Fear and volatility remain the theme of the week as bitcoin (BTC) continues to face stiff resistance near the $42,000 price level. and stock markets were also hit hard on January 18. Investor fears of proposed rate hikes this year continue to exert downward pressure and the DOW was down 530 points, or 1.4%, at the close.
Despite the drop, altcoins managed to ride out the noise with several posting double-digit gains on Tuesday.
Data from Cointelegraph Markets Pro and TradingView shows that the biggest gains in the last 24 hours were Elsastos (ELA), API3 (API3) and Prometheus (PROM).
Elastos launches a token buyback program
The protocol Elastos, a web3-focused project that aspires to become the “blockchain-powered version of the internet,” was unleashed with a remarkable 22% spike.
Data from Cointelegraph Markets Pro and TradingView shows that, After hitting a low of $2.80 on Jan 8, the price of Elastos has soared 120% to a daily high of $6.16 on Jan 18, while its 24-hour trading volume soared 142% to $7.57 million.
The increase in ELA price and trading volume came after the Elastos Foundation announced plans for an upcoming ELA buyback program. The platform’s first decentralized exchange, Glide Finance, also saw an increase in total value locked for its protocol.
API3 and “first party” oracles
API3 is a protocol focused on improving communication capabilities between smart contracts and application programming interfaces (APIs) as a way to facilitate the secure and reliable transfer of up-to-date data.
Cointelegraph Markets Pro’s VORTECS™ data began detecting a bullish outlook for API3 on Jan. 18, before the recent price hike.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points which include market sentiment, trading volume, recent price movements, and Twitter activity.
As seen in the graph above, API3’s VORTECS™ Score peaked at 77 on January 18, about an hour before its price began rising 26% in the following two hours.
Increased interest in API3 comes as first-party protocol oracles gain momentum within the cryptocurrency community.
Prometheus prepares for launch
The Prometheus protocol offers users a decentralized framework for data monetization designed to facilitate secure and private data exchange.
Data from Cointelegraph Markets Pro and TradingView shows that PROM soared 30.84% to hit a daily high of $14.68 on Jan 18, amid a 300% surge in its 24-hour trading volume.
The Prometheus price change comes as the project prepares for a full mainnet launch. This will include initial support for seven assets, including Binance Coin (BCH), Wrapped BTC, PROM, Tether (USDT), USD Coin (USDC), and Wrapped Ethereum (WETH).
The global cryptocurrency market capitalization now stands at $1.973 trillion and the dominance rate of bitcoin is 40%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. All investments and operations involve risk, so you should do your own research when making a decision.
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