Presearch, Frontier and Algorand book double-digit gains as altcoins soar
On Thursday, bulls made a strong showing as Algorand (ALGO) and Solana (SOL) each steamrolled to new highs even as Bitcoin (BTC) continues to flounder under the $47,000 mark.
The strong performance from the altcoins gives further credence to the argument that the market is in an ‘altseason’, a phase that is typically characterized by surging altcoin prices when BTC is range-bound.
Data from Hedgewane Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Presearch (PRE), Frontier (FRONT) and Algorand (ALGO).
Presearch integrates Wyre into its marketplace
Presearch, a blockchain-based decentralized search protocol, registered a 61.3% gain in the past 24-hours and it appears that investors reacted positively to the project’s recent addition as a search engine option on Android phones.
VORTECS™ data from Hedgewane Markets Pro began to detect a bullish outlook for PRE on Sept. 5, 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 PRE elevated into the green zone on Sept. 5 and reached a high of 71 around 84 hours before its price began to increase by 94% over the next day.
The renewed interest in PRE comes following the platform’s integration with Wyre that allows users to purchase PRE tokens directly through the marketplace with a credit card.
Frontier prepares to go mobile
The second-biggest gainer on the 24-hour chart is Frontier, a chain-agnostic decentralized finance aggregator that supports a number of blockchains, including Ethereum, Binance Smart Chain and Harmony.
VORTECS™ data from Hedgewane Markets Pro began to detect a bullish outlook for FRONT on Sept. 4, prior to the recent price rise.
As seen in the chart above, the VORTECS™ Score for FRONT began to pick up on Sept. 3 and reached a high of 72 on Sept. 4, around 48 hours before the price increased 80% over the next three days.
The surge in price on Sept. 9 comes as the project dropped a teaser video in their Twitter feed hinting at “A New Frontier” for the project and provided a screengrab of the Frontier protocol interface on a smartphone.
Related: El Salvador adoption a ‘coming of age’ for Bitcoin, says Fidelity exec
Algorand adoption on the rise
Algorand (ALGO), a permissionless pure proof-of-stake blockchain protocol, is once again on the list of top performers after hitting a new multi-year high at $2.48.
According to data from Hedgewane Markets Pro, market conditions for ALGO have been favorable for some time.
As seen in the chart above, the VORTECS™ Score for ALGO entered the green zone coming into the week and registered a high of 70 on Sept. 4, around 3 days before the price increased by 114%.
The continued bullishness for ALGO comes as the protocol prepares to roll out governance capabilities on Oct. 1 and the project also received a big vote of confidence from the government of El Salvador after it was chosen to help develop the country’s blockchain infrastructure.
The overall cryptocurrency market cap now stands at $2.143 trillion and Bitcoin’s dominance rate is 41.1%.
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