Wednesday, January 26, 2022

VGX, PERP and LUNA rally while Bitcoin price struggles to hold $38K

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Final week’s momentum in Bitcoin has all however light as (BTC) worth is as soon as once more beneath the $39,000 stage with bears and bulls locked in a heated battle for market dominance. 

Information from Cointelegraph Markets Pro and TradingView exhibits that whereas Bitcoin worth falters, a number of altcoins like Voyager Token (VGX), Perpetual Protocol (PERP) and Terra (LUNA) have seen double-digit positive factors.

Prime 7 cash with the very best 24-hour worth change. Supply: Cointelegraph Markets Pro

VGX/USD

The highest performer over the previous 24-hours has been Voyager Token, a cryptocurrency brokerage platform that gives retail and institutional traders a safe place to buy, commerce and lend crypto property.

VORTECS™ knowledge from Cointelegraph Markets Pro started to detect a bullish outlook for VGX on July 31, previous to the current worth rise.

The VORTECS™ Rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market circumstances derived from a mixture of information factors together with market sentiment, buying and selling quantity, current worth actions and Twitter exercise.

VORTECS™ Rating (inexperienced) vs. VGX worth. Supply: Cointelegraph Markets Pro

As seen on the chart above, the VORTECS™ Rating for VGX climbed to a excessive of 75 on July 31, round 50 hours earlier than the worth elevated 54% over the following day.

The sudden surge in momentum for VGX adopted Voyager’s acquisition of Coinify, a crypto buying and selling platform, and the launch of the VGX internet swap 2.0 and staking portal.

PERP/USD

Perpetual Protocol, a decentralized perpetual contracts protocol that features an on-chain decentralized change (DEX) and as much as 10x leverage, was the second-best performer of the previous 24-hours.

Based on knowledge from Cointelegraph Markets Pro, market circumstances for PERP have been favorable for a while.

VORTECS™ Rating (inexperienced) vs. PERP worth. Supply: Cointelegraph Markets Pro

As seen on the chart above, the VORTECS™ Rating for PERP started to select up on June 29 and climbed to a excessive of 80 on July 31, round 48 hours earlier than the worth elevated 30% over the following day.

The rise in worth, in addition to buying and selling quantity, come on the heels of the release of Curie, the v2 improve of the Perpetual Protocol which “dramatically improves capital effectivity and will increase charge seize for liquidity suppliers.”

Associated: Bitcoin price dips below $38K, with bullish traders eyeing a new higher low next

LUNA/USD

Tuesday’s third top-performer is Terra, a protocol that focuses on fiat-pegged stablecoins like TerraUSD (UST) to energy a price-stable world cost system.

Information from Cointelegraph Markets Pro and TradingView exhibits that the worth of LUNA has rallied 28% from a low of $11.13 on Aug. 2 to an intraday excessive at $14.21 on Aug. 3 as its 24-hour buying and selling quantity elevated by 58% to $714 million. 

LUNA/USD 4-hour chart. Supply: TradingView

Pleasure for LUNA has been constructing since final week following the addition of TerraUSD (UST) to DinoSwap and has continued on Tuesday due to an ongoing neighborhood vote to whitelist bETH as collateral on Anchor Protocol which is able to carry Ether (ETH) staking rewards to the Anchor ecosystem.

The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer entails danger, it’s best to conduct your individual analysis when making a call.