Altcoins rack up 30% gains as Bitcoin price chases after $39,000
The cryptocurrency market is in a state of confusion on Jan. 31 as many traders view Bitcoin's (BTC) weakness as a sign that a crypto winter is beginning, yet increasing news of adoption and multi-million-dollar financing rounds continue to make headlines on a regular basis.
As Bitcoin trades at $38,500, analysts are highlighting the current price action as a possible buy zone and this bullish sentiment is spilling into altcoins also.
Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were DerivaDAO (DDX), Telos (TLOS) and Bonfida (FIDA).
DerivaDAO is a decentralized exchange for derivatives that operates on the Ethereum (ETH) network.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for DDX Jan. 25, 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 DDX hit a high score of 70 on Jan. 25, around 62 hours before the price increased 102% over the next three days.
The surge in DDX price comes amid a 3,692% increase in trading volume for the token, with more than $13 million in volume coming from the top U.S.-based cryptocurrency exchange Coinbase.
TLOS is a blockchain network created with EOSIO software, and it is designed to bring speed and scalability to smart contracts for decentralized finance (DeFi), nonfungible tokens (NFTs), gaming and social media.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for DDX on Jan. 28, prior to the
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