Merchants hope for a brand new altcoin season now that Bitcoin turned $45Okay to help
This week, total cryptocurrency market capitalization rebounded to $ 1.9 trillion, up 20% weekly and its highest level since Jan.
While the new upward momentum caught investor attention, Bitcoin’s (BTC) surge from $ 33,400 to $ 45,900 was pretty much in line with the rest of the market.
Whether Bitcoin will finally break the $ 46,000 resistance remains an open question. However, the longer it takes, the higher the chances that altcoins will outperform the leading cryptocurrency.
Total crypto market capitalization. in USD million (right) and Bitcoin dominance (left). Source: TradingView
Not every altcoin performed similarly, and only 14 of CoinMarketCap’s top 100 outperformed Bitcoin by 3% or more.
Weekly top performers among the 100 greatest. Source: CoinMarketCap
ICP, RVN, VGX and EGLD followed Bitcoin’s 40% rally
Internet Computer (ICP) announced on July 30th that the Fleek application had reached 700 website deployments in two weeks of its launch. Fleek enables the construction of websites and front end for decentralized applications in the Internet computer blockchain with smooth hosting.
According to the Dfinity Foundation blog, Fleek has created an alternative open source gateway to the blockchain so that data from Internet Computer Smart Contracts can be freely accessed with normal browsers.
Ravencoin (RVN) also became the most profitable coin to be mined using graphics cards, according to data from whattomine.com, and the network outperformed Ethereum (ETH).
#Ravencoin just flipped $ ETH for my farm. I will switch back to $ RVN if it stays that way. pic.twitter.com/H6wcRQ55Yz
– CaptainCrypto (@ CaptainCrypto33) August 3, 2021
The Voyager eruption was recorded by the VORTECS ™ indicator
Voyager Digital, the company behind Voyager Token (VGX), acquired crypto trading and payments startup Coinify for $ 85 million. On August 1st, Voyager also launched the VGX Web Swap 2.0 and staking portal.
Cointelegraph Markets Pro’s VORTECS ™ data began to see a bullish outlook for VGX on July 31, ahead of the recent price surge.
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.
VORTECS ™ Score (left) vs. VGX price (right). Source: Cointelegraph Markets Pro
As shown above, the VORTECS ™ Score for VGX climbed to a high of 90, 30 hours ahead of 23% price on August 3, to $ 3.50.
Finally, Elrond (EGLD) announced $ 20 million in funding from the Moonlorian Blockchain Business Laboratory. According to Elrond’s blog, the blockchain company is already incubating several projects in areas such as tokenization, NFT, traceability and loyalty platforms.
On the other hand, only six projects have developed negatively in the last seven days.
Among the 100 greatest performers of the week. Source: CoinMarketCap
Flexa (AMP) was up 90% from July 22-29 when Binance US announced token listing. However, the altcoin quickly declined 26% from its high of $ 0.083 as of July 29.
Theta Fuel (TFUEL) faced a similar move when it rose 63% to hit a high of $ 0.368 on July 20-25 during the implementation of Protocol 3.1.0. The hard fork created a more efficient block proposal protocol, optimized the blockchain database, and added support for the Ethereum RPC API.
Altcoin holders certainly have reason to celebrate, but investors should keep in mind that any Bitcoin price correction will likely push merchants to quickly make profits from the most volatile altcoins.
The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph. Every investment and trading movement involves risks. You should do your own research when making a decision.