Small-cap altcoins push higher as Bitcoin bulls fight to hold $40,000

LINA, WRX and STORJ led altcoins higher even as Bitcoin bulls encounter resistance at the $40,000 level.

Small-cap altcoins push higher as Bitcoin bulls fight to hold $40,000

Bitcoin’s (BTC) recent surge above $40,000 injected a healthy dose of bullish optimism into the crypto market and further proof of this comes from the Crypto Fear and Greed index which has decreased from ‘extreme’ to ‘neutral‘. 

Data from Cointelegraph Markets Pro and TradingView shows that the top movers over the past 24 hours are Linear (LINA), WazirX (WRX) and Storj (STORJ).

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

The overall market conditions continue to improve following the now denied rumors that Amazon would begin accepting cryptocurrencies as payment at some point in 2021 which helped spark an increase of more than $155 billion in the total cryptocurrency market capitalization over the past three days.

LINA/USD

The top performer over the past 24-hours has been Linear, a decentralized delta-one asset protocol that is cross-chain compatible and capable of creating, trading and managing liquid synthetic assets.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for LINA on July 25, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, 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. LINA price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for LINA began to turn green on July 24 and reached a high of 84 on July 25, just one hour before its price began to increase by 48% over the next three days.

The latest round of momentum for LINA came after the protocol announced that it would be listing PancakeSwap on the Linear exchange and this move appears to have helped the price recover above its 50-day moving average.

WRX/USDT

The second-biggest gainer in the past 24-hours was WazirX, an India-based exchange that claims to be the fastest-growing Bitcoin and cryptocurrency exchange in the country.

VORTECS™ Score (green) vs. WRX price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for WRX began to register green on July 22 as it reached a high of 74 and again climbed to 71 on July 25, around seven hours before its price began to increase by 38% over the next three days.

Related: XRP price skyrockets by 17% as double bottom chart pattern takes shape

Activity on the platform has been on the rise over the past couple of days as a result of an “India Wants Crypto” campaign that the exchange is running to help engage its community.

STORJ/USD

 Storj, an open-source cloud storage platform that utilizes a decentralized network of nodes to host user data and offers rewards to users who donate their computing resources to the network, also saw a strong breakout in the last 24-hours.

STORJ/USDT 4-hour chart. Source: TradingView

Data from TradingView shows that after hitting a low of $0.85 on July 27, the price of STORJ rallied 33% to an intraday high at $1.13 on July 28 after its 24-hour trading volume surged from an average of $25 million per day to $186 million.

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 involves risk, you should conduct your own research when making a decision.

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Bitcoin Market Price Chart in RealTime

Please, do your own research (DYOR). This cryptocurrency market analysis post was culled from Cointelegraph


2021-07-28T18:20:21+00:00 July 28th, 2021|Crypto News|Comments Off on Small-cap altcoins push higher as Bitcoin bulls fight to hold $40,000