Altseason rumors are on the rise on Nov. 9 as altcoins capitalize on Bitcoin’s move to a new all-time high and the ensuing consolidation that tends to occur after (BTC) pulls back to retest underlying support levels.
As is often the case when Bitcoin has pullbacks during a bull market, some of the outflows find their way into the altcoin market and the chart below shows this dynamic is at play on Nov. 9.
Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro
Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24 hours were Livepeer (LPT), Loopring (LRC) and Keep3rV1 (KP3R).
Livepeer co-hosts COLLIDE
Livepeer is a decentralized video streaming platform built on the Ethereum (ETH) network that looks to offer a viable blockchain-based alternative to centralized broadcasting solutions.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for LPT on Nov. 7, prior to the recent price rise.
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, trading volume, recent price movements and Twitter activity.
VORTECS™ Score (green) vs. LPT price. Source: Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for LPT began to pick up on Nov. 7 and climbed to a high of 75 around one hour before the price increased 226% over the next two days to a new record high at $99.83.
The price appreciation for LPT comes after the protocol co-hosted the COLLIDE event with the Glass streaming platform, which was the first-ever live concert to include live minting of video nonfungible tokens (NFT).
Loopring ramps up its presence in the layer-two race
Loopring is a layer-two (L2) scaling solution for the Ethereum network that utilizes zk-Rollups to help decrease fees and increase throughput for decentralized exchanges (DEX) and payment protocols.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for LRC on Nov. 5, prior to the recent price rise.
VORTECS™ Score (green) vs. LRC price. Source: Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for LRC began to pick up on Nov. 4 and reached a high of 72 on Nov. 5, around five hours before the price increased 142% over the next four days.
The sustained momentum for Loopring comes as the layer-two protocol continues to offer lower transaction fees compared to other L2 solutions including Arbitrum and Optimism as fees on the Ethereum network remain elevated.
Related: Kraken predicts $96K BTC price top as analyst says $1T Bitcoin market cap is ‘now cemented’
Keep3rV1 has a community vote
Keep3rV1 is a project designed to help connect projects with outside development sources through the creation of a decentralized, blockchain-based job board.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for KP3R on Nov. 5, prior to the recent price rise.
VORTECS™ Score (green) vs. KP3R price. Source: Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for KP3R was elevated in the green zone for several days and reached a high of 71 on Nov. 5, around 23 hours before the price increased 79% over the next three days.
The spike in price for KP3R comes as the protocol is undergoing a governance vote where token holders get to vote for the top pools on its Fixed Forex decentralized stable coin framework.
The overall cryptocurrency market cap now stands at $2.902 trillion and Bitcoin’s dominance rate is 43.3%.
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RF2 – Source by cointelegraph.com