GNO, WAX and IOST lead altcoins higher as Bitcoin’s rally to $50,000 signals that the bull market is back on track.
The bull market narrative has returned now that the price of Bitcoin (BTC) managed to briefly climb above $50,500 on Aug. 23.
A handful of altcoins have also seen their prices charge higher as the momentum in the market continues to build. For many tokens, their price has been buoyed by new exchange listings and cross-protocol collaborations that have brought a new level of activity and attention to their ecosystems.
Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24 hours were WAX (WAXP), Gnosis (GNO) and IOST.
WAX benefits listing on Binance
The top performer on the 24-hour chart is WAX, a delegated proof-of-stake (DPoS) blockchain protocol that claims to offer the “world's most proven and eco-friendly blockchain for NFTs, video games and collectibles.”
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.161 on Aug. 19, the price of WAXP surged 242% to an intraday high at $0.55 on Aug. 23 as its 24-hour trading volume rose 21,756% to $2.24 billion.
According to the NewsQuakes™ alert system from Cointelegraph Markets Pro, the sudden spike in price came after Binance announced that it would list WAXP.
Gnosis surges after a partnership announcement
Gnosis, an Ethereum-based decentralized prediction market, pushed higher after revealing that the team had joined the ZK Open Legal Working Group to create “legal clarity around the use of ZKPs [zero-knowedge proofs] to unleash their full potential for privacy and scaling applications.”
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for GNO on Aug. 19, prior to the recent price rise.
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.
As seen in the chart above, the VORTECS™ Score for GNO has been elevated for some time and reached a high of 78 on Aug. 19, around six hours before its price increased by 26% over the next four days.
IOST's staking competition attracts investors
IOST is a decentralized blockchain network that utilizes a novel consensus protocol called “proof-of-believability” to validate transactions at a higher speed than competing networks.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for IOST on Aug. 22, prior to the recent price rise.
As seen in the chart above, the VORTECS™ Score for IOST began to register green on Aug. 21 and climbed to a high of 72 on Aug. 22, around eight hours before its price increased by 29%.
Activity for the blockchain has been on the rise thanks to an ongoing staking competition done in conjunction with Moonstake that offers a top prize of 15,500 IOST tokens.
The overall cryptocurrency market capitalization now stands at $2.139 trillion, and Bitcoin’s dominance rate is 43.5%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, and you should conduct your own research when making a decision.
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