Metaverse coins: AVAX, ENJ, and EGLD shrug off the recent drop in BTC price by setting new all-time highs.
The cryptocurrency market has been on a roller coaster this week, with volatility returning to shake up the price of Bitcoin (BTC), sending the digital asset to lows not seen since mid-October.
The drop in the price of BTC was followed by a rotation into altcoins, as has happened frequently in the past, and the Altseason Indicator from Cointelegraph Markets Pro suggests that current market conditions are similar to those seen in the past when altcoins outperformed Bitcoin.
Here are a few altcoins that have been steadily increasing in value over the last few weeks.
Avalanche’s DeFi ecosystem explodes
Avalanche (AVAX) is a layer-one blockchain protocol that has grown in popularity throughout 2021 as its decentralised finance (DeFi) and nonfungible token (NFT) ecosystems have grown, thanks in part to the protocol’s low fees attracting users and liquidity from Ethereum.
Cointelegraph Markets Pro’s VORTECSTM data began to detect a bullish outlook for AVAX on Nov. 5, prior to the recent price increase.
The VORTECSTM Score, which is unique to Cointelegraph, is an algorithmic comparison of historical and current market conditions based on a variety of data points such as market sentiment, trading volume, recent price movements, and Twitter activity.
The VORTECSTM Score for Metaverse coins AVAX began to rise on Nov. 5 and reached a high of 83, just as the price of AVAX began to rise by 54.76 percent over the next two weeks, as shown in the chart above.
The rising AVAX price comes as the DeFi ecosystem on Avalanche saw its total total value locked on the network reach new highs, and Binance US announced plans to list the token this week.
Enjin aims for a Polkadot parachain slot
Enjin (ENJ) is a blockchain-based gaming protocol that runs on the Ethereum (ETH) network and; focuses on the creation of nonfungible tokens and blockchain-based gaming products.
According to data from Cointelegraph Markets Pro and TradingView, since hitting a low of $1.19 on Sept. 29, the price of ENJ has risen 213.5 percent to a daily high of $3.74 on Nov. 19, with its 24-hour trading volume increasing 92 percent to $1.57 billion.
In November; the Metaverse coins Enjin ecosystem aims to secure a spot as a Polkadot parachain through the crowdloan auction for its cross-chain metaverse project Efinity.
Elrond announces a $1.29 billion liquidity incentive program
Elrond is a blockchain protocol that aims to become the technology ecosystem for the; “new internet.” It employs sharding technology to allow its network to process 15;000 transactions per second (TPS) at an average transaction cost of $0.001.
Cointelegraph Markets Pro’s VORTECSTM data began to detect a bullish outlook for EGLD on Nov. 12, prior to the recent price increase.
The VORTECSTM Score for EGLD began to rise on Nov. 12 and; reached a high of 76 around 108 hours before the price of EGLD began to rise by 30.27 percent over the next three days; as shown in the chart above.
The growing momentum for EGLD coincides with the official launch of the Maiar decentralised exchange (DEX) protocols; as well as a $1.29 billion liquidity incentive programme designed to attract users and liquidity to its DeFi ecosystem.
The total cryptocurrency market cap is now $2.59 trillion, with Bitcoin dominating at 42.2 percent.
Source: Cointelegraph
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