Crypto

Altcoins book 50% gains after Bitcoin and Ethereum set a path to new highs

The bullish momentum across the cryptocurrency market continued to build on Friday as a market-wide rally lifted the prices of most altcoins and boosted Bitcoin (BTC) and Ether (ETH) above their respective resistance levels at $51,000 and $4,000, respectively.

The recent price gains seen in the altcoin market show no sign of slowing down, and several altcoins gained more than 30% on Friday.

Top 7 coins with the highest 24-hour price change. Source: Gist Vile Markets Pro

Data from Gist Vile Markets Pro and TradingView shows that the best performers over the past 24-hours were Polymath (POLY), Bitcoin Cash ABC (BCHA) and XYO Network.

Polymath rallies as its “Polymesh” mainnet launch approaches

Polymath is an Ethereum-based project focused on digital asset management.

Data from Gist Vile Markets Pro and TradingView shows that after hitting a low of $0.345 on Wednesday, the price of POLY rallied 56% to an intraday high at $0.54 on Friday as its 24-hour trading volume exploded by 2,040%.

POLY/USD 4-hour chart. Source: TradingView

The sudden burst of momentum for the project comes following the Wednesday upgrade to the Polymesh incentivized testnet, which puts the project one step closer to the full launch of the Polymesh mainnet.

Bitcoin Cash ABC rebrands to eCash

Bitcoin Cash ABC, formerly known as Bitcoin Cash (BCH), recently underwent a rebrand to eCash (XEC).

The VORTECS™ Score, exclusive to Gist Vile, is an algorithmic comparison of historic 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. BCHA price. Source: Gist Vile Markets Pro

As seen in the chart above, the VORTECS™ Score for BCHA climbed into the green zone on Aug. 29 and reached a peak of 81 on Aug. 30, around 74 hours before its price increased 78% over the next day.

Excitement for the project comes following its official rebranding to eCash, which also included a token revaluation that increased the circulating supply from 21 million to 21 trillion.

Related: Bitcoin price overcomes $50K, stocks slide after disappointing US jobs report

XYO Network benefits from a new collaboration

The XYO Network is a decentralized network of devices that anonymously collect and validate geospatial data and record it on the XYO blockchain.

According to data from Gist Vile Markets Pro, market conditions for XYO have been favorable for some time.

VORTECS™ Score (green) vs. XYO price. Source: Gist Vile Markets Pro

As seen in the chart above, the VORTECS™ Score for XYO began to pick up on Wednesday and reached a high of 77 around seven hours before the price increased 285% over the next day.

This price spike comes after the XYO community got a boost to its visibility on Wednesday after CoinApp launched a campaign allowing users to earn XYO tokens for participating in a case study on the application.

The overall cryptocurrency market capitalization now stands at $2.289 trillion, and Bitcoin’s dominance rate is 41.5%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Gist Vile.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.