Bitcoin’s (BTC) recent surge above $40,000 injected a healthy dose of bullish optimism into the crypto market and further proof of this comes from the Crypto Fear and Greed index which has decreased from ‘extreme’ to ‘neutral’.
Data from Cointelegraph Markets Pro and TradingView shows that the top movers over the past 24 hours are Linear (LINA), WazirX (WRX) and Storj (STORJ).
The overall market conditions continue to improve following the now denied rumors that Amazon would begin accepting cryptocurrencies as payment at some point in 2021 which helped spark an increase of more than $155 billion in the total cryptocurrency market capitalization over the past three days.
The top performer over the past 24-hours has been Linear, a decentralized delta-one asset protocol that is cross-chain compatible and capable of creating, trading and managing liquid synthetic assets.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for LINA on July 25, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the chart above, the VORTECS™ Score for LINA began to turn green on July 24 and reached a high of 84 on July 25, just one hour before its price began to increase by 48% over the next three days.
The latest round of momentum for LINA came after the protocol announced that it would be listing PancakeSwap on the Linear exchange and this move appears to have helped the price recover above its 50-day moving average.
The second-biggest gainer in the past 24-hours was WazirX, an India-based exchange that claims to be the fastest-growing Bitcoin and cryptocurrency exchange in the country.
As seen in the chart above, the VORTECS™ Score for WRX began to register green on July 22 as it reached a high of 74 and again climbed to 71 on July 25, around seven hours before its price began to increase by 38% over the next three days.
Related:XRP price skyrockets by 17% as double bottom chart pattern takes shape
Activity on the platform has been on the rise over the past couple of days as a result of an “India Wants Crypto” campaign that the exchange is running to help engage its community.
Storj, an open-source cloud storage platform that utilizes a decentralized network of nodes to host user data and offers rewards to users who donate their computing resources to the network, also saw a strong breakout in the last 24-hours.
Data from TradingView shows that after hitting a low of $0.85 on July 27, the price of STORJ rallied 33% to an intraday high at $1.13 on July 28 after its 24-hour trading volume surged from an average of $25 million per day to $186 million.
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.
It’s been another great week for altcoins as the total market capitalization of all cryptocurrencies moves within spitting distance of the $2 trillion mark.
And it’s been equally positive for the Cointelegraph Markets Pro platform, which tracks crypto market conditions and real-time headline news in the blockchain industry to deliver market intelligence for every investor.
Markets Pro offers two unique features: The VORTECS™ Score, an algorithmically-derived weighted score that compares current market conditions to historically-similar marketscapes, and NewsQuakes™ — the industry’s most rapid aggregator of market-moving news, analyzed and collated from over a thousand primary sources every minute.
In this weekly report we analyze the most important highlights from the week’s events on Markets Pro.
Top VORTECS™ Score gains this week
Between March 26 and April 1, the three best-performing assets identified by Cointelegraph Markets Pro were Storj (+121%), Filecoin (+115%), and Holochain (+111%). All three rode green waves powered by patterns of trading and social activity that the VORTECS™ model has seen before — as described in our description of how the algorithm works.
As the graph above demonstrates, the cloud storage token STORJ recorded a streak of high VORTECS™ scores, marked by the first red circle, roughly 60 hours before the price spike on April 1 (first and second red boxes).
This price increase could also be explained by the effect of Storj-USDT margin swaps being listed on Huobi Futures the same day, an announcement captured in a NewsQuake™. Those using Markets Pro intelligence in their market research had the advantage of this powerful dual-validation pointing to both historically auspicious market conditions and favorable news around the asset following its recent listing on Coinbase.
Analyzing Filecoin (FIL) and Holochain (HOT)
Indeed, this has been a good week for storage coins. The second-best performer, Filecoin, pulled off a rally that saw it appreciate from around $125 to $233 in two days.
As seen in the graph above, some 24 hours before the price took off Filecoin’s VORTECS™ Score ventured into the 80+ territory for a few hours, marked by the red circle.
