Altcoins book 50% gains after Bitcoin and Ethereum set a path to new highs

Published at: Sept. 3, 2021

The bullish momentum across the cryptocurrency market continued to build on Friday as a market-wide rally lifted the prices of most altcoins and boosted Bitcoin (BTC) and Ether (ETH) above their respective resistance levels at $51,000 and $4,000, respectively.

The recent price gains seen in the altcoin market show no sign of slowing down, and several altcoins gained more than 30% on Friday.

Data from Cointelegraph Markets Pro and TradingView shows that the best performers over the past 24-hours were Polymath (POLY), Bitcoin Cash ABC (BCHA) and XYO Network.

Polymath rallies as its “Polymesh” mainnet launch approaches

Polymath is an Ethereum-based project focused on digital asset management.

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.345 on Wednesday, the price of POLY rallied 56% to an intraday high at $0.54 on Friday as its 24-hour trading volume exploded by 2,040%.

The sudden burst of momentum for the project comes following the Wednesday upgrade to the Polymesh incentivized testnet, which puts the project one step closer to the full launch of the Polymesh mainnet.

Bitcoin Cash ABC rebrands to eCash

Bitcoin Cash ABC, formerly known as Bitcoin Cash (BCH), recently underwent a rebrand to eCash (XEC).

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 BCHA climbed into the green zone on Aug. 29 and reached a peak of 81 on Aug. 30, around 74 hours before its price increased 78% over the next day.

Excitement for the project comes following its official rebranding to eCash, which also included a token revaluation that increased the circulating supply from 21 million to 21 trillion.

Related: Bitcoin price overcomes $50K, stocks slide after disappointing US jobs report

XYO Network benefits from a new collaboration

The XYO Network is a decentralized network of devices that anonymously collect and validate geospatial data and record it on the XYO blockchain.

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

As seen in the chart above, the VORTECS™ Score for XYO began to pick up on Wednesday and reached a high of 77 around seven hours before the price increased 285% over the next day.

This price spike comes after the XYO community got a boost to its visibility on Wednesday after CoinApp launched a campaign allowing users to earn XYO tokens for participating in a case study on the application.

The overall cryptocurrency market capitalization now stands at $2.289 trillion, and Bitcoin’s dominance rate is 41.5%.

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.

Tags
Bitcoin
Markets
Markets Pro
Altcoin Watch
Altcoin
Cryptocurrencies
Bitcoin Cash
Security
Hard Fork
Fork
Xyo Network
Related Posts
$52K Bitcoin price triggers rally in large caps like Litecoin, Stellar and Bitcoin Cash
Bitcoin (BTC) has been the uncontested cryptocurrency market leader since its creator launched the digital asset in 2009 and to date, it continues to be the dominant force in the industry. This truth was put on display on Sept. 6, when the price of Bitcoin rose to the $52,000 level and ignited a market-wide rally that lifted the price of small- and large-cap altcoins. When Bitcoin rallies, most of the legacy coins like Litecoin, Bitcoin Cash, XRP and Stellar tend to move in tandem. Now that BTC looks ready to test new highs, let's take a look at how the …
Bitcoin / Sept. 6, 2021
Altcoins and DeFi tokens push higher as Bitcoin price falters at $40K
Bitcoin (BTC) price has recovered from its recent $37,500 low and the digital asset's run back toward the $40,000 mark spurred bullish activity from many altcoins. Data from Cointelegraph Markets Pro and TradingView shows that the top gainers over the past 24-hours are XYO Network (XYO), Saffron Finance (SFI) and Quant (QNT). XYO/USD In the past 24-hours, XYO Network, a location-based data network that uses blockchain to track and record location information, rallied by 72%. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for XYO on Aug. 2, prior to the recent price rise. The VORTECS™ …
Bitcoin / Aug. 4, 2021
What the forks? Bitcoin Cash and Ethereum Classic see triple-digit rallies
It’s undeniable that Bitcoin (BTC) and Ether (ETH) are currently the two most dominant cryptocurrencies, and as a result, they receive most of the attention from the mainstream media, institutional investors and retail investors, but this doesn't mean that the sector leaders are not occasionally challenged by competitor networks. Two forked projects that once sought to challenge Bitcoin and Ethereum for their seats at the top are Bitcoin Cash (BCH) and Ethereum Classic (ETC). In the past week, both coins have demonstrated that they are still capable of generating excitement and producing big gains. Data from Cointelegraph Markets and TradingView …
Bitcoin / April 16, 2021
Bitcoin-related altcoins surge as BTC ETF rumors spread across the sector
On Oct. 14, bulls flexed their muscles and showed their intent to push the price of Bitcoin (BTC) closer to its $65,900 all-time high. One reason for the move is the steady chatter about the possibility of a Bitcoin exchange-traded fund (ETF) being approved by the end of October. Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $54,103 on Oct. 13, the price of Bitcoin rallied 8.2% to an intraday high of $58,532 on Oct. 14 as the ETF discussion made fresh rounds on Crypto Twitter. The spike above $58,500 is also significant because …
Adoption / Oct. 14, 2021
Rune’s upcoming mainnet launch and Terra (LUNA) integration set off a 74% rally
2021 was a roller coaster of a year for THORChain (RUNE) that saw its price top out at $20.31 only to come crashing down below $4 as a series of hacks and declining interest in decentralized finance had the token limping into 2022. Data suggests that investors could be taking a closer look at Rune and a few potentially bullish factors could include the protocol's recent integration with the Terra and Cosmos ecosystem, an upcoming mainnet launch and the attractive yields offered to liquidity providers. Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $3.00 …
Bitcoin / March 1, 2022