Strong fundamentals lure traders back to Audius, Raydium and Helium
The cryptocurrency market found itself in a holding pattern on Aug. 17 as the price of Bitcoin (BTC) lingers below $46,000 and bulls regroup to plan their next attempt to push the price higher.
Despite the struggles faced by many of the top cryptocurrencies, several altcoins were buoyed by positive developments and CT Pro's top market gainers index shows many producing double-digit gains.
Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets ProData from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Audius (AUDIO), Raydium (RAY) and Helium (HNT).
Audius partners with TikTok
The top-performing coin over the past 24-hours has been Audius, a decentralized music-sharing and streaming protocol that enables direct transactions between listeners and creators and helps to cut out the middleman who tap into artist's revenue streams.
According to data from Cointelegraph Markets Pro, market conditions for AUDIO have been favorable for some time.
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.
VORTECS™ Score (green) vs. AUDIO price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for AUDIO has been in the green zone for most of the past week and reached a high of 80 on Aug. 13, around 66 hours before the price increased 156% over the next day.
The cause for the sudden spike in price was an announcement from Audius that it had partnered with TikTok to enable crypto-powered music streaming, a development that was registered by the NewsQuake™ alert system shortly after the price initially began to rise.
Solana's rising tide lifts Raydium price
Raydium is an automated market maker (AMM) and liquidity provider built on the Solana blockchain for the Serum decentralized exchange (DEX). The Solana ecosystem has been gaining traction as of late and Raydium appears to have benefited from the increased interest in the network.
Data from Cointelegraph Markets Pro and TradingView show that after hitting a low at $4.64 on Aug. 12, the price of RAY has spiked 75% to an intraday high at $8.11 on Aug. 17 with $317 million worth of 24-hour trading volume.
RAY/USDT 4-hour chart. Source: TradingViewMomentum for RAY really began to pick up starting on Aug. 9 when it was announced that Binance would be list the token in its innovation zone. The price moved higher following another announcement on Aug. 17 that the exchange would launch perpetual futures contracts for the project.
Related: Solana is now in price discovery as SOL shows strength below $70 all-time highs
Helium rallies as the network's node count expands
Helium is a project focused on creating a decentralized blockchain-powered network for internet of things (IoT) devices and the project is powered by nodes run by community members.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for HNT on AUG. 12, prior to the recent price rise.
VORTECS™ Score (green) vs. HNT price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for Helium has been elevated over the past week and reached a high of 77 on Aug. 16, around 4 hours before its price increased 37% over the next day.
Momentum for the project has been steadily increasing since it successfully completed a $111 million token sale on Aug. 11.
The overall cryptocurrency market cap now stands at $1.977 trillion and Bitcoin’s dominance rate is 43.6%.
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.