The rise of another big winner of the week, Holochain (seen below), also unfolded following a sequence of strong VORTECS™ scores, ranging from high 60s to high 70s, with a peak of 82 (red circle in the graph) coming around 50 hours before the asset began its ascent from $0.010 to $0.019.
Understanding VORTECS™: The relationship between the score and Newsquakes™
Some users wondered whether NewsQuakes™ are a constituent part of the VORTECS™ score. The short answer is no. These are two completely different functionalities within Markets Pro that can complement each other but can also be used separately.
In fact, some of the NewsQuakes™ feature assets for which the score is not yet generated: One example is this week’s announcement of a partnership between DAFI and DIA saw the latter asset, not yet indexed by the VORTECS™ model, appreciate by almost 22%.
That said, oftentimes the two work in conjunction. The example of Filecoin already mentioned above showcases how a high VORTECS™ score and a subsequent NewsQuake™ can be used to boost users’ confidence that the conditions for a coin are favorable.
In other cases, a positive VORTECS™ score can follow the news: Once a favorable announcement is absorbed by market participants, trading and social conditions can align into a pattern that the model identifies as bullish. And sometimes, the two can be completely unrelated.
Analyzing 0x (ZRX)
The graph above shows the price of 0x starting to climb steadily after the news of the asset’s listing on OKEx went public — all while the VORTECS™ score remained neutral.
Testing results: Week’s top strategies
This week, 17 of the 42 VORTECS™ strategies currently tested outperformed both Bitcoin and an evenly weighted portfolio of all the top 100 altcoins. Of those strategies, 8 were score-based (Buy at VORTECS™ X / Sell at VORTECS™ Y) and 9 were time-based (Buy at VORTECS™ X / Sell after Y hours).
The table below contains information on ROI that the top-5 strategies of the week have generated up to April 1st 2021. For more context, you can also see these strategies’ monthly and all-time returns (tracked since January 5th 2021).
These strategies are designed to represent benchmarks for the VORTECS™ model’s aggregate performance. To discover how these tests are performed, consult the methodology help file.
Testing results: All-time leaders
The table below presents three best all-time strategies in each category (score-based and time-based) and their performance this week. As the table demonstrates, strategies that do well in the long run can have a downward blip in any given week: Buy at 90 / Sell after 168 hours is a particularly conspicuous example this time. At the same time, two of the all-time best have also had a solid showing this week.
New alerts system
A total of 107 VORTECS™ hit Markets Pro users this week, featuring 27 different coins.
One of the most frequent requests we’ve been getting from the community is to enable notifications at different levels of the VORTECS™ score. There are now 12 dedicated Discord channels designed to alert subscribers when an asset goes above or below a specific threshold.
A total of 86 NewsQuake™ notifications went out to the Cointelegraph Markets Pro community this week, including 44 exchange listings, 25 partnerships, and 17 staking announcements.
Markets Pro also tracks the most consequential news identified by NewsQuakes™ and the price action of various crypto assets following the headline. This week the most consequential news items were followed by significant price gains over the course of the week:
· Storj listing on Coinbase: +161% peak return
· Ankr Network listing on Coinbase: +109% peak return
· Filecoin’s partnership with Chainlink: +48% peak return
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.
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.
On March 23, the top US cryptocurrency exchange Coinbase announced that ANKR, CRV, and STORJ will be made available for trading on Coinbase Pro accounts.
Except for CRV in New York State, all Coinbase-supported jurisdictions will provide support for ANKR, CRV, and STORJ. If the liquidity conditions are met, trading will start on or after 9 a.m. Pacific Time (PT) March 25.
But currently, these three tokens ANKR, CRV, and STORJ cannot be traded on Coinbase.com and Coinbase mobile apps.
But being included in the Coinbase Pro list will undoubtedly have a positive stimulus effect on the prices of the three coins. ANKR, CRV, and STORJ have performed very strongly in the past 24 hours, increasing by 42.57%, 23.73%, and 102.00% respectively.
