Altcoins and DeFi tokens surge as Bitcoin price collapses to $ 40,000


The price of Bitcoin (BTC) has recovered from its recent low of $ 37,500 and the digital asset’s return to the $ 40,000 mark has boosted bullish activity in many altcoins.

Data from Cointelegraph Markets Pro and TradingView shows that the main winners in the last 24 hours are XYO Network (XYO), Saffron Finance (SFI) and Quant (QNT).

Top 7 parts with the highest price variation over 24 hours. Source: Cointelegraph Markets Pro

XYO / USD

Over the past 24 hours, XYO Network, a location-based data network that uses blockchain to track and record location information, has grown by 72%.

Cointelegraph Markets Pro’s VORTECS ™ data began to detect a bullish outlook for XYO on August 2, ahead of the recent price hike.

The VORTECS ™ score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points, including market sentiment, trade volume, recent price movements and activity Twitter.

VORTECS ™ score (green) against the XYO price. Source: Cointelegraph Markets Pro

As shown in the graph above, the VORTECS ™ score for XYO started to go green on August 1 and peaked at 71 on August 2, about 22 hours before its price increased by 72. %.

Growth seen in XYO follows teaser announcement that the developers are working on a “big change to improve how typing works.”

IFC / USD

Saffron.finance also recorded a gain of 20%, a trend seen today among many DeFi tokens.

VORTECS ™ score (green) against the SFI price. Source: Cointelegraph Markets Pro

As shown in the graph above, the VORTECS ™ score hit the green zone and peaked at 75 on August 1, about 55 hours before its price increased by 20% the next day.

Enthusiasm for the project has grown over the past week as community members prepare for the release of Safran v2 which will offer perpetual SFI staking and price protection extension.

Related: Bitcoin Hits Highs Of $ 39,000 As SEC Chairman’s Comments Gain 2% Increase in BTC Price

AMOUNT / USD

Quant (QNT), an interoperability-focused project designed to help businesses integrate and leverage distributed ledger technology, also rallied today, and data from Cointelegraph Markets Pro, market conditions for QNT are favorable for some time.

VORTECS ™ score (green) against the QNT price. Source: Cointelegraph Markets Pro

As shown in the graph above, the VORTECS ™ score for QNT has been in the green for most of the past week and peaked at 79 on August 3, just seven hours before its price increased by. 25%.

The bullish momentum for QNT has been on the rise since the July 30 announcement that the token would be listed on the Binance Exchange, a development that was recorded by the NewsQuakes ™ alert system on July 28 and again on July 30. .

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move comes with risk, you should do your own research before making a decision.



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