This week the overall cryptocurrency market capitalization bounced again to $1.9 trillion, which was a 20% weekly enhance and the best stage seen since Might 20.
Whereas the recent bullish momentum attracted the eye of buyers, Bitcoin’s (BTC) transfer from $33,400 to $45,900 was just about consistent with the remainder of the market.
Whether or not Bitcoin will lastly break the $46,000 resistance stays an open query. Nevertheless, the longer it takes, the upper the chances that altcoins will outperform the main cryptocurrency.
Not each altcoin carried out equally and solely 14 of the highest 100 from CoinMarketCap outperformed Bitcoin by 3% or extra.
ICP, RVN, VGX and EGLD adopted Bitcoin’s 40% rally
Web Pc (ICP) introduced on July 30 that inside two weeks of its launch, the Fleek software reached 700 web site deployments. Fleek permits one to construct web sites and front-end for decentralized functions on the Web Pc blockchain with frictionless internet hosting.
In accordance with the Dfinity Basis weblog, Fleek created another open-source gateway to the blockchain so Web Pc good contracts knowledge may very well be freely accessed utilizing common browsers.
Ravencoin (RVN) additionally grew to become essentially the most worthwhile coin to mine utilizing graphic playing cards, in response to knowledge from whattomine.com and the community surpassed Ethereum (ETH).
— CaptainCrypto (@CaptainCrypto33) August 3, 2021
Voyager’s breakout was caught by the VORTECS™ indicator
Voyager Digital, the corporate behind Voyager Token (VGX), acquired crypto buying and selling and funds startup Coinify for $85 million. On August 1, Voyager additionally launched the VGX net swap 2.0 and staking portal.
VORTECS™ knowledge from Cointelegraph Markets Professional started to detect a bullish outlook for VGX on July 31, earlier than the latest value rise.
The VORTECS™ Rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market situations derived from a mix of knowledge factors, together with market sentiment, buying and selling quantity, latest value actions and Twitter exercise.
As displayed above, the VORTECS™ Rating for VGX climbed to 90 excessive on Aug 3, 30 hours forward of the 23% value to $3.50.
Lastly, Elrond (EGLD) introduced a $20 million funding from Moonlorian Blockchain Enterprise Laboratory. In accordance with Elrond’s weblog, the blockchain agency is already incubating a number of tasks in domains comparable to tokenization, NFT, traceability and loyalty platforms.
However, solely six tasks offered a unfavorable efficiency over the past seven days.
Flexa (AMP) rallied 90% from July 22 to 29 as Binance US introduced the token itemizing. Nevertheless, the altcoin rapidly retraced 26% from the $0.083 high on July 29.
Theta Gasoline (TFUEL) confronted the same motion because it rallied 63% from July 20 to 25 in the course of the launch of protocol 3.1.0 and reached a $0.368 high. The arduous fork created a extra environment friendly block proposal protocol, optimized the blockchain database and added assist for Ethereum RPC API.
Altcoin holders definitely have causes to have fun, however buyers ought to be conscious that an eventual Bitcoin value correction will possible trigger merchants to rapidly seize earnings from essentially the most risky altcoins.
The views and opinions expressed listed here are solely these of the creator and don’t essentially replicate the views of Cointelegraph. Each funding and buying and selling transfer includes threat. It’s best to conduct your individual analysis when making a call.