fbpx
Connect with us

Bit Coin

Green means go: 5 spectacular altcoin rallies with one thing in common

Published

on

Green means go: 5 spectacular altcoin rallies with one thing in common

In crypto trading we often see entire sectors move in tandem. DeFi coins may all curve upwards together, while metaverse tokens soared on news that Facebook’s getting a Facelift.

But this week’s group of top crypto performers have very little in common… except one trading indicator that lit up in pulsating green neon letters before their prices trended upward.

We’re looking today at:

  • Polygon (MATIC) — a layer-2 scaling solution for Ethereum
  • Aave (imaginatively, AAVE) — a decentralized finance (DeFi) asset
  • Voyager (VGX) — a crypto trading platform
  • Koinos (KOIN) — a feeless foundational blockchain built for scalability
  • Linear (LINA) — a cross-chain asset protocol

All have delivered major gains over the last month, and despite their differences they have one thing in common.

Each one achieved a VORTECS™ Score in excess of 90 before reaching their peak price levels.

In fact, all these tokens exhibited patterns of trading and social behavior that were strikingly similar to conditions in the past that preceded rallies. And once these tremendously robust trading conditions were detected, most of these cryptos entered virtuous cycles wherein their price dynamics generated increased trading and tweet volumes, which, in turn, powered the next phase of a rally.

Was there a chance for traders to hop on these moon-bound shuttles early?

A sign of extreme confidence

The indicator that screamed of the extremely bullish conditions is called the VORTECS™ Score, a tool available via Cointelegraph’s subscription-based data intelligence platform, Markets Pro.

Its job is to compare the current trading and sentiment conditions to historically-similar situations, and to alert traders when bullish patterns are detected. Live testing of the VORTECS algorithm has been ongoing for over ten months.

A VORTECS™ Score above 80 is considered confidently bullish. On average, there are from 30 to 50 weekly instances of assets crossing the 80-score threshold.

Scores of 90 or above, however, are rare. In an average week, there are usually no more than 4-5 instances of such scores, and sometimes a full week can pass without a single 90.

These ultra-high scores signify the algorithm’s strong confidence that the observed conditions are similar to those that preceded an asset’s stellar price performance in the past. As previously reported, scores above 90 sometimes precede price appreciation that can last for several days.

Here is how it worked with some of the highest-VORTECS™ assets this past month.

KOIN: +100% after peak score

KOIN, an asset whose first VORTECS™ Score had been calculated on Nov. 5, was off to a formidable start right out of the gate. The asset’s score touched the 90 mark several hours after its debut at the price of 22 cents.

Within a day, it reached a high of $0.44, a 100% increase. The pump was accompanied by additional 432% of trading volume and 221% of the usual level of tweets.

VORTECS™ Score (green) vs. KOIN price, Oct. 31 – Nov. 6. Source: Cointelegraph Markets Pro

It’s possible that the particularly striking results of the Koinos price appreciation event are partly attributable to its low market capitalization, which stood at just $20 million before the dramatic price rise.

MATIC: +35% after peak VORTECS Score

MATIC’s stellar run this month has been powered by a surge in the number of active Polygon addresses, as well as project launches on the Polygon network. The asset’s peak VORTECS™ Score of 94.2 came on Oct. 16 (red circle in the chart), when the asset was trading at $1.56.

VORTECS™ Score (green) vs. MATIC price, Oct. 5 – Nov. 5. Source: Cointelegraph Markets Pro

Following the peak score, MATIC’s price did not skyrocket immediately, as the favorable conditions did not fully materialize until almost two weeks later. However, the maximum price increase registered after the record Score amounted to 35%, with an attendant 6.68% spike in trading volume and a 11.08% increase in tweets mentioning the asset.

AAVE: +11% after peak score

AAVE’s high-water mark came on Oct. 18 when it flashed a VORTECS™ Score of 90.8. At that moment, the DeFi token had been changing hands for $304.

VORTECS™ Score (green) vs. AAVE price, Oct. 5 – Nov. 5. Source: Cointelegraph Markets Pro

AAVE’s ultra-high score anticipated a rally that lasted for another 11 days, culminating at the price of $338 registered on Oct. 29. The gains in trading and tweet volume were even more impressive: 488% and 118%, respectively.

LINA: +13.4% after peak score

LINA had its most bullish historical outlook registered on Oct. 11 when its VORTECS™ Score reached 90.2 against the price of $0.052.

VORTECS™ Score (green) vs. LINA price, Oct. 5 – Nov. 5. Source: Cointelegraph Markets Pro

The next phase of its price action saw the price rise to $0.059 over a seven-day period, accompanied by a staggering 439% increase in trading volume and 200% rise in tweets. 

VGX: +3.7% after peak score

Voyager Token (VGX) flashed its highest VORTECS™ Score of the month (91.9) rather late into its tremendous hike from $2.11 to $3.05.

