A renewed sense of optimism has returned to the cryptocurrency ecosystem on July 26 as Bitcoin’s (BTC) recovery above $38,900 has sparked a market-wide rally in the altcoins.
Five out of the top seven gainers fall into the decentralized finance (DeFi) sector, a possible sign that DeFi may be heating up for another major run in 2021.
The top performer over the past 24-hours has been Amp (AMP), a digital collateral token protocol that offers instant, verifiable assurances for any kind of value transfer.
Data from TradingView shows that after hitting a low of $0.048 on July 25, the price of AMP rallied 96% to reach an intraday high at $0.094 on July 26 as its 24-hour trading volume jumped more than 800% from an average of $20 million to $280 million.
Venus (XVS), a Binance Smart Chain-based algorithmic money market and synthetic stablecoin protocol also saw a strong breakout today.
As seen in the chart above, the price of XVS has spiked 63% from a low of $17.13 on July 25 to an intraday high at $27.95 on July 26 as its 24-hour trading volume surged by more than 600% to $180 million.
According to the latest data provided by Venus, the protocol currently has more than $3 billion in total value locked on the platform and over $1.8 billion in available liquidity.
The third-biggest gainer on Monday was Reserve Rights (RSR), a dual-token stablecoin platform comprised of the Reserve stablecoin (RSV), which is backed by a basket of assets managed by smart contracts and the RSR token which helps to keep the price of RSV stable through a system of arbitrage opportunities.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for RSR on July 24, 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.
As seen in the chart above, the VORTECS™ Score for RSR turned green on July 24 and climbed to a high of 76, around 28 hours before its price increased by 45% over the next day.
The jump in price follows the July 24 upgrade to the protocol which now allows app users to “deposit and withdraw money on Saturdays and Sundays from 6:00 am to 6:00 pm.”
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.
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.