Frax Share, Swipe and Gnosis lead the altcoin market as Bitcoin recovers to $47.5k

Volatility was once again the main theme in the cryptocurrency market on December 30th as Bitcoin (BTC), rebounded from an early morning drop below $46,000, with bulls now fighting bears for control over support at $47,000.

Altcoin markets have also seen mixed results since Dec. 30, with some coins seeing small losses, while others are experiencing double-digit gains due to acquisitions and protocol developments.

The top 7 coins that saw the largest 24-hour price changes. Source: Cointelegraph Markets Pro

Cointelegraph Markets Pro and TradingView data show that Frax Share (FXS), Swipe(SXP), and Gnosis are the top gainers in the last 24 hours.

Frax Share increases stablecoin supply

Frax Share, the governance token for the Frax protocol is a fractional algorithmic stablecoin that provides scalable and decentralized algorithmic money.

Data from Cointelegraph Markets Pro showed that VORTECS(tm), a data source for VORTECS, began to show a bullish outlook on FXS in December 28, before the recent price increase.

Cointelegraph’s exclusive VORTECS(tm), Score is an algorithmic comparison between historical and current market conditions. It is derived from a combination data points, including trading volume, market sentiment and recent price movements, as well as Twitter activity.

VORTECS(tm), Score (green), vs. FXS Price. Source: Cointelegraph Markets Pro

The chart shows that the VORTECS(tm), Score for FXS rose into the green zone Dec. 27, and reached a peak of 86 Dec. 28, just 14 hours before the price surged 57% in the following two days.

The growing popularity of the Frax stablecoin has led to gains for FXS token. FRAX’s current supply of $1.74 million has seen its circulating supply increase by more than 30% in the last two months.

Binance acquires Swipe

Swipe, which is a platform for developing cryptocurrency-based card payment infrastructure, was another project to see its price rise in the last 24 hours.

Cointelegraph Markets Pro and TradingView data show that SXP prices surged 38% after hitting a low at $1.46 on December 29, and then soared to $2.02 on December 30, as SXP’s 24-hour trading volume jumped 951% to $683 millions.

SXP/USDT 4-hour chart. TradingView

After it was revealed that cryptocurrency exchange Binance had completed the acquisition of Swipe, it caused a sudden surge in trading volume for SXP. It was then rebranded to Solar.

Related: Binance closes Swipe acquisition, pave way for CEO exit

Gnosis announces its Zodiac Bridge

Gnosis, a decentralized prediction marketplace built on Ethereum (ETH), saw its price rise 38% on December 30.

Data from Cointelegraph Markets Pro showed that VORTECS(tm), a data service of Cointelegraph Markets Pro, began to show a bullish outlook on GNO in December 27, before the recent price increase.

VORTECS(tm), Score (green), vs. GNO Price. Source: Cointelegraph Markets Pro

The chart shows that the VORTECS(tm), Score for GNO was 77 on December 27, just 35 hours before the price rose 38% the following day.

GNO’s momentum grew after the introduction of the Zodiac Bridge module for the Gnosis ecosystem. This module gives decentralized autonomous organisations (DAOs), the ability to manage assets on different Ethereum virtual machine-compatible chains.

The total cryptocurrency market is now worth $2.233 trillion, and Bitcoin’s dominance rate of 40.3%.

com. You should do your research before making any investment or trading decision.
https://cointelegraph.com/news/frax-share-swipe-and-gnosis-lead-the-altcoin-market-as-bitcoin-recovers-to-47-5k