The cryptocurrency market is experiencing another day of volatility. On Jan. 7, the Bitcoin (BTC), bears broke bull support at $42,000. Bitcoin’s price fell to $40,620 per day before resources ran out.
Cointelegraph Markets Pro data shows that four out of seven top gainers for the day are part the Cosmos Hub. The Interblockchain Communication protocol is used by this ecosystem to allow interoperability between connected networks.
The top 7 coins that saw the largest 24-hour price changes. Source: Cointelegraph Markets Pro
Here are some insights into the power of IRISnet, Secret (SCRT), Akash Network(AKT), and Cosmos (ATOM).
IRISnet increases its NFT capabilities
IRISnet, an interchain-service hub for decentralized apps that allows cross-chain interoperability as well as providing modules to businesses to run distributed systems, has been the top gainer in the last 24-hours.
Cointelegraph Markets Pro and TradingView data show that IRIS prices soared 84% to $0.144 after it hit a low of $0.079 on Jan. 7. The price of IRIS rose to $0.079 daily, as its 24-hour trading volume jumped 2,320% to $112.6 millions.
IRIS/USDT 4-hour chart. Source: TradingView
IRIS’ sudden price and volume surge is due to the expansion of the protocol’s nonfungible token community. This will be thanks to the Uptick Network (NFT) ecosystem. These efforts have attracted new users to IRISnet.
Secret Network is getting Pulp Fiction NFTs
The Secret Network is a protocol that uses blockchain technology to provide data privacy for smart contracts. It enables programable privacy for data transfer, Decentralized Finance (DeFi), and NFTs.
Data from Cointelegraph Markets Pro showed that VORTECS(tm), which is data about the bullish outlook on SCRT, began to be detected on January 3, before the recent price increase.
Cointelegraph’s exclusive VORTECS(tm), Score is an algorithmic comparison between historical and current market conditions. It is derived from a combination data points, including market sentiment, trading volume and activity on Twitter.
VORTECS(tm), Score (green), vs. SCRT Price. Source: Cointelegraph Markets Pro
The chart shows that the VORTECS(tm), Score for SCRT started to increase on Jan.3, 55 hours before the SCRT price rose 25% the following day.
After it was revealed that Quentin Tarantino, movie director, will release NFTs from Pulp Fiction on Secret Network, the SCRT price has risen.
CloudStack is a partner of kash Network
Akash Network claims to be the first global decentralized cloud computing marketplace that offers DeFi. The service, also known as DeCloud is a way for any application to be launched quickly, without having to configure, manage, or set up servers.
Cointelegraph Markets Pro and TradingView data show that AKT prices rebounded 25% after a rapid drawdown to $2.33 on January 5. The price of AKT reached $2.93 daily on Jan. 7, as its 24-hour trading volume increased 88%.
AKT/USD 4-hour chart. Source: TradingView
AKT is gaining momentum after the Akash Network announced a partnership with CloudStack, a decentralized cloud aggregater that provides a portal to any decentralized storage network including Filecoin and Arweave.
Related: Why Cosmos (ATOM), price is at an all-time high
Bulls love the idea of interoperability among Cosmos and Ethereum
Cosmos, the foundational blockchain protocol of the Cosmos Hub, is known as the “internet among blockchains”. ATOM holders can stake the native ATOM token of the platform to secure the entire ecosystem.
Data from Cointelegraph Markets Pro showing a bullish outlook on SCRT, VORTECS(tm), began to show on Dec. 29, before the recent price increase.
VORTECS(tm), Score (green), vs. ATOM Price. Source: Cointelegraph Markets Pro
The chart shows that the VORTECS(tm), Score for ATOM rose into the green zone on December 29th and reached a peak of 80, just as ATOM’s price increased by 79% in the following nine days.
The total cryptocurrency market is now worth $1.987 trillion. Bitcoin’s dominance rate at 39.9%.
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