WazirX, Presearch and Komodo rally after data shows a surge in user activity
The characteristically volatile nature of the cryptocurrency market is back in full force on Dec. 2 after the optimism of the past couple of days has transformed into fear and Bitcoin price slid back below $57,000.
Despite the pressure being exerted on many of the top cryptocurrencies, several altcoins have managed to buck the trend and post double-digit gains on Dec. 2.
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 WazirX (WRX), Presearch (PRE) and Komodo (KMD).
WazirX benefits from listing new tokens
WazirX is a India-based cryptocurrency exchange based in India that claims to be the fastest growing and most trusted exchange in the country.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $1.07 on Nov. 28, the price of WRX surged 74% to reach a daily high of $1.87 on Dec. 2 as its 24-hour trading volume spiked 630% to $432 million.
WRX/USDT 4-hour chart. Source: TradingViewThe climbing price of WRX comes as the exchange has been listing new tokens, including popular metaverse tokens like Gala (GALA) and Cocos-BCX (COCOS).
Presearch surpasses 3 million users
Presearch is a blockchain-based decentralized search protocol that allows users to maintain control over their data, conduct searches in private and receive rewards for their search activity
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for PRE on Nov. 26, 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. PRE price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for PRE began to pick up on Nov. 26, around 57 hours before the price increased 53.78 over the next three days.
The price appreciation for PRE comes as activity on the search engine is on the rise and the protocol now hosts more than three million registered users who conduct more than four million searches per day on average. In November, the network hit a record 103 million searches.
Related: Bitcoin tests traders’ nerves as analyst reissues $400K BTC price forecast
Komodo launches a low fee DEX
Komodo is an open, composable, multi-chain platform focused on creating business-friendly blockchain solutions that are scalable and interoperable.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for KMD on Nov. 28, prior to the recent price rise.
VORTECS™ Score (green) vs. KMD price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for KMD climbed into the green zone and hit a high of 77 on Nov. 28, around 39 hours before the price increased 80% over the next two days.
The surging interest in KMD comes as the protocol's AtomicDEX decentralized exchange underwent an increase in activity thanks to the low fee environment.
The overall cryptocurrency market cap now stands at $2.608 trillion and Bitcoin’s dominance rate is 41.1%.
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.