Saturday, May 21, 2022

ELA, API3 and PROM buck the market-wide downtrend by posting a 20%+ gain

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Concern and volatility stay the theme of the week as Bitcoin (BTC) continues to face stiff resistance close to the $42,000 value degree and inventory markets have been additionally exhausting hit on Jan. 18. Investor concern over this yr’s proposed price hikes proceed to use bearish strain and on the closing bell the DOW was down 530 points, or 1.4%.

Regardless of the downturn, altcoins managed to beat the noise and several other posted double-digit good points on Tuesday.

High 7 cash with the best 24-hour value change. Supply: Cointelegraph Markets Pro

Information from Cointelegraph Markets Pro and TradingView reveals that the largest gainers over the previous 24-hours have been Elsastos (ELA), API3 (API3) and Prometheus (PROM).

Elastos launches a token buyback program

Elastos protocol, a web3-focused mission aiming to turn into the “blockchain-powered model of the web” broke out with a notable 22% rally.

Information from Cointelegraph Markets Pro and TradingView reveals that after hitting a low of $2.80 on Jan. 8, the value of Elastos has blasted 120% greater to succeed in a every day excessive of $6.16 on Jan. 18 as its 24-hour buying and selling quantity spiked 142% to $7.57 million.

ELA/USDT 4-hour chart. Supply: TradingView

The surge in value and buying and selling quantity for ELA got here after the Elastos Basis introduced plans for an upcoming ELA buyback program. The platform’s first decentralized change, Glide Finance, additionally noticed an uptick within the complete worth locked for its protocol.

API3 and “first-party” oracles

API3 is a protocol centered on enhancing the communication capabilities between sensible contracts and software programming interfaces (APIs) as a option to facilitate the safe and dependable switch of up-to-the-minute knowledge.

VORTECS™ knowledge from Cointelegraph Markets Pro started to detect a bullish outlook for API3 on Jan. 18, previous to the current value rise.

The VORTECS™ Rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market circumstances derived from a mix of information factors together with market sentiment, buying and selling quantity, current value actions and Twitter exercise.

VORTECS™ Rating (inexperienced) vs. API3 value. Supply: Cointelegraph Markets Pro

As seen within the chart above, the VORTECS™ Rating for API3 spiked to a excessive of 77 on Jan. 18 round one hour earlier than its value started to surge 26% over the subsequent two hours.

The surge in curiosity for API3 comes because the protocol’s first-party oracles are gaining momentum throughout the crypto group.

Associated: Analysts warn that Bitcoin could dip to $38K ‘before an eventual breakout’

Prometheus prepares to launch

The Prometheus protocol affords customers a decentralized framework for knowledge monetization designed to facilitate the safe and personal change of information.

Information from Cointelegraph Markets Pro and TradingView reveals that PROM spiked 30.84% to succeed in a every day excessive of $14.68 on Jan. 18 amidst a 300% surge in its 24-hour buying and selling quantity.

PROM/USDT 4-hour chart. Supply: TradingView

The value turnaround for Prometheus comes because the mission prepares for its full mainnet launch. It will embody the preliminary help for seven belongings together with Binance Coin (BCH), wrapped BTC, PROM, Tether (USDT), USD Coin (USDC) and Wrapped Ethereum (WETH).

The general cryptocurrency market cap now stands at $1.973 trillion and Bitcoin’s dominance price is 40%.

The views and opinions expressed listed here are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails danger, you must conduct your individual analysis when making a call.