Calls for an altseason continue to grow louder as the price action in the altcoin market has been on the rise for a few days. Meanwhile, Bitcoin continues to consolidate below its all-time high near the $62,000 support level.
Oftentimes, moves in altcoins center around one specific sector of tokens such as meme coins or decentralized finance protocols, but the current market is seeing rises across all sectors, which is possibly a sign that altseason is in fact heating up.
Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro
Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Secret (SCRT), Curve (CRV) and Shiba Inu (SHIB).
Secret partners with OpenSea to launch anonymous NFTs
The Secret Network is a blockchain protocol with built-in data privacy for smart contracts and decentralized applications that is powered by its native SCRT token.
According to data from Cointelegraph Markets Pro, market conditions for SCRT have been favorable for some time.
The VORTECS™ 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 Twitter activity.
VORTECS™ Score (green) vs. SCRT price. Source: Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for SCRT began to pick up on Oct. 22 and reached a high of 79 on Oct. 24, around six hours before the price increased 65% over the next two days to set a new record high at $9.66.
The rising price and momentum for SCRT comes following the launch of the first anonymous nonfungibe tokens (NFT) on the Secret Network which was made possible by a recent partnership with the largest NFT marketplace OpenSea.
Curve expands its ecosystem
CRV is the native token of the Curve ecosystem which is a decentralized exchange for stablecoins that uses an automated market maker to manage liquidity on the protocol.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for CRV on Oct. 25, prior to the recent price rise.
VORTECS™ Score (green) vs. CRV price. Source: Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for CRV began to pick up on Oct. 25 and climbed to a high of 77 around the same time as the price increased 31.66% over the next day.
The rising price of CRV comes as the protocol continues to establish partnerships and integrations across the cryptocurrency ecosystem on multiple layer-one and layer-two networks.
Related: Shiba Inu risks drop with SHIB’s 574% October’s price rally near exhaustion
Shiba Inu creates a social club
Shiba Inu originated as a meme coin in late 2020 and has evolved into an ecosystem that includes the ShibaSwap decentralized exchange and its own line of NFT for members of its community to trade.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for SHIB on Oct. 24, prior to the recent price rise.
VORTECS™ Score (green) vs. SHIB price. Source: Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for SHIB began to pick up on Oct. 23 and climbed to a high of 89 on Oct. 24, around seven hours before the price increased by 40.7% over the next two days to establish a new all-time high at $0.000049.
The surging price of SHIB comes following the introduction of the Shiboshi Social Club that is exclusively for Shiboshi NFT owners and offers exclusive perks for all members of the community.
The overall cryptocurrency market cap now stands at $2.621 trillion and Bitcoin’s dominance rate is 45%.
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 trading move involves risk, you should conduct your own research when making a decision.
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Author: Jordan Finneseth