Strong fundamentals lure merchants again to Audius, Raydium and Helium
The cryptocurrency market discovered itself in a holding sample on Aug. 17 as the value of Bitcoin (BTC) lingers under $46,000 and bulls regroup to plan their subsequent try to push the value increased.
Despite the struggles confronted by most of the prime cryptocurrencies, a number of altcoins have been buoyed by constructive developments and CT Pro’s prime market gainers index reveals many producing double-digit features.
Data from Cointelegraph Markets Pro and TradingView reveals that the largest gainers over the previous 24-hours have been Audius (AUDIO), Raydium (RAY) and Helium (HNT).
Audius companions with TikTok
The top-performing coin over the previous 24-hours has been Audius, a decentralized music-sharing and streaming protocol that permits direct transactions between listeners and creators and helps to chop out the intermediary who faucet into artist’s income streams.
According to knowledge from Cointelegraph Markets Pro, market circumstances for AUDIO have been favorable for a while.
The VORTECS™ Score, unique to Cointelegraph, is an algorithmic comparability of historic and present market circumstances derived from a mixture of information factors together with market sentiment, buying and selling quantity, current worth actions and Twitter exercise.
As seen within the chart above, the VORTECS™ Score for AUDIO has been within the inexperienced zone for many of the previous week and reached a excessive of 80 on Aug. 13, round 66 hours earlier than the value elevated 156% over the following day.
The trigger for the sudden spike in worth was an announcement from Audius that it had partnered with TikTok to allow crypto-powered music streaming, a growth that was registered by the NewsQuake™ alert system shortly after the value initially started to rise.
Solana’s rising tide lifts Raydium worth
Raydium is an automatic market maker (AMM) and liquidity supplier constructed on the Solana blockchain for the Serum decentralized exchange (DEX). The Solana ecosystem has been gaining traction as of late and Raydium seems to have benefited from the elevated curiosity within the community.
Data from Cointelegraph Markets Pro and TradingView present that after hitting a low at $4.64 on Aug. 12, the value of RAY has spiked 75% to an intraday excessive at $8.11 on Aug. 17 with $317 million value of 24-hour buying and selling quantity.
Momentum for RAY actually started to select up beginning on Aug. 9 when it was announced that Binance could be record the token in its innovation zone. The worth moved increased following one other announcement on Aug. 17 that the exchange would launch perpetual futures contracts for the challenge.
Related: Solana is now in worth discovery as SOL reveals power under $70 all-time highs
Helium rallies because the community’s node rely expands
Helium is a challenge centered on making a decentralized blockchain-powered community for web of issues (IoT) units and the challenge is powered by nodes run by group members.
VORTECS™ knowledge from Cointelegraph Markets Pro started to detect a bullish outlook for HNT on AUG. 12, previous to the current worth rise.
As seen within the chart above, the VORTECS™ Score for Helium has been elevated over the previous week and reached a excessive of 77 on Aug. 16, round 4 hours earlier than its worth elevated 37% over the following day.
Momentum for the challenge has been steadily rising because it efficiently accomplished a $111 million token sale on Aug. 11.
The general cryptocurrency market cap now stands at $1.977 trillion and Bitcoin’s dominance charge is 43.6%.
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