The digital currency ecosystem is currently experiencing a massive valuation plunge as the cryptocurrency industry is still trying to find a balance after the United States Bureau of Labor Statistics (BLS) released the inflation data in September.
The Consumer Price Index (CPI) came in at 8.2% for the past month showing the ongoing interest rate hikes, the last of which was 75 basis points, are not yielding good fruits at this time. The resultant reaction plunged the traditional market into chaos, and the resultant ripple effect was experienced in the broader digital currency ecosystem.
The combined crypto market cap was down 0.31% at the time of writing and pegged at $921 billion. With the seemingly bearish trend, here is a brief rundown of altcoins entering the new week with impressive weekly performance.
Quant (QNT)
For the second time in a row, Quant is trending as one of the top performers in the ecosystem with a 22.46% to $192.68 per data from CoinMarketCap. The coin has been on a massive uptrend for the better part of this month, and investors may need to watch well before leaping into acquiring this token moving forward. This is because a mild correction may be underway in the short term.
Huobi Token (HT)
Huobi Token is the native coin of the Huobi Global exchange. The coin has printed as much as 72.16% to $7.07. The Huobi token is flying on a massively bullish trend with the news of the exchange being acquired by About Capital Management, with reports of links to Tron’s founder, Justin Sun.
With the change of ownership, investors believe the exchange may be well-capitalized and positioned to finance its current global growth.
Arweave (AR)
Arweave is a decentralized storage network that seeks to offer a platform for the indefinite data storage. Since its inception, the protocol’s adoption has grown remarkably; thus far, this adoption has been reflected in its token price growth.
The digital currency ecosystem is seeing a general flat growth over the past 24 hours, evidenced by the combined crypto market cap, which was up 0.25% to $945.82 billion.
The past week, as usual, has been filled with a lot of ups and downs for the top digital currencies, all of whom have managed to pare off some of the steep losses accrued in the trailing 7-day period.
With bankruptcy rocking the crypto world and known companies losing their top executives, the upset in the industry is only climbing more. However, amidst all these, XRP, Quant (QNT), and Casper Network (CSPR) have stood out over the past week.
XRP (XRP)
Arguably one of the most resilient tokens since the start of the crypto winter, further compounded by the fact that it is at the centre of the legal battle between the United States Securities and Exchange Commission (SEC) and its associated blockchain payments company, Ripple Labs Inc.
At its current price of $0.5403, XRP has seen a 16.98% growth over the past week, reiterating how much of a bullish run it has printed in that time frame per the chart below.
Quant (QNT)
Quant is consistently top-performing and is known to have featured in the previous Blockchain.News altcoins watchlist. Currently changing hands at $157.63, up 6.57% in the past 24 hours and by 17.20% over the past week, the token is notably one of the altcoins to watch for the coming week.
Quant is notably expanding its ecosystem and relevance by a large factor as a protocol to connect blockchain protocols on a global scale.
Casper Network (CSPR)
The Casper Network recently made it to the top 100 biggest cryptocurrencies list by market cap. Investors have taken their time to ascertain how revolutionary the protocol has been since its token sale in Q1 2021.
Branded as a functional, highly efficient, low-energy consuming layer 1 protocol, Casper adoption and token price growth took a new dimension this past week.
While its price is slightly below its weekly high, the current $0.03634 came by following a 24.94% growth over the past 7 days, the highest of the top 100 coins surveyed over the same timeframe.
The general outlook of the digital currency ecosystem is one of positivity, which is evident by the combined crypto market cap pegged at $1.1 trillion, up 0.22% over the weekend.
Despite the recorded weekend dip, many altcoins were still in the green compared to the weeklong performances.
With varying fundamentals driving their inherent growth, Flow (FLOW), Quant (QNT), and Decred (DCR) are the three altcoins leading the next wave of bullish momentum in the crypto ecosystem.
Flow (FLOW)
Flow is one of the most important protocols designed as a fast, decentralized, and developer-friendly blockchain. It is designed as the foundation for a new generation of games, apps, and the digital assets that power them.
The relevance of the protocol, designed by Dapper Labs, is becoming more evident by the day, with Meta Platforms announcing that its Instagram users who own Non-Fungible Tokens (NFT) on Flow can now showcase them on the platform alongside Ethereum and Polygon.
