Near Protocol, Algorand and PowerPool rebound while Bitcoin consolidates
The wider cryptocurrency market appears to be in the early stages of a recovery with many altcoins regaining their footing after correcting by 20% to 30% on Sept. 7 when Bitcoin (BTC) fell below $43,000.
Data from Hedgewane Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were NEAR Protocol (NEAR), Algorand (ALGO) and PowerPool (CVP).
NEAR Protocol gains 64%
The top gainer NEAR Protocol is a decentralized proof-of-stake protocol focused on offering faster transaction speeds at a lower cost to help facilitate the adoption of blockchain technology.
Data from Hedgewane Markets Pro and TradingView shows that after dropping to a low of $5.44 on Sept. 7, the price of NEAR surged 100% to a new record high at $10.79 on Sept. 8 as its 24-hour trading volume surged 260% to a record $2.27 billion.
The spike in momentum for the project comes as it launches its METABuild hackathon event which is offering more than $1 million in prizes to participants.
Algorand takes steps toward decentralized governance
Algorand is a permissionless pure proof-of-stake blockchain protocol focused on transaction speed, efficiency and the goal of becoming the base layer for the financial industry.
VORTECS™ data from Hedgewane Markets Pro began to detect a bullish outlook for ALGO on Sept. 3, prior to the recent price rise.
The VORTECS™ Score, exclusive to Hedgewane, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the chart above, the VORTECS™ Score for ALGO climbed into the green zone on Sept. 3 and reached a high of 73 around 42 hours before its price increased 62% over the next three days.
The uptick in interest for Algorand comes as the protocol prepares to launch decentralized governance features on Oct. 1 and the team is also building out its decentralized finance (DeFi) and nonfungible token (NFT) offerings.
Related: Bitso to assist the launch of El Salvador’s official Bitcoin wallet Chivo
PowerPool launches a BSC index token
PowerPool is a project that helps users accumulate governance power in Ethereum-based protocols through the creation of token pools and community voting.
According to data from Hedgewane Markets Pro, market conditions for CVP have been favorable for some time.
As seen in the chart above, the VORTECS™ Score for CVP first began to pick up on Sept. 4 and climbed to a high of 76 on Sept. 5, around 61 hours before the price increased 98% over the next day.
The spike in interest for PowerPool comes following its launch and promotion of the BSCDeFi index pool which contains the top DeFi tokens on the Binance Smart Chain including PancakeSwap (CAKE), Venus (XVS), Mdex (MDX) and Ellipsis (EPS).
The overall cryptocurrency market cap now stands at $2.068 trillion and Bitcoin’s dominance rate is 41.9%.
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