VORTECS™ Score (green) vs. VGX price, Oct. 5 – Nov. 5. Source: Cointelegraph Markets Pro

The asset’s price continued to hover above $3 for the next four days, powered by a 42.89% increase in trading volume and a 10.19% more intense Twitter conversation in the aftermath of the historically bullish outlook. VGX’s momentum has somewhat faded in early November, yet the robust fundamentals could point to an impending resurgence.

We may conclude from previous analysis that looking at tokens that hit the VORTECS™ Score of 80 proved to be an efficient strategy for traders seeking to identify a range of assets with a good chance of performing well within the next few days. 

Focusing on those few that score beyond 90 may better serve Markets Pro members who prefer to operate on higher confidence levels and longer timeframes.

Cointelegraph is a publisher of financial information, not an investment adviser. We do not provide personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risk including the risk of permanent and total loss. Past performance is not indicative of future results. Figures and charts are correct at the time of writing or as otherwise specified. Live-tested strategies are not recommendations. Consult your financial advisor before making financial decisions.

Go to Source

Bit Coin

GamingShiba Becomes CoinMarketCap’s Most Trending Token

Published

on

GamingShiba Becomes CoinMarketCap’s Most Trending Token

Streaming, NFT, and metaverse project GamingShiba (GAMINGSHIBA) overtook bitcoin on Wednesday to secure CoinMarketCap’s most trending token. 

The meme coin’s top trending status comes in the same week that Shiba Inu (SHIB) announced its own metaverse project, creating a potential point of confusion for investors seeking to FOMO in. Despite strong similarities in appearance and name, GamingShiba has no relation to Shiba Inu.

GamingShiba is a microcap meme coin, which according to their website holds aspirations to create, ‘a binding bridge between Gamers, Streaming platforms, NFTs and Metaverse’. In a request for further information, GamingShiba says they will “only reveal how they will create this bridge once the project has reached 100,000 holders.”

A tweet on Wednesday declared that the project currently has over 45,000+ unique addresses so investors may have a little time to wait for further information. 

GamingShiba topped the CoinMarketCap trending charts on Wednesday (Source)

The streaming/gaming/NFT/Metaverse project also describes itself as ‘your virtual dog’ and offers the following food for thought on its homepage:

“The modern technology and contemporary ambient that the internet created can not be imagined to function as a whole without cryptocurrency. The impact that the cryptocurrency has on a global scale is astronomical in the sense of being the generator of almost every development and especially the latest one.”

Comparing Shiba Inu and GamingShiba


This seems very familiar

Besides strong similarities in both appearance and name, the development of Shiba Inu’s own metaverse has created fresh point of overlap between the two Shiba-themed projects.

On Monday Shiba Inu teased the launch of the Shiberse in 2022, which the company hails as ‘An immersive experience for our ecosystem’. The Shiba Inu team promises further details at a later date.

In December of 2021 it was revealed that Shiba Inu has a multiplayer collectible card game in the works with development outsourced to the Australian gaming company PlaySide Studios. The final game is expected to be delivered in Q1 2023. 

What do you think about this subject? Write to us and tell us!

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Go to Source

Continue Reading

Bit Coin

Gold, Stocks, and Bitcoin: Weekly Overview — January 27

Published

on

Gold, Stocks, and Bitcoin: Weekly Overview — January 27

This week’s overview of price movements for Bitcoin (BTC), gold, and our stock pick Google-parent Alphabet Inc.

BTC

The price of Bitcoin (BTC) in January has gone from bad to worse. Already having dropped coming into the new year, BTC was trading around $44,000 on January 13.

Over the next few days it traded down to $43,000 before reaching $42,000 by January 20. However, after a brief spike, BTC proceeded to plummet into the following days, hitting as low as $34,000 on January 22, and $33,000 on January 24. Buying pressure then returned pushing it back up to $37,000, and as high as $38,000 by January 26.

It is currently trading below $37,000.

According to Caxton market intelligence head Michael Brown, Bitcoin’s recent decline reflects the “institutionalization” of crypto assets, in the sense that they are increasingly traded like other risky assets.

“Unsurprisingly, given that the ‘easy money’ party is now coming to an end, it is the most risky assets — crypto – that are bearing the brunt of the market’s ire,” he said. “With the Fed likely to ramp up the hawkish commentary in upcoming remarks, further downside looks likely.”

GOLD

While gold had a good past week, it has since dropped below last week’s lows. On January 13, the price of gold was roughly $1,824. Over the next few days it traded down to $1,812 by January 19, when it suddenly spiked up to $1,840. Hitting $1,848 on January 20, gold traded down a bit before pushing back up to $1,852 by January 25.

However, by the next day, the price of gold plummeted and is now trading around $1,796.

