The cryptocurrency market’s momentum is rising after a solid rally by Bitcoin (BTC), which brought its price back to $66,000, and Ether (ETH) reached a new record high of $4,793. The market rally was sparked by the gains of the two largest cryptocurrencies. It has now reached $3 trillion.
Contrary to previous rallies, where BTC gained significant profits at the expense the altcoin markets, this time, the majority of tokens within the top 200 are also in the green. Many projects have seen double-digit gains.
The top 7 coins that saw the largest 24-hour price changes. Source: Cointelegraph Markets Pro
Data from TradingView and Cointelegraph Markets Pro shows that UMA, Loopring’s LRC and Gnosis’ GNO were the top gainers in the last 24 hours.
UMA launches a cross-chain bridge
UMA stands for Universal Market Access and is a platform that specialises in creating synthetic assets on Ethereum. These assets are self-executing, self enforcing financial agreements that allow counterparties digitize and automate real-world financial derivatives.
Cointelegraph Markets Pro and TradingView data show that UMA prices rallied 109% after hitting a low at $10.72 Oct. 28. The price of UMA rose to $22.44 per day on Nov. 7, as its 24-hour trading volume soared 1,329%, to $943 million.
Chart for UMA/USD 4 hours Source: TradingView
The sudden burst in trading volume and price growth for UMA came as the platform launched its “Across Protocol” layer-one-to-layer-two bridge on its mainnet in an effort to offer a fast, cheap, secure bridge for decentralized finance (DeFi) users.
Loopring is affordable and attracts new users
Loopring is a layer-two scaling solution by zk-Rollups for Ethereum. It specializes in creating decentralized exchanges (DEX) as well as payment protocols.
VORTECS(tm), data from Cointelegraph Markets Pro, began to detect a bullish outlook on LRC on Nov. 5, before the recent price rise.
Cointelegraph’s exclusive VORTECS(tm), Score is an algorithmic comparison between historical and current market conditions. It is based on a combination data points, including trading volume, market sentiment and recent price movements, and tweet activity.
VORTECS(tm), Score (green) vs. LRC Price. Source: Cointelegraph Markets Pro
The chart shows that the VORTECS(tm), Score for LRC rose into the green on November 4 and reached 72 on Nov. 5. This was five hours before the price surged 76% in the following three days.
Loopring’s momentum is growing as users continue to look for lower-cost options due to high fees on Ethereum. This led to a record-breaking daily trading volume of $75,000,000 on Loopring on Nov. 2.
Gnosis proposes a merger of xDai and Gnosis
Gnosis is a protocol that aims to create new market mechanisms for DeFi. It allows users to secure create, trade, and hold digital assets via the Ethereum network.
Cointelegraph Markets Pro data shows that GNO market conditions have been favorable for some period.
VORTECS(tm), Score (green) vs. GNO Price. Source: Cointelegraph Markets Pro
The chart shows that the VORTECS(tm), Score for GNO has been rising in the green zone over the past week. It reached a peak of 79 on Nov. 5th, just 10 hours before the price rose 39.3% in the next two days.
GNO’s price has been rising since the protocol introduced Gnosis Improvement Proposal (16) 16. This proposes that Gnosis, xDai communities, should merge their tokens in order to create the xDai Blockchain under the name “Gnosis Chain.”
The total cryptocurrency market capitalization is now at $2.88 trillion. Bitcoin’s dominance rate, however, is 43.2%.
You should research all aspects of trading and investment before making any decisions.