The news fueled the massive uplift of FLOW since it came out last week, and in the week-to-date period, FLOW was up 32.59% to $2.64. While a correction might be natural for FLOW, the digital currency has unique potential for more bullish growth in the near to long term.
Quant (QNT)
Quant was launched to connect blockchains and networks globally without reducing the efficiency and interoperability of the network. Since it launched in June 2018, its ecosystem has grown remarkably, and its users have continued to fuel a rally in the protocol’s token, QNT.
QNT is amongst the major coins that have led to the market’s growth this past week and has surged by 23.80% to $127.06. Besides being among the best performers, it is also a key token to watch in the short term.
Decred (DCR)
Decred is branded as an innovative project because it bets on blockchain technology’s decentralized nature to prevent monopoly over voting status in the project itself. The token is best described as ‘Money Evolved’, and many have come to appreciate its offering since its inception. The DCR coin is up 44.71% to $40.38, and despite its recent slip, Decred is a formidable token that must be on every trader’s watchlist in the near term.
For the first time in quite a while, many digital currencies closed the week in the positive zone, and prices at the time of writing are generally flattened. Bitcoin (BTC) is changing hands at $21,118.04, up 0.62% on the hourly chart despite a mixed percentage on the daily and weekly charts respectively.
With a series of fundamentals backing the ecosystem last week, many altcoins soared remarkably to new heights. Per the top 100 cryptocurrencies listed on CoinMarketCap, Aave (AAVE), Quant Network (QNT), and Convex Finance (CVX) recorded the most bullish growths within this time frame.
As is generally known, every massive spike in price is generally accompanied by bearish correction, the mildness of which is determined by the coin’s ecosystem.
Performance of AAVE, QNT, and CVX on the Chart
Aave is currently trading at a price of $77.32, down 3.33% in the past 24 hours and by 32.66% over the past week. As a lending protocol with an impending V3 upgrade, the Aave ecosystem is all but geared up for what the future currently holds for the protocol and its native token.
The Quant Network had a more positive growth curve over the past week. At a price of $79.93, the protocol which has the goal of connecting blockchains and networks on a global scale, without reducing the efficiency and interoperability of the network, is up 47.13% over the past week.
Convex Finance, a DeFi protocol that allows Curve liquidity providers to earn a share of trading fees on Curve without staking liquidity there also recorded a massive growth uplift this past week. As users jostled to take up scraps from the crypto ecosystem amidst the yet-to-be-cleared crypto winter, CVX comes off as one of the most embraced altcoins for this week.
Changing hands at $5.95, it has recorded as much as 45.86% over the past week. While it is worth noting that these three altcoins are worth putting up on every trader’s watchlist, the probability that they can experience a bearish retracement this coming week is high. Based on this, all traders should bear this in mind and act accordingly.
Looking at the past 7-days of winners and losers might give one the impression that cryptocurrency markets are net positive. Still, total market capitalization actually fell by 6.7% to $2.72 trillion as Bitcoin’s (BTC) price retraced 8.3% to $58,425.
Top winners and losers from the sector’s top 80 coins. Source: Nomics
The only connection between this week’s top gainers seems to be the Metaverse and gaming sector, which has been on a bull run since Facebook rebranded to Meta on Oct. 28, signaling its new focus on that segment. Further bullish news backing the current surge in Metaverse-related tokens is Gemini exchange raising $400 million on Nov. 19 to build a decentralized Metaverse.
Top performers had specific reasons for the pumping
Gala (GALA) pumped after its Coinbase and Huobi listing on Nov. 16. The utility token powers a decentralized gaming ecosystem that gives players a voice in the funding and development phases.
Crypto.com (CRO) also had news of its own on Nov. 18 to justify the rally. The marketing department behind the Singapore-based exchange decided to splurge $700 million to purchase the naming rights to the stadium where the NBA’s Los Angeles Lakers play.
On Nov. 19, Elrond (EGLD) also announced a $1.29 billion incentive program to help attract users and liquidity to its decentralized finance ecosystem. The project uses sharding technology to achieve up to 15,000 transactions per second (TPS).
