Near Protocol, Algorand and PowerPool bounce back as Bitcoin consolidates

The broader cryptocurrency market appears to be in the early stages of a recovery with many altcoins gaining a foothold after correcting ...


The broader cryptocurrency market appears to be in the early stages of a recovery with many altcoins gaining a foothold after correcting 20% ​​to 30% on September 7 when Bitcoin (BTC) fell below $ 43,000.

Top 7 parts with the highest price variation over 24 hours. Source: Cointelegraph Markets Pro

Data Cointelegraph Markets Pro and TradingView shows that the biggest winners in the last 24 hours have been NEAR Protocol (NEAR), Algorand (ALGO) and PowerPool (CVP).

The NEAR protocol gains 64%

The most successful NEAR protocol is a decentralized proof-of-stake protocol aimed at delivering faster transaction speeds at lower cost to facilitate the adoption of blockchain technology.

Data Cointelegraph Markets Pro and TradingView shows that after falling to a low of $ 5.44 on September 7, NEAR’s price jumped 100% to a new high of $ 10.79 on September 8 as its 24-hour trading volume increased jumped 260% to a record $ 2.27 billion.

4 hour NEAR / USDT chart. Source: TradingView

Project momentum comes as it launches its METABuild hackathon Event which offers more than one million dollars in prizes to the participants.

Algorand is committed to decentralized governance

Algorand is a pure proof-of-stake without authorization blockchain protocol focused on transaction speed, efficiency and the goal of becoming the foundation layer for the financial industry.

VORTECS ™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ALGO on September 3, ahead of the recent price hike.

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, trade volume, recent price movements and activity Twitter.

VORTECS ™ score (green) against the ALGO price. Source: Cointelegraph Markets Pro

As shown in the graph above, the VORTECS ™ score for ALGO moved into the green zone on September 3 and peaked at 73 about 42 hours before its price increased 62% over the next three days. .

The surge in interest in Algorand comes as the protocol prepares for launch decentralized governance functionalities on October 1 and the team is also developing its decentralized financing (DeFi) and non-fungible token (NFT) offerings.

Related: Bitso to attend the launch of Salvador Chivo’s official Bitcoin wallet

PowerPool launches a BSC index token

PowerPool is a project that helps users accumulate governance power in Ethereum-based protocols through the creation of token pools and community voting.

Based on data from Cointelegraph Markets Pro, CVP market conditions have been favorable for some time.

VORTECS ™ score (green) against the CVP price. Source: Cointelegraph Markets Pro

As shown in the graph above, the VORTECS ™ score for the CVP began to increase on September 4 and peaked at 76 on September 5, approximately 61 hours before the price rose 98% the following day. .

The peak of interest in PowerPool follows its launch and promoting the BSCDeFi index pool which contains the best DeFi tokens on the Binance smart chain, including PancakeSwap (CAKE), Venus (XVS), Mdex (MDX) and Ellipsis (EPS).

The overall cryptocurrency market capitalization now stands at $ 2,068 trillion and Bitcoin’s dominance rate is 41.9%.

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