Gold prices extended losses to a more than one-week low, while the U.S. dollar and Treasury yields rallied, following U.S. Federal Reserve Chairman Jerome Powell signaling an interest rate hike in March. That sent U.S. Benchmark 10-year yields close to one-week highs while the dollar rose to its strongest in over a month.

“The reaction was normal in the sense that Chairman Powell stressed the strength of the economy and the determination to fight inflation,” said Commerzbank commodities analyst Carsten Fritsch.

GOOG

Alphabet has had a pretty dismal start to the new year. Starting out 2022 at around $2,900, Alphabet started falling by January 5 and reached roughly $2,740 by January 7. After gapping down the next trading day GOOG proceeded to push up the next two days, eventually gapping up to $2,850 by January 12. That momentum had reversed the next day, with GOOG gapping down to $2,740 by January 18, then continuing falling, gapping down again to $2,550 by January 24.

Since then however, GOOG has recovered a bit, and is currently trading around $2,640.

Earlier this week, YouTube announced it was considering adding non-fungible tokens (NFTs) to its features for creators this year, according to a letter from the CEO. The letter marks the first time ​​YouTube’s owner, Alphabet Inc.’s Google, has announced integration with the cryptocurrency collectibles.

“We’re always focused on expanding the YouTube ecosystem to help creators capitalize on emerging technologies, including things like NFTs, while continuing to strengthen and enhance the experiences creators and fans have on YouTube,” Chief Executive Officer Susan Wojcicki wrote in her annual letter to creators.

What do you think about this subject? Write to us and tell us

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Go to Source

Continue Reading

Bit Coin

House members urge US Treasury Secretary to clarify definition of broker in infrastructure law

Published

on

House members urge US Treasury Secretary to clarify definition of broker in infrastructure law

“We must ensure requirements imposed on the digital asset ecosystem are both crafted and implemented in such a way to ensure the United States remains at the forefront of financial innovation,” said the letter to Janet Yellen.

155 Total views

38 Total shares

House members urge US Treasury Secretary to clarify definition of broker in infrastructure law

A bipartisan group of members from the U.S. House of Representatives called on Treasury Secretary Janet Yellen to clarify the language in the infrastructure bill signed into law in November around the definition of “broker.”

In a Wednesday letter, House Financial Services Committee ranking member Patrick McHenry and ten other representatives urged Yellen to reference the Keep Innovation in America Act to “ensure that any future guidance” in the November infrastructure bill would provide “the necessary clarity to the digital asset ecosystem.” In addition to the reporting requirements, the lawmakers said that the Treasury Department should narrow the scope of the information a broker can capture, as it would risk “the creation of an unlevel playing field for transactions in digital assets and those required to provide them.”

— Financial Services GOP (@FinancialCmte) January 27, 2022

According to the House members, the current wording of the law would potentially allow the Treasury to interpret which companies and individuals in the crypto space qualify as a “broker,” creating a burden of reporting information to the government they may not necessarily have. This would seemingly require miners, software developers, transaction validators and node operators to report most digital asset transactions worth more than $10,000 to the Internal Revenue Service.

“As nascent financial technologies develop, we must ensure requirements imposed on the digital asset ecosystem are both crafted and implemented in such a way to ensure the United States remains at the forefront of financial innovation,” said the letter to Yellen. “We believe consistent information reporting on digital asset transactions is necessary. However, it should not prevent these technologies and the ecosystem from continuing to flourish due to unclear regulations that only create uncertainty.”

Related: US Congressman calls for ‘broad, bipartisan consensus’ on important issues of digital asset policy

The appeal to the U.S. Treasury Secretary mirrors that of an December letter from six senators claiming the infrastructure law contains an “overly-broad interpretation” of what a broker is and requesting Yellen provide guidance to correct the perceived error. Senators Rob Portman, Cynthia Lummis, Mike Crapo, Pat Toomey, Mark Warner and Kyrsten Sinema urged Yellen to provide a set of rules clarifying the wording “in an expeditious manner.” Lummis and Senator Ron Wyden also attempted to pass legislation that would have changed the tax reporting requirements to “not apply to individuals developing blockchain technology and wallets” on Nov. 15 when the bill was signed into law by President Biden.

To date, none of the proposed measures clarifying the wording in the law have gotten enough support to enact change. Many lawmakers and crypto advocacy groups have expressed concerns that if the law is implemented as is, it could threaten the United States’ position as a nation encouraging the development of innovative technology.

“Our innovators and entrepreneurs can’t wait,” said McHenry. “Secretary Yellen must provide much-needed clarity so this nascent industry can flourish here in the U.S.”

Go to Source

Continue Reading
Home | Latest News | Cryptocurrency | Bit Coin | Green means go: 5 spectacular altcoin rallies with one thing in common
a

Market

Trending