Altcoins secure double-digit gains after Bitcoin surges toward $33K

Altcoins secure double-digit gains after Bitcoin surges toward $33K

Charts turned green as Bitcoin (BTC) price rallied to $32,858, but a number of analysts also cautioned that the market may not be out of the woods yet. 

Data from Cointelegraph Markets Pro and TradingView shows that the top movers over the past 24-hours were Telcoin (TEL), Polygon (MATIC) and Axie Infinity (AXS), indicating that the recovery is widespread and not just confined to large-cap cryptocurrencies.

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Altcoins secure double-digit gains after Bitcoin surges toward $33K
Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

As seen in the list above, the top-performing tokens represent a variety of cryptocurrency subsectors, including nonfungible tokens, artificial intelligence and decentralized finance projects.

Telcoin secures new trading pairs on QuickSwap

Telcoin (TEL), a blockchain protocol focused on sending and receiving mobile-based global remittances, was the top performer over the past 24-hours.

Altcoins secure double-digit gains after Bitcoin surges toward $33K
TEL/USDT 4-hour chart. Source: TradingView

TEL rallied 71% from a low of $0.0091 on July 20 to an intraday high at $0.0158 to as its 24-hour trading volume surged 136% to $43 million.

Interest in the project received a noticeable uptick following the introduction of “DeFi agents” on the Fetch protocol, which are designed to help users manage their liquidity and protect it from impermanent loss or rug pulls.

MATIC price surges after the release of Polygon Studios

The second-best performing token on the 24-hour charts is Polygon (MATIC), the popular layer-two solution for the Ethereum (ETH) network that has seen a significant increase in adoption over the first half of 2021.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for MATIC on July 20, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

Altcoins secure double-digit gains after Bitcoin surges toward $33K
VORTECS™ Score (green) vs. MATIC price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for MATIC first turned green on July 19 and climbed to a high of 77 on July 20 as its price reached a low of $0.62, just one hour before its price rallied 52% over the next 29 hours.

The surging momentum for Polygon is in large part due to the release of Polygon Studios, the protocol’s “new arm for the blockchain gaming and NFT ecosystem.”

Related: Trading firm of richest crypto billionaire reveals buying ‘a lot more’ Bitcoin below $30K

AXS regains momentum

The third-best performer over the past 24-hours was Axie Infinity (AXS), an NFT-focused protocol that rallied more than 1,000% over the past month thanks to soaring user activity and the income opportunities it offers users in economically disadvantaged countries.

According to data from Cointelegraph Markets Pro, market conditions for AXS have been favorable for some time.

Altcoins secure double-digit gains after Bitcoin surges toward $33K
VORTECS™ Score (green) vs. AXS price. Source: Cointelegraph Markets Pro

As seen in the chart above VORTECS™ Score for AXS has been elevated for the majority of the past week and reached a high of 77 on July 20, around one hour before the price increased 46% over the next sixteen hours. Currently, AXS price trades at $18. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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