After a bad week on the crypto markets, Bitcoin is on the verge of surpassing the $33,000 mark. Meanwhile, altcoins have enjoyed a much better week, with a few seeing double digit gains and the majority of them enjoying gains.
Altcoins, or alternative cryptocurrencies, have had a strong year, with several currencies recording gains of more than 50% over the BTC price. While the currency markets continue to struggle to see new highs, altcoin performance has been strong and is set to continue.
Bitcoin experienced a week of wild price action, first rising above $3,200 and then falling back below $3,000. But the world’s first cryptocurrency recovered, and then rose strongly today to nearly $33,000. This is the first time it has passed $33,000 since May, when it briefly surpassed $5,000.. Read more about what are altcoins and let us know what you think.
As the price of Bitcoin (BTC) rose to $32,858, the charts turned green, but a number of experts warned that the market was not yet out of the woods.
Telcoin (TEL), Polygon (MATIC), and Axie Infinity (AXS) were the top 24-hour movers, according to data from Cointelegraph Markets Pro and TradingView, suggesting that the rebound is broad and not limited to large-cap cryptocurrencies.
Top 7 coins with the biggest price swings in a 24-hour period. Cointelegraph Markets Pro is the source of this information.
The top-performing tokens, as shown in the table above, span a wide range of cryptocurrency subsectors, including nonfungible tokens, artificial intelligence, and decentralized finance initiatives.
New trading pairings for Telcoin have been added to QuickSwap.
Over the last 24 hours, Telcoin (TEL), a blockchain protocol focused on sending and receiving mobile-based worldwide remittances, has been the best performer.
4-hour chart of TEL/USDT. TradingView is the source of this information.
TEL rose 71 percent from a low of $0.0091 on July 20 to an intraday high of $0.0158, with a 136 percent increase in 24-hour trading volume to $43 million.
Following the launch of “DeFi agents” on the Fetch protocol, which are intended to assist users manage their liquidity and protect it against temporary loss or rug pulls, interest in the project skyrocketed.
After the introduction of Polygon Studios, the price of MATIC skyrockets.
Polygon (MATIC), a popular layer-two solution for the Ethereum (ETH) network that has experienced a large rise in usage during the first half of 2021, is the second-best performing token on the 24-hour charts.
Prior to the current price increase, VORTECSTM data from Cointelegraph Markets Pro started to identify a positive prognosis for MATIC on July 20.
The VORTECSTM Score is an algorithmic assessment of past and present market circumstances generated from a mix of data points including market sentiment, trading volume, recent price changes, and Twitter activity, which is unique to Cointelegraph.
MATIC pricing vs. VORTECSTM Score (green). Cointelegraph Markets Pro is the source of this information.
The VORTECSTM Score for MATIC initially went green on July 19 and rose to a high of 77 on July 20 when its price hit a low of $0.62, only one hour before rallying 52 percent over the following 29 hours, as seen in the chart above.
Polygon’s rapid growth is attributed in part to the launch of Polygon Studios, the protocol’s “new arm for the blockchain gaming and NFT ecosystem.”
Related: The world’s wealthiest crypto billionaire’s trading company admits to purchasing ‘a lot more’ Bitcoin is trading for less than $30,000.
AXS has regained its footing.
Axie Infinity (AXS), an NFT-focused protocol that has rallied more than 1,000 percent over the last month due to rising user activity and the revenue possibilities it provides users in economically challenged nations, was the third-best performance over the previous 24 hours.
Market conditions for AXS have been good for some time, according to data from Cointelegraph Markets Pro.
AXS pricing compared. VORTECSTM Score (green). Cointelegraph Markets Pro is the source of this information.
VORTECSTM Score for AXS has been higher for the most of the last week, reaching a high of 77 on July 20 approximately one hour before the price rose 46 percent over the following sixteen hours, as seen in the chart above. AXS is currently trading at $18.
The author’s thoughts and opinions are entirely his or her own and do not necessarily represent those of Cointelegraph.com. Every investing and trading choice has risk, so do your homework before making a decision.
This article broadly covered the following related topics:
- what are altcoins
- where to buy altcoins
- cryptos to watch
- future of cryptocurrency 2021
- altcoins secure double-digit gains after bitcoin surges toward $33k 2017