The cryptocurrency market is showing signs of recovery following the multi-day sell-off that saw the total market capitalization drop by more than $ 400 billion, when the price of Bitcoin (BTC) briefly fell below $ 46,000.
While most altcoins have entered a consolidation phase that includes a retest of the underlying support levels, Several projects have started to regain lost ground after new events rekindled investor optimism.
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ADA / USDT
Cardano (ADA) started the year with a bullish spark that saw its price rise 624% from $ 0.165 on January 2 to a high of $ 1.20 on February 20. This week’s sharp correction pushed the price down to a low of $ 0.80, but traders clearly bought the dip.
Since hitting a low of $ 0.80, the ADA price jumped 30% to $ 1.05 following news that members of the Venus Protocol community had approved a proposal to bring Cardano to the Venus mainnet.
VIP-9 has passed and will be executed soon! @Cardano will become an available digital asset on #Venus!
Get started: https://t.co/cAsPHdzOlQ https://t.co/KCgHWRPlfB
– Venus (@VenusProtocol) February 23, 2021
The VIP-9 proposal has been approved and will be implemented soon! Cardano will become an available digital asset on Venus!
Cointelegraph Markets Pro’s VORTECS ™ data began to spot a bullish outlook for ADA on February 14, ahead of the recent price surge.
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, trading volume, recent price movements and Twitter activity. .VORTECS ™ score of
As the graph above shows, Binance introduced staking on February 10 and the ADA’s VORTECS ™ score rose to a high of 88 on February 14.
MATIC / USDT
On February 9, the Matic network was renamed to ‘Polygon’ as part of a strategic shift to become a layer two aggregator. The move was made in response to growing momentum from Polkadot (DOT) and the desire to build an interoperability protocol on top of Ethereum (ETH).
High gas commissions on the Ethereum network have increased the need for layer two solutions, and Polygon has become one of the best solutions with projects like Aavegochi (GHST) and Golem (GNT) already operating on the protocol.
The rebranding helped lift MATIC’s price from $ 0.07 on February 9 to an all-time high of $ 0.197 on February 20 before the market slowdown pushed it back to $ 0.111 on February 23.
Since then, MATIC has recovered 62% to trade at USD 0.16 as the community and the total value locked Polygon continues to grow.
STX / USDT
Stacks (STX) has been the star on February 24, as the layer 1 blockchain solution designed to bring smart contracts and decentralized applications to Bitcoin (BTC) recorded a record volume of $ 166 million that lifted STX to a new high. historical level of USD 1.17.
The excitement for the project comes after the ad from February 23 that STX holders can now participate in Stacks wallet delegate staking, allowing them to earn rewards in BTC.
According to data from Cointelegraph Markets Pro, Market conditions for STX have been favorable for some time.
As we can see in the previous graph, STX’s VORTECS ™ score peaked at 87 on February 23, about 30 hours before the price rose 75% to its new high of $ 1.17.
Interoperability, cross-chain bridging solutions, and staking have emerged as growth drivers that help incentivize investors to keep their tokens and also attract new participants to both old and new blockchain projects.
Following the recent market crash, it is clear that projects that offer token holders multiple ways to make a profit and operate on isolated blockchain networks are starting to stand out from the rest of the field.
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