This week, the total market capitalization of cryptocurrencies returned to $1.9 trillion, confirming weekly growth of 20%. This is the highest level since May 20th.
While the recent rally attracted investors’ attention, the movement of Bitcoin (BTC), which rose from US$ 33,400 to US$ 45,900, was practically in line with the rest of the market.
Whether Bitcoin will definitively break the $46,000 resistance is still an open question. However, the longer it takes for this to happen, the greater the chances that altcoins will outperform the market-leading cryptocurrency.
Not all altcoins performed similarly. Only 14 of the top 100 tokens as ranked by CoinMarketCap outperformed Bitcoin by 3% or more.
ICP, RVN, VGX and EGLD followed the 40% increase in Bitcoin
Internet Computer (ICP) announced on July 30 that, within two weeks of its launch, the Fleek app has already been deployed to 700 sites. Fleek allows the construction of websites and front-ends for decentralized applications on the Internet Computer blockchain, without the hassle of hosting issues.
According to the Dfinity Foundation blog, Fleek created an alternative open source gateway to the blockchain, in which data from smart contracts running on the Internet Computer can be freely accessed using common browsers.
Ravencoin (RVN) has become the most profitable currency for graphics card mining, according to data from whattomine.com. Thus, the network surpassed Ethereum (ETH).
— CaptainCrypto (@CaptainCrypto33) August 3, 2021
#Ravencoin has just surpassed $ETH in profitability on my farm. I will go back to $RVN if things stay that way.
Voyager disruption detected by VORTEX ™ indicator
Voyager Digital, the company behind the Voyager Token (VGX), acquired crypto-active and payments trading startup Coinify for $85 million. On August 1st, Voyager also launched VGX web swap 2.0 and its own staking portal.
Cointelegraph Markets Pro VORTECS™ data began to detect a bullish outlook for VGX on July 31, ahead of the recent price increase.
VORTECS™ Score, Cointelegraph’s exclusive tool, provides an algorithmic comparison of historical and current market conditions derived from a combination of diverse data including market sentiment, trading volume, recent price movements and Twitter activity.
As shown in the chart above, the VORTECS™ score for the VGX rose to a high of 90 on Aug. 3, 30 hours ahead of the 23% rise in the asset’s price to $3.50.
Finally, Elrond (EGLD) announced a contribution of US$ 20 million from the Moonlorian Blockchain Business Laboratory. According to Elrond’s blog, the company is already incubating several projects in areas as diverse as tokenization, NFT, traceability and loyalty platforms.
On the other hand, only six projects had a negative performance in the last seven days.
Flexa (AMP) soared from 22 to 29 July, rising by 90%, when Binance US announced the token listing. However, altcoin has quickly retreated 26% since peaking at $0.083 on July 29th.
Theta Fuel (TFUEL) showed a similar movement, rising 63% and reaching a peak of US$0.368 between July 20 and 25, during the launch of its protocol 3.1.0. The hard fork created a more efficient block proposal protocol, optimized the blockchain database, and added support for the Ethereum RPC API.
Investors certainly have reason to celebrate, but they should be aware that any correction in the Bitcoin price will likely cause traders to quickly take profits from the more volatile altcoins.
The views and opinions expressed here are solely from the author and do not necessarily reflect Cointelegraph’s views. Every investment and trading movement involves risk. You must conduct your own research when making a decision.
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