Small-cap altcoins stage a recovery as Bitcoin traders aim to recapture $60K
Bitcoin’s consolidation below $60,000 has given the green light to altcoins like ROSE, YGG and AST.
The fortitude of Bitcoin (BTC) holders continues to be tested on Nov. 17 as a number of attempts to push the price to $59,000 and below grow. This level has been well defended by bulls but analysts are still watching for the $63,000 level to be reclaimed as support before saying the “dip” has ended.
While much of the recent focus has been on Bitcoin and matters related to exchange-traded funds (ETF), the altcoin market has been providing some relief to and a hand full of tokens rallied toward new all-time highs on Wednesday.
Data from Cointelegraph Markets Pro and TradingView shows that three of the largest gainers over the past 24-hours have been Oasis Network (ROSE), Yield Guild Games (YGG) and AirSwap (AST).
Oasis Network launches a $160 million development fund
Oasis Network is a privacy-focused blockchain platform designed for open finance and the creation of a responsible data economy.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ROSE on Nov. 15, 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 ROSE began to pick up on Nov. 15 and reached a high of 75 around 29 hours before the price spike 37% over the next day.
The sudden burst in momentum for ROSE comes as the project announced a $160 million Oasis ecosystem development fund that is “dedicated to supporting and scaling projects built on Oasis.”
Yield Guild Games expands its ecosystem
Yield Guild Games is a play-to-earn (P2E) gaming guild and decentralized autonomous organization (DAO) that participates and invests in various aspects of the blockchain-based gaming industry and non-fungible tokens.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $5.93 on Nov. 16, the price of YGG rallied 32.7% overnight to reach an intraday high at $7.87 on Nov. 17 as its 24-hour trading volume spiked 110% to $140.5 million.
The rapid price rise for YGG comes as the project secured new partnerships and cross-platform integrations, including a recent addition to Satoshi Legends “The 100” and preparing for the upcoming launch of Thetans Arena.
Related: Nifty News: YGG partners with 8 P2E games, Ice Cube and Quiznos drop NFTs
Airswap launches its new DEX
Airswap is a decentralized, peer-to-peer (P2P) trading protocol on the Ethereum (ETH) network that essentially works in the same way as Uniswap, SushiSwap and other DeFi platforms, except Airswap is gasless.
According to data from Cointelegraph Markets Pro, market conditions for AST have been favorable for some time.
As seen in the chart above, the VORTECS™ Score for AST has been in the green zone for the majority of the past week and reached a high of 80 on Nov. 14, around 46 hours before the price increased 60% over the next day.
The building strength for AST comes as that AirSwap DAO successfully launched its new open-source P2P decentralized exchange (DEX) which features gasless swaps.
The overall cryptocurrency market cap now stands at $2.624 trillion and Bitcoin’s dominance rate is 43.4%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
