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Altcoins surge while traders expect a lower support from Bitcoin

RUNE, QNT, and PERP continue their gains despite the fact that analysts expect a lower support level for Bitcoin price.

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Altcoins surge while traders expect a lower support from Bitcoin

The Bitcoin (BTC), bulls are engaged in a fight with bears to control the $40,000 level. However, dovish comments by Jerome Powell, Chair of the U.S. Federal Reserve suggests that loose monetary policy will continue for the foreseeable future.

The crypto ecosystem is generally "cautiously optimistic about future price rises" as the fallout of China's miner purge subsides and displaced miners start to set up mining operations in other countries. This results in a rebound in the Bitcoin hashrate.

Cointelegraph Markets Pro and TradingView data show that although Bitcoin's momentum has slowed, many altcoins have seen gains of more than 30% over the 24-hour chart. This includes Quant (QNT), THORChain(RUNE), and Perpetual Protocols (PERP).

USD/RUNE

THORChain was the top performer in the last 24-hours. This decentralized liquidity protocol facilitates the exchange and custody of cryptocurrencies across multiple networks, while also allowing token holders to keep full custody of their assets.

VORTECS(tm) data from Cointelegraph Markets Pro began to detect a bullish outlook for RUNE on July 24, prior to the recent price rise.

Cointelegraph's exclusive VORTECS(tm), Score is an algorithmic comparison between historical and current market conditions. It is based on a combination data points, including trading volume, market sentiment and recent price movements, and tweet activity.

The chart shows that the VORTECS(tm), Score for RUNE spiked to 85 on July 24, but then slowed down slightly over the next 2 days to register a high at 75 on July 26, just 18 hours before the price surged 65%.

RUNE price has been hammered in recent weeks after a series of protocol exploits resulted in $7.6 million worth of funds being drained from the platform, but it appears as if the fallout from that has now subsided.

QNT/USD

Quant (QNT) was the second largest gainer over the past 24 hours. It is a project that focuses on interoperability among different blockchain networks.

Cointelegraph Markets Pro data shows that QNT market conditions have been favorable for some period.

The chart shows that the VORTECS(tm), Score for QNT started to increase on July 25, and it reached an all-time high of 81 just 24 hours before the price rose 75% in the following two days.

NewsQuake(tm), an alert system, spotted Binance's announcement that QNT would be listed just before the price of QNT began to rise significantly from $96 to an intraday peak at $144.75.

USD/PERP

Perpetual Protocol, which is a protocol for decentralized perpetual contracts, broke out also today. It includes an on-chain DEX as well as up to 10x leverage.

VORTECS(tm), data from Cointelegraph Markets Pro, began to detect a bullish outlook on PERP in July 25, before the recent price rise.

The chart shows that the VORTECS(tm), Score for PERP climbed in the green on Jly 25, and hit a high of 79 on July 26, just 24 hours before the price rose by 52% over two days.

The building momentum behind PERP comes following the release of Curie, a second version of the Perpetual Protocol.

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lxbfYeaa 2 ay ago

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