Ankr (ANKR) price Analysis
Source: ANKR/USD Daily via TradingView
ANKR is a blockchain cloud infrastructure platform based on the Ethereum token Web 3, which aims to lower the threshold for individuals, enterprises, and developers to participate in the blockchain ecology.
Since the beginning of February, its price has soared 1000% from the low of $0.011 on February 1 and reached its all-time high(ATH) of $0.12 yesterday. The current price has retraced, is trading at $0.096.
The MACD index is still in the bullish zone and will face resistance at an all-time high of $0.12 in the future. The Stochastic RSI index declined from the overbought zone and has slowed down, which means that a bullish crossover may form again in the short term and the price may continue to rise accordingly.
Curve DAO Token (CRV) Price Analysis
Source: CRV/USD Daily via TradingView
Curve DAO token(CRV) is created based on the Aragon framework of Ethereum (ETH) decentralized autonomous platform. There will be a staking mechanism. Its CRV token is mainly used for governance and value appreciation. It is an automatic market maker agreement with the purpose of enhancing the liquidity of the market and facilitating the exchange of specific assets based on Ethereum.
Curve DAO Token (CRV) has risen 19.88% in the past 24 hours, reaching a maximum of $3.277. The current price has retraced. At the time of writing, CRV is trading at $2.91.
Yesterday’s long green candlestick made CRV’s price firmly stand on the Exponential Moving Average ribbon. But the long shadow line of the candlestick indicates that there was a large number of selling orders once it reached over $3.00, and the bulls failed to push the price higher than $3.277. The first resistance level for CRV rise will be $3.277. If CRV breakthroughs this pressure level from the current price, the next pressure level will be $3.6.
The MACD index shows the bullish signal. Stochastic RSI has retraced from the 80 overbought zones and formed a bullish crossover, which means that in the short term, IOTA’s price is likely going to surge higher.
STORJ is an Ethereum-based token that provides users with a blockchain-based end-to-end distributed cloud storage platform. Users use private keys to manage data and achieve secure file storage without trusting centralized data centres, such as Amazon Web Services or Google Cloud.
The price of STORJ rose by 93.5% to $1.76 on March 23, reaching a new all-time high of $2.01. However, there are currently a large number of sell orders, and $2 will be an important resistance level. However, the MACD index is still in a bullish range, and it is possible that in the short term STORJ will create a new all-time high.
Stochastic RSI is retracing from the 80 overbought zones.
On March 23 the Coinbase listing ‘bump’ reemerged as the exchange announced that it would list Ankr (ANKR), Curve DAO Token (CRV), and Storj (STORJ) on Coinbase Pro.
A blog post from the top U.S.-based cryptocurrency exchange stated that inbound transfers for ANKR, CRV and STORJ are available beginning March 23 with trading set to “begin on or after 9 AM Pacific Time (PT) Thursday, March 25, if liquidity conditions are met.”
While there has been previous debate as to whether or not a Coinbase listing could still affect price movement in a positive way, today’s announcement resulted in double-digit rallies for all three projects on an otherwise red day in the market.
The Ankr network is a blockchain-based distributed computing platform that aims to create an easy and affordable way for developers to deploy multiple blockchains to leverage idle computing power from devices and data centers.
ANKR has been on a hot streak since the beginning of February, with its price skyrocketing 900% from a low of $0.011 on Feb. 1 to a record high of $0.109 following the announcement from Coinbase and multiple partnership announcements and protocol upgrades led to a steady increase in trading volume.
According to data from Cointelegraph Markets Pro, market conditions for ANKR have been favorable for some time.
The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the chart above, the VORTECS™ score for ANKR began to pick up on March 18 and reached a high of 70, roughly 12 hours before the price increased 32% over the next two days.
Following a pullback in ANKR price on March 21, the VORTECS™ again began to climb and reached a high of 76 on March 23, five hours before the price spiked 36% following the listing announcement.
