Market Analysis

Small cap altcoins flash bullish signals even as Bitcoin revisits $42.5K

CREAM, ETN and RGT flashed green even as BTC price saw a sharp rejection at $44,000 that sent its price back into the $42,000 range.

The cryptocurrency market faced another day of erratic price movements on Jan. 13 after Bitcoin (BTC) bulls were soundly rejected in their bid to push the price above $44,000. This led to an abrupt sell-off that has thrust the price back into the high $42,000 range. 

Despite the mid-day struggle faced by Bitcoin and many of the other large market-cap cryptocurrencies, several small-cap altcoins managed to eke out notable gains.

Small cap altcoins flash bullish signals even as Bitcoin revisits $42.5K

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

Data from Cointelegraph Markets Pro and TradingView shows that the three biggest gainers over the past 24-hours were Cream Finance (CREAM), Electroneum (ETN) and Rari Governance Token (RGT).

CREAM token holders qualify for the Iron Bank token

Cream Finance, a DeFi lending protocol, led the altcoin market with a gain of more than 35% after its 24-hour trading volume surged 365% to $75.2 million.

Data from Cointelegraph Markets Pro and TradingView shows that after dipping to a low of $37.10 on Jan. 10, the price of CREAM catapulted 112% to a daily high at $78.65 on Jan. 13 as its 24-hour trading volume jumped 351% to $75.3 million.

Read more:  Search giant Google lifts 2018 ban on crypto exchange, wallet advertisements

Small cap altcoins flash bullish signals even as Bitcoin revisits $42.5K

CREAM/USDT 4-hour chart. Source: TradingView

The price spike comes after the announcement that CREAM token holders can now qualify to receive the upcoming Iron Bank token by staking their CREAM on the protocol for an extended lock-up period.

Electroneum focuses on the gig economy

The mobile phone-based cryptocurrency platform Electroneum saw the price of its native ETN token spike 75% to $0.0134 over the past day as its 24-hour trading volume rose by 1,552%.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ETN on Jan. 11, 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.

Small cap altcoins flash bullish signals even as Bitcoin revisits $42.5K

VORTECS™ Score (grey) vs. ETN price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for ETN registered a high of 70 on Jan. 11, around four hours before the price spiked 77.5% over the next two days.

The sudden spike in the trading volume and price for ETN comes as the project refocused its efforts on marketing its AnyTask™ freelancer platform. This has also helped contribute to a rise in the VORTECS™ Score for ETN, which sits at 80 at the time of writing.

Read more:  Approval incoming? Valkyrie becomes fourth firm to apply for BTC futures ETF

Related: Bitcoin cycle is far from over and miners are in it for the long haul: Fidelity report

Rari Capital adds new Fuse pools

Rari Capital is a non-custodial DeFi robo-advisor that enables users to autonomously earn a yield with their crypto holdings and it utilizes RGT to conduct governance votes on the protocol.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for RGT on Jan. 9, prior to the recent price rise.

Small cap altcoins flash bullish signals even as Bitcoin revisits $42.5K

VORTECS™ Score (green) vs. RGT price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for RGT climbed into the green zone on Jan. 9 and hit a high of 83 around 21 hours before the price began to increase 60.35% over the next three days.

The price appreciation for RGT follows the launch of several new Fuse pools on Rari Capital for popular projects including OlympusDAO, Babylon Finance and BadgerDAO.

The overall cryptocurrency market cap now stands at $2.041 trillion and Bitcoin’s dominance rate is at 39.8%.

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.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button