Decentralized exchanges tokens take a hit
Among the worst performers, there were two decentralized exchange utility tokens. The only negative news appeared to be the Nov. 9 paper by the United States Securities and Exchange Commission Commissioner Caroline Crenshaw. The study mentioned that the sector lacks market protections and raises concerns about pseudonymity and market manipulation.
Quant (QNT) continues in a downtrend after a 122% 7-day rally on Sept. 3, fueled by a protocol upgrade that allowed ERC-20 and ERC-721 token interoperability.
Vechain Thor (VET) retraced after a 38% 7-day pump on Nov. 2 ahead of its proof-of-authority (PoA) mechanism v2.0 testnet release on Nov. 5. The upgrade offers a more secure system to select the block producers.
The OKEx Tether (USDT) premium, which measures the difference between its China-based peer-to-peer (p2p) trades versus the official U.S. dollar currency, has slightly improved.
OKEx USDT peer-to-peer premium vs. USD. Source: OKEx
The current 99% indicator is slightly bearish, and it signals weak demand from cryptocurrency traders to convert cash into stablecoins—still a vast improvement from the 5% discount in mid-Oct.
Meanwhile, the cryptocurrency total futures open interest was negatively impacted by the generalized price drop. Nevertheless, the move was expected since the total market cap retraced and some $2.7 billion worth of liquidations took place during the week.
Total crypto aggregated futures open interest. Source: Coinglass.com
Despite this, the indicator remained at a healthy $50.3 billion mark, which is 60% higher than two months ago. It is worth noting that an open interest decrease is not necessarily bearish, but maintaining a certain level is interesting as more liquidity providers and market makers enter the market.
The above data might not sound encouraging, but considering that Bitcoin (BTC) and Ether (ETH) suffered considerable losses this week, the overall market structure held nicely. Those betting on an “altcoin season” may have been disappointed, but at least there were no generalized 15% or higher losses.
The views and opinions expressed here are solely those of theauthorand do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
While the crypto markets are clearly led by the swings of Bitcoin and Ethereum, outliers are frequent — and identifying them is often what separates the average traders from the great ones.
Compared to the gains-fest of the first few months of 2021, June has been a rather bleak time for crypto investors. Digital asset prices were mostly stagnant and massive rallies were rare, leaving traders to do the hard guesswork: Which asset will do better than most others that are either going down or moving sideways?
Of many market and social metrics tracked by Cointelegraph Markets Pro platform, one proved to be especially useful this month: Average daily trading volume.
Five of the assets that recorded the greatest increase in daily volume compared with the previous month were among the biggest winners, securing double-digit dominance over both Bitcoin and the dollar.
And the correlation may not be an outlier — we saw the same pattern last month.
Trading volume is one of the components of the VORTECS™ score, Markets Pro’s algorithmic tool that relies on years of historical data to assess how healthy each coin’s current market outlook is.
As well as the score, raw numbers on unusually high and unusually low volume (relative to last month’s average) are available on Markets Pro dashboard. The Unusual Trading Volume Indicator is one tool that traders may find useful in identifying potential profit opportunities.
Unusual Trading Volume 7.1.21 at 10:30am ET / Cointelegraph Markets Pro
Here are the five coins that have seen the largest increases in average daily trading volume this month… and their monthly price dynamics.
AMP (AMP): +2,255%
30-day price change: +61.02% vs. USD, +59.32% vs. BTC
AMP embarked on a massive price hike that saw it shoot from $0.059 to $0.108 on June 14, and the trading volume followed the price closely.
Halfway through the rally, the coin popped up on the Unusual Trading Volume section of Markets Pro dashboard, alerting users that the ongoing price pump had been supported by a corresponding boost in liquidity.
The jaw-dropping increase in trading volume of more than two thousand percent was registered around the same time when the price peaked at almost 11 cents (red circle in the graph).
KEEP NETWORK (KEEP): 737.46%
30-day price change: +13.35% vs. USD, +11.28% vs. BTC
Keep Network (KEEP) hugely benefited from a series of high-profile listings this month: First came Coinbase, then Binance. The market absorbed the news before KEEP pairs began trading on these platforms, leading to the price peaking before trading volume. The highest volume of $215 million (red circle in the graph) came some 18 hours after the price touched $0.71 on June 17.
