transfer of up-to-the-minute data.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for API3 on Jan. 18, prior to the recent price rise.

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, trading volume, recent price movements and Twitter activity.

As seen in the chart above, the VORTECS™ Score for API3 spiked to a high of 77 on Jan. 18 around one hour before its price began to surge 26% over the next two hours.

The surge in interest for API3 comes as the protocol's first-party oracles are gaining momentum within the crypto community.

Related: Analysts warn that Bitcoin could dip to $38K 'before an eventual breakout'

Prometheus prepares to launch

The Prometheus protocol offers users a decentralized framework for data monetization designed to facilitate the secure and private exchange of data.

Data from Cointelegraph Markets Pro and TradingView shows that PROM spiked 30.84% to reach a daily high of $14.68 on Jan. 18 amidst a 300% surge in its 24-hour trading volume.

The price turnaround for Prometheus comes as the project prepares for its full mainnet launch. This will include the initial support for seven assets including Binance Coin (BCH), wrapped BTC, PROM, Tether (USDT), USD Coin (USDC) and Wrapped Ethereum (WETH).

The overall cryptocurrency market cap now stands at $1.973 trillion and Bitcoin’s dominance rate is 40%.

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.

Tags
Bitcoin
Markets
Altcoin Watch
Altcoin
Cryptocurrencies
Defi
Data
Api
Data Exchange
Related Posts
New staking and governance features back Ocean Protocol’s 40% rally
Data collection, aggregation and analysis have become some of the largest profit generators for companies like Facebook and Google who have designed an array of algorithms purposed with harnessing user data in order to better optimize the user interfaces of their applications and their online marketplaces. While collecting the data is the ultimate objective, the events of the past few years have also shown that securing it and ensuring that the privacy of customers and users is protected is imperative. Combining data collection with the ability to securely store it on a distributed ledger seems like a natural fit, and …
Blockchain / March 3, 2021
The Graph (GRT) gains momentum as Web3 becomes the buzzword among techies
The ongoing digital revolution and rise of the internet have upended the old global value structure over the past 30 years, and big data has become the new "gold" or "oil" — a fact demonstrated by the money-making capabilities of platforms like Google and Facebook. One blockchain project focused on the future of retrieving and managing data is The Graph (GRT), an indexing protocol designed for querying networks like Ethereum and IPFS through the creation of open APIs called subgraphs. Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.34 on Jan. 24, GRT has …
Adoption / Feb. 16, 2022
OCEAN gains 86.4% in March ahead of Q2 launch of Ocean v4
Data security and accessibility have become important issues of the modern age as the world slowly progresses towards a Web3 future that establishes blockchain technology as the underlying infrastructure for the new internet. One project that is looking to capitalize on this growing trend by establishing tools for the new Web3 data economy is Ocean Protocol (OCEAN), a blockchain ecosystem that helps individuals and businesses unlock the value of their data and monetize it through the use of datatokens. Data from Cointelegraph Markets Pro and TradingView shows that, over the past two weeks, the price of OCEAN has rallied 86.4% …
Markets / March 21, 2022
LINK marines rejoice after Chainlink 2.0 brings a new roadmap and staking
Passive income opportunities are one of the biggest draws in the cryptocurrency ecosystem because it gives investors an easy opportunity to grow their portfolio size regardless of the day-to-day price action. The latest token to get a bump in its price after announcing the upcoming implementation of staking is Chainlink (LINK), the decentralized oracle network that provides important off-chain information needed for the proper functioning of smart contracts. Data from Cointelegraph Markets Pro and TradingView shows that since bouncing off a low of $6.67 on June 4, the price of LINK has increased 35% to hit a daily high of …
Markets / June 7, 2022
Terra contagion leads to 80%+ decline in DeFi protocols associated with UST
The knock-on effect of the collapse of Terra (LUNA) and its TerraUSD (UST) stablecoin spread wide across the cryptocurrency market on May 11 as projects with any kind of association with the decentralized finance (DeFi) ecosystem have seen their prices hammered. The forced selling of the Bitcoin (BTC) holdings backing a portion of UST also influenced BTC’s current drop to $29,000. Analysts fear that DeFi platforms that have liquidity pools primarily comprised of UST and LUNA will collapse. Terra-based protocols suffer Projects with the direst of outlooks are those that are hosted on the Terra protocol including Anchor Protocol, Astroport …
Bitcoin / May 11, 2022