Traders seek hefty gains from altcoins while Bitcoin price consolidates

Published at: Aug. 16, 2021

Optimism across the cryptocurrency ecosystem continues to grow on Aug. 16 as multiple altcoins put on double-digit gains and Bitcoin (BTC) bulls defend the $46,000 support level. 

Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24 hours were Solana (SOL), Presearch (PRE) and Arweave (AR).

SOL hits a new all-time high

In the past 24 hours, SOL price soared to hit a new high $69.13 as excitement for the protocol’s new Mango Markets decentralized exchange (DEX) helped to increase demand for SOL.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for SOL on Aug. 11, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic 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 Solana rose into the green zone on Aug. 10 and reached a high of 77 on Aug. 11, around 4 days before its price increased 62% over the next day.

PR pushes higher

The Presearch project is a blockchain-based, decentralized search engine that is powered by the community and allows users to search privately, rewardin them for their activity.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for PRE on Aug. 14, prior to the recent price rise.

As seen in the chart above, the VORTECS™ Score for PRE climbed into the green zone on Aug. 13 and reached a high of 70 on Aug. 14, around 26 hours before the price surged 102% over the next day.

AR gains 32%

Arweave is a decentralized storage network that utilizes a new type of storage that backs up data with “sustainable and perpetual endowments” that allow users and developers to store data forever.

According to data from Cointelegraph Markets Pro, market conditions for AR have been favorable for some time.

As seen on the chart above, the VORTECS™ Score for AR was in the green for the majority of the past week and reached a high at 72 on Aug. 14, around 30 hours before the price increased 65% over the next day.

Excitement for the project has been on the rise over the past week, with the daily transactions on the network repeatedly hitting new record highs.

The overall cryptocurrency market capitalization now stands at $2.005 trillion, and Bitcoin’s dominance rate is 43.5%.

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.

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