In the case of KEEP, a spike in trading volume was not a harbinger of a price increase, but at least partially a result of it.
THETA FUEL (TFUEL): 661.56%
30-day price change: +51.27% vs. USD, +48.51% vs. BTC
Theta Fuel’s strong showing this month in terms of both price and liquidity was powered by users’ anticipation of the upcoming Mainnet 3.0 launch.
Trading volume has definitely been one of the factors driving price action, as the two were moving hand-in-hand. In fact, between June 7 and 9, the growth of volume outpaced price movement, culminating minutes before the price hit the local high at $0.66 (red circle in the graph).
By that time, the Markets Pro Unusual Trading Volume indicator had been flashing for TFUEL for several hours.
PERLIN (PERL): 454.2%
30-day price change: +24.32% vs. USD, +21.92% vs. BTC
Perlin’s superior trading volume dynamics powered more than just the price movement this month. Combined with other metrics, it contributed to a series of strong VORTECS™ scores that preceded two price peaks on June 17 and 19.
The highest trading volume (red circle in the chart) came on June 17 as the asset’s value was at $0.112, bound for the high of $0.119 some two days later.
QUANT (QNT): 281.22%
30-day price change: +92.03% vs. USD, +88.56% vs. BTC
Quant (QNT) followed a price/trading volume pattern similar to that of KEEP. The coin’s price received a major boost from the news of an upcoming Coinbase listing before the actual spike in volume came along.
As visible in the graph, the high watermark of QNT’s liquidity came after the price hit the ceiling on June 16.
Cointelegraph Markets Pro is available exclusively to members on a monthly basis at $99 per month, or annually with two free months included. It carries a 14-day money-back policy, to ensure that it fits the crypto trading and investing research needs of subscribers, and members can cancel anytime.
Important Disclaimer
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.Full terms and conditions.
One little-known crypto asset is on a parabolic rally, recording new all-time highs despite the prolonged market-wide correction.
The altcoin in question, Quant (QNT), rallied to a new all-time high of $104.41 from a seven-day low of $45.23, according to CoinMarketCap. The meteoric ascent represents a surge of 130.84% in just one week.
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Quant is a network that aims to bridge and connect all other blockchains on a global scale, using what it calls an “Overledger Network.” According to the project, their network aims to function as the ecosystem for the entire digital economy.
In a new tweet, popular crypto analyst Credible Crypto weighs in on QNT, noting how unusual it is for individual altcoins to be rocketing upward while the rest of the market consolidates. According to the pseudonymous trader, QNT could be a sign of more things to come from the altcoin market.
“Altcoins typically don’t make new all-time highs in the midst of a bear market. Yes, there were some exceptions, but most failed to do so. Most altcoins topped out within 30 days of BTC hitting its ATH and then broke down and never recovered. I suspect we see MANY alts follow QNT.”
Credible Crypto claims that QNT’s ascent indicates that the crypto markets have not truly entered a bear market.
“QNT hitting new all-time highs. If ever you needed a sign that we aren’t in a bear market – here it is. Alts don’t make new all-time highs in the midst of a bear market. I bet we see a lot more of this from other alts as we begin to recover from this correction.”
Source: Credible Crypto
Quant has since pulled back and is now trading at $88.77. The red-hot crypto asset is up over 700% year-to-date after opening 2021 at $11.04.
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In the month since Cointelegraph Markets Pro launched, bringing professional crypto market intelligence to every investor, the platform has helped hundreds of early subscribers to better understand the opportunities and threats inherent in the world of crypto investing and trading.
In this brief round-up we wanted to draw attention to some of highlights since the platform went live, including a critical look at a variety of back-tested strategies that the Markets Pro team has been tracking.
Cointelegraph Markets Pro consists of two unique research features, in addition to a wide variety of market performance metrics and access to a vibrant community of crypto enthusiasts on Discord.
