CRYPTO

AVAX, ENJ and EGLD suggest a return to all-time highs


It was a rollercoaster week in the cryptocurrency market when Bitcoin (BTC) price volatility returned, pushing digital resources to an all-time low since mid-October.

As has often been the case in the past, there has been a turnaround in altcoins following the depreciation of the BTC, and Cointelegraph Markets Pro’s Altseason Indicator indicates that the current market conditions have been seen in the past when altcoins outperformed bitcoins.

Altseason indicator. Source: Cointelegraph Markets Pro

Here are some Altcoins that have been gaining momentum over the last few weeks.

Snow-defying ecosystems explode

Avalanche (AVAX) is a layer-one blockchain protocol that has grown in popularity by 2021 as its decentralized financing (DeFi) and non-fungible token (NFT) ecosystem has grown, thanks to the low-fee nature of the protocol. Attract users and liquidity from Ethereum.

VORTECS ™ data from Cointelegraph Markets Pro began to identify a bullish outlook for AVAX on November 5, before the recent price increase.

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.

VORTECS ™ score (green) vs. AVAX price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS জন্য score for AVAX started rising from November 5 and reached a high of 83, just as the price of AVAX started to rise 54.76% in the next two weeks.

The climbing price of AVAX comes when the DeFi ecosystem in Avalanche saw its total value locked into the network rise to new heights and announced plans to list Binance US tokens this week.

The engine aims at a Polcadot parachin slot

Enjin (ENJ) is a protocol that works on the Ethereum (ETH) network and focuses on creating blockchain-based gaming products and nonfunctional tokens.

Data from Cointelegraph Markets Pro and TradingView show that on September 29, ENJ rose 213.5% to a daily high of 7 3.74 as its 24-hour trading volume rose 92%. $ 1.57 billion.

ENJ / USDT 4-hour chart. Source: Tradingview

Rising energy for ENJ comes in November when Engine Ecosystem aims to secure a place as a Polcadot parachute through a crowdedlone auction for its cross-chain metavars project Affinity.

Elrond has announced a $ 1.29 billion liquidity incentive program

Elrond is a blockchain protocol that aims to become a technology ecosystem for the “new Internet” and enables its network to process 15,000 transactions per second (TPS) using sharding technology with an average transaction cost of $ 0.001.

VORTECS ™ data from Cointelegraph Markets Pro began to identify a bullish outlook for EGLD on November 12 before the recent price hike.

VORTECS ™ Score (green) vs. EGLD price. Source: Cointelegraph Markets Pro

As shown in the chart above, the VORTECS জন্য score for EGLD started rising on November 12 and reached a high of 76, about 108 hours before the price of EGLD started rising 30.27% in the next three days.

The building momentum for EGLD comes when the protocol Myar Decentralized Exchange (DEX) was officially launched with a $ 1.29 billion Liquidity Incentive program designed to attract users and help liquidity in its DeFi ecosystem.

The overall cryptocurrency market cap is now $ 2.59 trillion and the dominance rate of Bitcoin is 42.2%.

The opinions and opinions expressed herein do not necessarily reflect the views of the author and not necessarily those of Cointelegraph.com. Every investment and trading step involves risk, so you should do your own research when making decisions.