August 7, 2022

JIC News

The latest cryptocurrency market news for today.

Parabolic gains for OriginTrail, Maker and XYO Network rouse ‘altseason’ hopes

2 min read

Calls for the arrival of an altseason are growing louder on Nov. 3 after the price action for altcoins is on the rise and Bitcoin (BTC) price lingers at the $62,000 support level.

Source: cointelegraph.com

At the moment, gaming tokens, supply chain-related projects and decentralized finance (DeFi) protocols are scorching hot and as shown below, many altcoins are posting double and triple-digit gains today.

Cointelegraph Markets Pro

Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were OriginTrail (TRAC), XYO Network (XYO) and Maker (MKR).

TRAC gets a boost from the “Coinbase effect”

OriginTrail is a protocol that refers to itself as “the world’s first decentralized knowledge graph” designed to help people organize important assets and make them discoverable and verifiable on a blockchain network.

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

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.

Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for TRAC climbed into the dark green zone on Oct. 30 and reached a high of 81 around 49 hours before the price began to increase 232% over the next two days.

The sudden surge in price for TRAC comes as the token was listed on several new cryptocurrency exchanges, including Coinbase.

XYO Network surpasses 3 million nodes

The XYO protocol is a geospatial oracle network comprised of a decentralized ecosystem of devices that anonymously collect, validate and record data on the XYO blockchain.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for XYO on Oct. 30, prior to the recent price rise.

Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for XYO climbed into the green zone on Oct. 30 and reached a high of 76 around 67 hours before the price increased 88% over the next two days.

The building momentum for XYO comes as the network surpassing the 3 million node mark on Oct. 14.

Maker’s TVL hits a new high

Maker is the native token of the MakerDAO DeFi lending protocol which allows users to lock up assets in in order to mint DAI stablecoins.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for MKR on Nov. 1, prior to the recent price rise.

Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for MKR turned green on Nov. 1 and reached a high of 70 around three hours before the price began to increase 51.4% over the next two days.

The boost in price and momentum for MKR comes as the total value locked (TVL) on the protocol reached a record $17.98 billion according to data from DeFi Llama. This makes Maker the second-ranked DeFi protocol by TVL.

The overall cryptocurrency market cap now stands at $2.711 trillion and Bitcoin’s dominance rate is 43.2%.

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