Altcoins soar after Bitcoin price bounces off a key moving average

The cryptocurrency market received off to a sluggish begin on Aug. 19 after stimulus tapering talks from the U.S. Federal Reserve put strain on international monetary markets, however momentum throughout the crypto market picked up within the afternoon session as Bitcoin (BTC) bulls lastly managed to interrupt above the $46,000 stage. 

While most altcoins have been sluggish to heat up on Thursday, a number of altcoins led the best way with positive factors in extra of 20% as a result of main protocol upgrades and alternate listings.

Top 7 cash with the very best 24-hour price change. Source: Cointelegraph Markets Pro

Data from Cointelegraph Markets Pro and TradingView reveals that the largest gainers over the previous 24-hours have been Voyager Token (VGX), SwissBorg (CHSB) and Energy Web Token (EWT).

Voyager 2.0 excites traders

VGX is the native coin of the Voyager platform, a cryptocurrency dealer that gives buying and selling companies to retail and institutional traders.

VORTECS™ knowledge from Cointelegraph Markets Pro started to detect a bullish outlook for VGX on Aug. 16, previous to the current price rise.

The VORTECS™ Score, unique to Cointelegraph, is an algorithmic comparability of historic and present market situations derived from a mixture of knowledge factors together with market sentiment, buying and selling quantity, current price actions and Twitter exercise.

VORTECS™ Score (inexperienced) vs. VGX price. Source: Cointelegraph Markets Pro

As seen on the chart above, the VORTECS™ Score for VGX turned inexperienced on Aug.15 and proceeded to climb to a excessive of 85 on Aug. 16, round 46 hours earlier than the price elevated 100% over the following day.

Excitement for the challenge comes as VGX and the platform are present process a token swap and improve to Voyager 2.0.

SwissBorg pumps after a new alternate itemizing

SwissBorg is one other platform targeted on wealth administration and it supplies a community-centric surroundings the place customers can alternate and retailer their crypto belongings.

Data from Cointelegraph Markets Pro and CoinGecko reveals that after hitting a low at $0.714 on Aug. 18, the price of CHSB spiked 35% to an intraday excessive at $0.973 as its 24-hour buying and selling quantity surged 445% to $16.1 million.

CHSB/USDT 1-hour chart. Source: CoinGecko

The sudden increase in momentum for the challenge was the results of the CHSB token being listed on the Bitfinex alternate on Aug. 18 and the rising energy of the ecosystem is evidenced by the current revelation that the SwissBorg group now has 450,000 verified customers.

Related: Stablecoin adoption and the way forward for monetary inclusion

Energy Web Token staking attracts customers

The price of Energy Web Token additionally rallied in the present day after the challenge debuted new staking options. According to knowledge from Cointelegraph Markets Pro, market situations for EWT have been favorable for a while.

VORTECS™ Score (inexperienced) vs. EWT price. Source: Cointelegraph Markets Pro

As seen within the chart above, the VORTECS™ Score for EWT started to choose up on Aug. 13 and reached a excessive of 77 on Aug. 14, round 84 hours earlier than the price elevated 33% over the following day.

Interest within the challenge has begun to rise because of an ongoing series of crew member-led discussions that designate the completely different facets of the protocol, together with staking and the ‘switchboard’ person interface.

The total cryptocurrency market cap now stands at $1.954 trillion and Bitcoin’s dominance price is 43.9%.

The views and opinions expressed listed here are solely these of the writer and don’t essentially replicate the views of Every funding and buying and selling transfer entails threat, you must conduct your personal analysis when making a determination.