VORTECS™ Score
The VORTECS score is derived from an algorithm that examines multiple different variables (including sentiment, tweet volume, price volatility, and trading volume) and compares those to historically-similar marketscapes. The algorithm is capable of parsing through millions of historical data points each day, comparing what’s going on right now with prior conditions for the 140+ assets currentl tracked.
A high VORTECS score suggests that current market conditions — across all orof those variables — are similar to conditions in the past where the asset has seen appreciation over the next several days. And the higher the score, the more consistent the behavior of the asset’s price in the past.
History doesn’t repeat… but apparently it often rhymes. The VORTECS score was created to provide every crypto market participant with the kind of quantitative analysis that has previously only been available to major institutional investors.
NewsQuakes™
NewsQuakes are alerts on events that have historically had a significant impact on an asset’s price over the following 24 hours. Our research has found that exchange listings, staking announcements, and partnership announcements have had the most consistently positive impact.
NewsQuakes are built on top of The TIE’s proprietary SigDev technology — the fastest and most comprehensive feed for tracking real-time market moving news in the cryptocurrency space. SigDev is used by major hedge funds, OTC desks, market makers, and other institutional market participants to gain an edge. NewsQuakes are delivered both in-browser and via Discord alerts direct to mobile devices.
In addition to institutions, news outlets like Cointelegraph (and our largest media competitor) use The TIE’s SigDev platform to identify critical breaking news stories from primary sources.
Among the most notable NewsQuakes are new exchange listings. For example, the average Coinbase listing in 2020 (from the time it is announced to the day the asset is available for trading) generated a 50.4% return.
Some notable NewsQuakes over the past month include this alert on Ocean Protocol after the announcement that it would be listed on Kraken. The first red circle illustrates when the alert was sent to community members in the private Markets Pro Discord channel
Another example of the NewsQuake system delivering news at a critical time can be seen in this chart, showing the rapid escalation in the price of MATIC following the announcement of its integration with Binance staking.
VORTECS Performance
Cointelegraph Markets Pro tracks the performance of 42 different trading strategies on an hourly basis, both cumulatively since the launch of the algorithm on January 5th, and for a rolling week.
Strategies are divided into two camps: time-based, and score-based.
In each case, Markets Pro tracks both the performance of the score vs. the U.S. dollar, as well as vs. holding Bitcoin, and vs. holding an evenly-weighted basket of the top 100 altcoins to ensure that testing accounts for wider market movements. A full testing methodology is available.
Time-based strategies
Time-based strategies involve tracking the performance of a crypto asset from the moment its VORTECS Score crosses a key threshold until a specific time period has elapsed. For example, Buy 80 / Hold 168 hours or Buy 90 / Hold 24 hours.
Of the 20 time-based strategies tracked by Markets Pro, all 20 have beaten simply holding Bitcoin and 19 have beaten both the altcoin basket and Bitcoin since January 5th.
The most successful of these strategies has been the Buy 90 / Sell 168 strategy, which has returned 1,497.9% in that period, compared to Bitcoin (72.4%) and altcoins (325.7%).
The least successful has been the Buy 90 / Sell 48 hours strategy, which returned 150.4%.
The average return of all tested strategies was 510%.
Score-based strategies
Scored-based strategies involve tracking the performance of a crypto asset from the moment its VORTECS Score crosses a key threshold until it reaches another key threshold. For example, Buy 80 / Sell 75 or Buy 90 / Sell 65.
Of the 22 score-based strategies tracked by Markets Pro, 21 have beaten simply holding Bitcoin and 15 have beaten both the altcoin basket and Bitcoin since January 5th.
The most successful of these strategies has been the Buy 80 / Sell 65 score, which has returned 759.7% in that period, compared to Bitcoin (72.4%) and altcoins (325.7%).
The least successful has been the Buy 85 / Sell 75 strategy, which returned 13.6% — and was the only strategy that failed to beat Bitcoin’s return over this period.
The average return of all tested strategies was 368.3%.
Cointelegraph Markets Pro is available exclusively to subscribers on a monthly basis at $99 per month, or annually with two free months included. It carries a 14-day money back policy to ensure that it fits the crypto trading and investing research needs of subscribers, and members can cancel anytime.
Important Disclaimer
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. Consult your financial advisor before making financial decisions. Full terms and conditions.
