This week the overall cryptocurrency market capitalization bounced again to $1.9 trillion, which was a 20% weekly enhance and the very best degree seen since Might 20.
Whereas the contemporary bullish momentum attracted the eye of traders, Bitcoin’s (BTC) transfer from $33,400 to $45,900 was just about according to the remainder of the market.
Whether or not Bitcoin will lastly break the $46,000 resistance stays an open query. Nevertheless, the longer it takes, the upper the chances that altcoins will outperform the main cryptocurrency.
Not each altcoin carried out equally and solely 14 of the highest 100 from CoinMarketCap outperformed Bitcoin by three% or extra.
ICP, RVN, VGX and EGLD adopted Bitcoin’s 40% rally
Web Pc (ICP) introduced on July 30 that inside two weeks of its launch, the Fleek software reached 700 web site deployments. Fleek permits one to build web sites and front-end for decentralized purposes on the Web Pc blockchain with frictionless internet hosting.
In accordance with the Dfinity Basis weblog, Fleek created an alternate open-source gateway to the blockchain so Web Pc sensible contracts information might be freely accessed utilizing common browsers.
Ravencoin (RVN) additionally turned essentially the most worthwhile coin to mine utilizing graphic playing cards, in keeping with information from whattomine.com and the community surpassed Ethereum (ETH).
— CaptainCrypto (@CaptainCrypto33) August 3, 2021
Voyager’s breakout was caught by the VORTECS™ indicator
Voyager Digital, the corporate behind Voyager Token (VGX), acquired crypto trading and payments startup Coinify for $85 million. On August 1, Voyager additionally launched the VGX web swap 2.0 and staking portal.
VORTECS™ information from Cointelegraph Markets Pro started to detect a bullish outlook for VGX on July 31, earlier than the current worth rise.
The VORTECS™ Rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market circumstances derived from a mixture of information factors, together with market sentiment, buying and selling quantity, current worth actions and Twitter exercise.
As displayed above, the VORTECS™ Rating for VGX climbed to 90 excessive on Aug three, 30 hours forward of the 23% worth to $three.50.
Lastly, Elrond (EGLD) introduced a $20 million funding from Moonlorian Blockchain Enterprise Laboratory. In accordance with Elrond’s weblog, the blockchain agency is already incubating a number of tasks in domains corresponding to tokenization, NFT, traceability and loyalty platforms.
Alternatively, solely six tasks offered a unfavorable efficiency during the last seven days.
Flexa (AMP) rallied 90% from July 22 to 29 as Binance US announced the token itemizing. Nevertheless, the altcoin shortly retraced 26% from the $zero.083 high on July 29.
Theta Gas (TFUEL) confronted an analogous motion because it rallied 63% from July 20 to 25 through the launch of protocol three.1.zero and reached a $zero.368 high. The arduous fork created a extra environment friendly block proposal protocol, optimized the blockchain database and added assist for Ethereum RPC API.
Altcoin holders actually have causes to rejoice, however traders must be aware that an eventual Bitcoin worth correction will possible trigger merchants to shortly seize income from essentially the most risky altcoins.
The views and opinions expressed listed here are solely these of the author and don’t essentially replicate the views of Cointelegraph. Each funding and buying and selling transfer includes danger. It’s best to conduct your personal analysis when making a call.