Thursday, June 23, 2022

Web 3.0-focused altcoins soar as the need for truly decentralized crypto grows

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The cryptocurrency market is abuzz on Oct. 25 because the sight of a number of altcoins hitting new all-time highs and Bitcoin’s (BTC) return to $63,000 has merchants searching for a resumption of the bullish uptrend.

Prime 7 cash with the best 24-hour worth change. Supply: Cointelegraph Markets Pro

Knowledge from Cointelegraph Markets Pro and TradingView reveals that the largest gainers over the previous 24 hours had been PARSIQ (PRQ), Handshake (HNS) and NEAR Protocol (NEAR).

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PARSIQ advocates for interoperability between networks

PARSIQ is a blockchain-based analytics platform that focuses on connecting blockchain exercise to real-world purposes.

Based on knowledge from Cointelegraph Markets Pro, market circumstances for PRQ have been favorable for a while.

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

VORTECS™ Rating (inexperienced) vs. PRQ worth. Supply: Cointelegraph Markets Pro

As seen within the chart above, the VORTECS™ Rating for PRQ started to select up on Oct. 22 and climbed to a excessive of 72 on Oct. 24, only one hour earlier than the worth elevated 41% over the subsequent day.

The increase within the worth of PRQ comes because the workforce behind the protocol has been centered on selling the interoperability capabilities of PARSIQ, which presently presents help for a number of blockchain networks together with Ethereum (ETH), Solana (SOL), Binance Good Chain (BSC), Polkadot (DOT) and Algorand (ALGO).

Handshake Internet 3.0 domains acquire traction

Handshake is a decentralized, permissionless naming protocol that goals to be a substitute for the prevailing certificates authorities and naming programs.

Knowledge from Cointelegraph Markets Pro and TradingView reveals that after hitting a low of $0.213 on Oct. 24, the worth of HNS spiked 74% to an intraday excessive at $0.371 as its 24-hour buying and selling quantity surged by 491% to $3.9 million.

HNS/USD 4-hour chart. Supply: TradingView

The rising worth of HNS comes because the protocol’s area naming service (DNS) begins to realize traction and customers begin shopping for up Handshake domains because it is without doubt one of the few DNS suppliers that helps Internet 3.0.

Associated: Bitcoin price action in 2021 so far mirrors 2017 — Will it continue?

NEAR Protocol proclaims an $800 million improvement grant

NEAR Protocol is a low-cost layer-one protocol designed to make decentralized purposes usable on the web and the undertaking goals to offer interoperability between separate networks.

Based on knowledge from Cointelegraph Markets Pro, market circumstances for NEAR have been favorable for a while.

VORTECS™ Rating (inexperienced) vs. NEAR worth. Supply: Cointelegraph Markets Pro

As seen within the chart above, the VORTECS™ Rating for NEAR started to select up on Oct. 22 and reached a excessive of 82 round 41 hours earlier than the worth elevated 33% over the subsequent day.

The rally in NEAR worth comes because the protocol hosts its Nearcon occasion and in addition introduced an $800 million ecosystem improvement grant meant to impress development within the NEAR ecosystem.

The general cryptocurrency market cap now stands at $2.634 trillion and Bitcoin’s dominance fee is 45.5%.

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