Saturday, May 14, 2022

ELA, API3 and PROM buck the market-wide downtrend by posting a 20%+ gain

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Worry and volatility stay the theme of the week as Bitcoin (BTC) continues to face stiff resistance close to the $42,000 value degree and inventory markets had been additionally arduous hit on Jan. 18. Investor worry over this yr’s proposed fee hikes proceed to use bearish stress and on the closing bell the DOW was down 530 points, or 1.4%.

Regardless of the downturn, altcoins managed to beat the noise and a number of other posted double-digit beneficial properties on Tuesday.

Prime 7 cash with the very best 24-hour value change. Supply: Cointelegraph Markets Pro

Knowledge from Cointelegraph Markets Pro and TradingView reveals that the most important gainers over the previous 24-hours had been Elsastos (ELA), API3 (API3) and Prometheus (PROM).

Elastos launches a token buyback program

Elastos protocol, a web3-focused challenge aiming to develop into the “blockchain-powered model of the web” broke out with a notable 22% rally.

Knowledge from Cointelegraph Markets Pro and TradingView reveals that after hitting a low of $2.80 on Jan. 8, the worth of Elastos has blasted 120% greater to achieve a day by day excessive of $6.16 on Jan. 18 as its 24-hour buying and selling quantity spiked 142% to $7.57 million.

ELA/USDT 4-hour chart. Supply: TradingView

The surge in value and buying and selling quantity for ELA got here after the Elastos Basis introduced plans for an upcoming ELA buyback program. The platform’s first decentralized trade, Glide Finance, additionally noticed an uptick within the complete worth locked for its protocol.

API3 and “first-party” oracles

API3 is a protocol centered on enhancing the communication capabilities between good contracts and utility programming interfaces (APIs) as a solution to facilitate the safe and dependable switch of up-to-the-minute information.

VORTECS™ information from Cointelegraph Markets Pro started to detect a bullish outlook for API3 on Jan. 18, previous to the latest value rise.

The VORTECS™ Rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market situations derived from a mix of knowledge factors together with market sentiment, buying and selling quantity, latest value actions and Twitter exercise.

VORTECS™ Rating (inexperienced) vs. API3 value. Supply: Cointelegraph Markets Pro

As seen within the chart above, the VORTECS™ Rating for API3 spiked to a excessive of 77 on Jan. 18 round one hour earlier than its value started to surge 26% over the following two hours.

The surge in curiosity for API3 comes because the protocol’s first-party oracles are gaining momentum inside the crypto group.

Associated: Analysts warn that Bitcoin could dip to $38K ‘before an eventual breakout’

Prometheus prepares to launch

The Prometheus protocol gives customers a decentralized framework for information monetization designed to facilitate the safe and personal trade of knowledge.

Knowledge from Cointelegraph Markets Pro and TradingView reveals that PROM spiked 30.84% to achieve a day by day excessive of $14.68 on Jan. 18 amidst a 300% surge in its 24-hour buying and selling quantity.

PROM/USDT 4-hour chart. Supply: TradingView

The worth turnaround for Prometheus comes because the challenge prepares for its full mainnet launch. It will embody the preliminary help for seven belongings together with Binance Coin (BCH), wrapped BTC, PROM, Tether (USDT), USD Coin (USDC) and Wrapped Ethereum (WETH).

The general cryptocurrency market cap now stands at $1.973 trillion and Bitcoin’s dominance fee is 40%.

The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer includes threat, you must conduct your individual analysis when making a choice.