Altcoins book 40% gain after Bitcoin and the crypto market enter a relief rally
Crypto investors are beginning to feel a sense of hope once more on Jan. 26 as the wider cryptocurrency market is seeing green and Bitcoin (BTC) price trading near $38,000. Even with the breakout, traders are advising caution ahead of the Federal Open Market Committee meeting where the Federal Reserve is expected to unveil their plans for hiking interest rates.
As bullish sentiment begins to return, several altcoin projects have seen their prices spike more than 41% as dip buyers sought to secure a position ahead of a possible market rally.
Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Frontier (FRONT), Decentral Games (DG) and Quantstamp (QSP).
Frontier is a chain-agnostic decentralized finance aggregator designed to allow users to store, earn, swap and invest in crypto assets on multiple blockchain networks from one interface.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for FRONT on Jan. 24, prior to the recent price rise.
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.
As seen in the chart above, the VORTECS™ Score for FRONT rose into the green zone on Jan. 23 and hit a high of 86 on Jan. 24, around 33 hours before the price spiked 100% over the next day.
The surge in FRONT price comes as the token was listed on the Korean-based Bithumb cryptocurrency exchange.
Decentral Games is a play-to-earn gaming protocol that offers users an opportunity to make a living through incentivized gameplay, self-custody and the delegation
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