Curve Finance is an Ethereum (ETH) based decentralized exchange and automated market maker protocol that is powered by the CRV token. The primary goal of the exchange is to facilitate swaps between stablecoins like USDC, DAI and other ERC-20 tokens like WBTC and renBTC.
CRV token holders have the opportunity to stake their coins on the network and participate in governance votes directing the future development of the platform as well as receive a share of the fees generated by the protocol.
CRV benefited from the growth of decentralized finance (DeFi) during the first two months of 2021, seeing its price rally almost 600% from a low of $0.52 on Jan. 11 to a high of $3.67 on Feb. 6.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for CRV on March 22, prior to the recent price rise.
As seen in the chart above, following a spike in the price of CRV between March 17 and March 20, the price began to fall while the VORTECS™ score began turning green late on March 20.
CRV price continued to decline over the next two days while the VORTECS™ score remained stable and turned green on several occasions, reaching a high of 66 on March 22, ten hours before the price would stage a 48% rally.
Storj (STORJ) is an Ethereum-based token that powers a cloud storage platform called Tardigrade that uses a decentralized network of nodes to host user data in a secured way using advanced encryption.
When users upload files to Tardigrade, pieces of each file are distributed to the global network of independent nodes which store the data until someone requests a specific file, at which point it is securely recompiled and made available for download.
This process enables secure file storage without the need to trust a centralized data center such as the Amazon Web Services or the Google Cloud. Users of the network who contribute their resources like unused hard drive space and bandwidth to Tardigrade earn STORJ tokens as a reward.
Since reaching a low of $0.445 on Feb. 23 when the cryptocurrency market experienced a sharp correction, the price of STORJ has rallied 311% to a high of $1.83 on March 23 following the Coinbase announcement.
While the significant price growth over the past 24-hours for ANKR, CRV, and STORJ demonstrate that the Coinbase bump remains a potent source for price movement, a more significant driver of their price action has been the steady growth and adoption of project.
From cloud storage, computing power and unused bandwidth to decentralized finance and exchanges, decentralized networks are growing in prominence and strength with no signs of slowing down anytime soon.
Coinbase Pro revealed it is preparing to list Ankr, Curve DAO Token, and Storj on its retail platform on Mar. 25.
The announcement has seen a significant number of investors rush to exchanges to get a piece of these cryptos.
These altcoins have risen more than 40% in the last few hours and may have more room to go up.
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Coinbase is adding fuel to the bull run as it continues listing more tokens to its retail platform. The San Francisco-based cryptocurrency exchange revealed that it would add support for Ankr, Curve DAO Token, and Storj, sending prices into higher highs.
Tokens Moon on Coinbase Listing
In a recent blog post, Coinbase Pro announced that starting on Mar. 23 users will be able to transfer Ankr, Curve DAO Token, and Storj to their respective accounts. Trading will kick-off two days later only if the “liquidity conditions are met.”
Once the required supply of ANKR, CRV, and STORJ is met on the cryptocurrency exchange, all of these altcoins will be available for trading against Bitcoin, the US dollar, the Euro, and the British Pound.
If successful, Coinbase Pro will make these cryptocurrencies easy and accessible to a wider audience.
After the announcement was made, the price of Ankr, Curve DAO Token, and Storj shot up. ANKR and CRV rose by more than 40%, while STORJ stole the spotlight after a 100% upswing.
Ankr, Curve DAO Token, and Storj are the latest beneficiaries of the well-known “Coinbase Effect.” This is a phenomenon where a token’s price skyrockets after being listed on the San Francisco-based exchange.
Although Coinbase is not the biggest trading platform in the market, its reputation and popularity play a vital role in the massive price jumps that cryptocurrencies go through when added to this platform.
With this in mind, market participants must implement a robust risk management strategy when trading ANKR, CRV, and STORJ. Even though these altcoins may have more room to go up, insiders who bought in earlier are likely to dump their holdings on the new surge of retail investors.
Disclosure: At the time of writing, this author owned Bitcoin and Ethereum.
This news was brought to you by Phemex, our preferred Derivatives Partner.
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