The cryptocurrency market in general faces another day of volatility and selling on January 7, as the bears of Bitcoin (BTC) managed to break the bullish support at $ 42,000. Bitcoin’s price was pushed to a daily low of $ 40,620 before resources ran out.
Data from Cointelegraph Markets Pro shows that four of the top seven winners of the day are part of the growing Cosmos Hub. This ecosystem currently uses the Interblockchain communication protocol (IBC) to facilitate interoperability and communication between connected networks.
Here’s a look at what’s behind the force seen on IRISnet (IRIS), Secret (SCRT), Akash Network (AKT), and Cosmos (ATOM).
IRISnet expands its NFT capabilities
The biggest winner in the last 24 hours has been IRISnet, a cross-chain service hub for decentralized applications that enables cross-chain interoperability and provides companies with modules to support the execution of a distributed system.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $ 0.079 in the first hours of trading on Jan 7, the price of IRIS spiked 84% higher to hit a daily high of $ 0.144 as that its 24-hour trading volume increased by 2,320%. to USD 112.6 million.
The sudden increase in price and volume of IRIS comes as the protocol’s non-fungible token community continues to expand thanks to the upcoming launch of the Uptick Network’s non-fungible token (NFT) ecosystem. These efforts have helped attract new users to the IRISnet ecosystem.
Pulp Fiction’s NFTs hit the Secret Network
The Secret Network is a blockchain protocol with built-in data privacy for smart contracts that enables programmable privacy for data transfer, decentralized finance (DeFi), and NFTs.
VORTECS ™ data from Cointelegraph Markets Pro began to detect a bullish outlook for SCRT on January 3, ahead of the recent price spike.
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 trading activity. Twitter
As seen in the graph above, the VORTECS ™ score for SCRT began to increase on January 3, about 55 hours before the price increased 25% the following day.
SCRT’s price increase comes after it was revealed that film director Quentin Tarantino will launch NFT from the popular movement Pulp fiction on Secret Network.
Akash Network partners with CloudStack
Akash Network bills itself as the world’s first decentralized cloud computing marketplace for DeFi. Known as DeCloud, the service allows any application to launch quickly without the need to install, configure, or manage servers.
Data from Cointelegraph Markets Pro and TradingView shows that after a rapid drop to a low of $ 2.33 on Jan 5, AKT price rallied 25% to a daily high of $ 2.93 on Jan 7, as its 24-hour trading volume increased 88%
The push to build AKT comes on the heels of the announced partnership between Akash Network and CloudStack, a decentralized cloud aggregator that offers a portal to access any decentralized storage network, including Filecoin, Arweave, and Storj.
The bulls like the idea of interoperability between Cosmos and Ethereum
Cosmos is the foundational blockchain protocol for the entire Cosmos Hub, advertising itself as the “internet of blockchains.” ATOM holders stake the platform’s native ATOM token to secure the entire ecosystem.
VORTECS ™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ATOM on December 29, ahead of the recent price spike.
As seen in the graph above, the VORTECS ™ score for ATOM climbed into the green zone on December 29 and reached a high of 80 just as its price began to increase by 79% over the next nine days.
The global cryptocurrency market capitalization now stands at $ 1.987 trillion and Bitcoin’s dominance index is 39.9%.
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 business move involves risk, you should do your own research when making a decision.