On Jan. 31, the cryptocurrency market was in confusion as traders saw Bitcoin’s (BTC), weakness as a sign of a crypto winter beginning. However, increasing news about adoption and multimillion-dollar financing rounds continues to dominate headlines.
Analysts are pointing out that Bitcoin is trading at $38,500 and that this price action could be a buy zone. This bullish sentiment has spilled over into altcoins as well.
The top 7 coins that saw the largest 24-hour price changes. Source: Cointelegraph Markets Pro
Cointelegraph Markets Pro and TradingView data show that DerivaDAO, Telos (TLOS), and Bonfida were the largest gainers in the last 24 hours.
DerivaDAO experiences a 3,692% rise in trading volume
DerivaDAO, a decentralized exchange that trades derivatives on the Ethereum network (ETH), is a cryptocurrency.
Data from Cointelegraph Markets Pro showed that VORTECS(tm), a data service of Cointelegraph Markets Pro, began to show a bullish outlook on DDX Jan. 25, 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 (grey), vs. the DDX price. Source: Cointelegraph Markets Pro
The chart shows that the VORTECS(tm), Score for DDX was 70 on January 25, just 62 hours prior to the price increase of 102% in the following three days.
The DDX price surge is due to a 3,692% rise in trading volume for the token with more than $13,000,000 in volume coming directly from Coinbase, the largest U.S-based cryptocurrency exchange.
TLOS partners with BikeChain
TLOS is a decentralized blockchain network that was created using EOSIO software. It is intended to speed up smart contracts for Decentralized Finance (DeFi), Nonfungible Tokens (NFTs), Gaming and Social Media.
Data from Cointelegraph Markets Pro showing a bullish outlook on DDX, VORTECS(tm), began to be detected on Jan. 28, before the recent price increase.
VORTECS(tm), Score (grey) vs. TLOS Price. Source: Cointelegraph Markets Pro
The chart shows that the VORTECS ™ Score for DDX climbed up to 71 on January 25, just 2 hours before the price increased 61.54% over two days.
TLOS’s bullish move comes after the project announced a new partnership to the self-governing rideshare app BikeChain, and celebrated the success of its first native decentralized trading platform OmniDEX.
Related: What’s next? Solana’s first “death cross” is painted by Solana as SOL loses 50% in January
Bonfida launches Solana’s name service
Bonfida, a protocol based on the Solana network, will act as a bridge between Serum DEX (and the wider Solana ecosystem).
Cointelegraph Markets Pro and TradingView data show that FIDA prices have risen 84.72% since Jan. 28 when they hit a low at $1.59. On Jan. 31, FIDA traded at $2.95 per day. This is despite the fact that FIDA’s 24-hour trading volume increased 81% to $28.5million.
FIDA/USD 4-hour chart. Source: TradingView
This sudden rise in trading volume and price follows the launch perpetual futures trading for FIDA (FIDA) on the AscendEX cryptocurrency trading exchange. It also follows the rollout user registration for Twitter handles using the Solana name service.
The total cryptocurrency market is now worth $1.745 trillion, and Bitcoin’s dominance rate at 41.6%.
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