Momentum in the cryptocurrency market picked up again on November 8 after a solid rally in Bitcoin (BTC) pushed the price back above $ 66,000 and Ether hit a new all-time high at $ 4,793. The gains of the two largest cryptocurrencies helped fuel a market-wide rally that pushed the total cryptocurrency market capitalization above $ 3 billion for the first time.
Unlike previous rallies where BTC would make significant profits at the expense of the altcoin market, this time most of the tokens in the top 200 are also in the green and many projects make double-digit profits.
Data of Cointelegraph Markets Pro and TradingView shows that the largest beneficiaries in the last 24 hours were UMA (UMA), Loopring (LRC) and Gnosis (GNO).
UMA launches a cross chain bridge
The Universal Market Access Protocol is a platform that specializes in creating synthetic assets on the Ethereum blockchain that are self-executing and self-executing financial contracts that allow counterparties to digitize and automate any real-world financial derivative.
Data of Cointelegraph Markets Pro and TradingView shows that after hitting a low of $ 10.72 on Oct 28, UMA price rose 109% to a daily high of $ 22.44 on Nov 7 as its 24-hour trading volume increased 1,329% to $ 943 million.
UMA's sudden explosion in trading volume and price growth comes as the platform launched its 'Across Protocol' layer one-to-layer two bridge on its mainnet in an effort to offer a fast, cheap and secure bridge. for decentralized financial users.
Low fees at Loopring attract new users
Loopring is a layer two scaling solution from zkRollups for the Ethereum network that specializes in creating decentralized exchange (DEX) and payment protocols.
VORTECS โข data from Cointelegraph Markets Pro began to spot a bullish outlook for LRC on November 5, ahead of the recent price spike.
The VORTECS โข score, exclusive to Cointelegraph, 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 trading activity. Twitter
As seen in the graph above, the VORTECS โข score for LRC rose to green on November 4 and peaked at 72 on November 5, about five hours before the price increased 76% over the next three days. .
The build momentum for Loopring comes as high fees on the Ethereum network continue to drive users to explore lower cost options that led to a new record daily trading volume of $ 75 million on Loopring L2 on November 2.
Related: Ethereum returns to price discovery as ETH nears $ 5K
Gnosis proposes a merger with xDAI
Gnosis is a protocol focused on creating new market mechanisms for DeFi that allow users to securely create, exchange and maintain digital assets on the Ethereum network.
According to data from Cointelegraph Markets Pro, market conditions for GNO have been favorable for some time.
As seen in the chart above, the VORTECS โข score for LRC rose in the green zone over the past week and peaked at 79 on November 5, around 10 hours before the price rose 39.3%. for the next two days.
The rising price of GNO comes as the protocol introduced the Gnosis Improvement Proposal (GIP) 16, which proposes that Gnosis and the xDAI communities should merge their tokens to develop the xDAI blockchain under the name "Chain of Gnosis" .
The overall cryptocurrency market capitalization is now $ 2.88 trillion and Bitcoin's dominance rate is 43.2%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trade move involves risk, you should do your own research when making a decision.
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