The record highs of AVAX, ENJ and EGLD indicate that this is “altseason”


After volatility re-shaken Bitcoin, the cryptocurrency market has experienced a roller coaster week (Bitcoin) Price, pushing digital assets to their lowest point since mid-October.

As has often happened in the past, BTC prices fell after rotating to altcoins and Altseason indicators Cointelegraph Markets Pro It shows that the current market conditions are similar to those in the past when altcoins outperformed Bitcoin.

Altseason indicator. source: Cointelegraph Markets Pro

Here are some altcoins that have steadily increased in the past few weeks.

Avalanche’s DeFi ecosystem has exploded

Avalanche (AVAX) is a first-layer blockchain protocol. With the development of its decentralized finance (DeFi) and non-fungible token (NFT) ecosystems, the protocol will become more and more popular in 2021, partly because It is the low-cost nature of the protocol that attracts users and liquidity from Ethereum.

VORTECS™ data comes from Cointelegraph Markets Pro Before the recent price increase, a bullish outlook for AVAX began to be discovered on November 5.

Cointelegraph’s unique VORTECS™ score is an algorithmic comparison of historical and current market conditions. These data points include a combination of data points such as market sentiment, trading volume, recent price changes, and Twitter activity.

VORTECS™ score (green) and AVAX price. source: Cointelegraph Markets Pro

As shown in the figure above, AVAX’s VORTECS™ score began to rise on November 5th and reached a high of 83, while AVAX’s price began to rise by 54.76% in the next two weeks.

As the price of AVAX climbed, the DeFi ecosystem on Avalanche saw its total value locked on the network rise to a new high, and this week Binance USA announced plans to list the token.

Enjin aims to create a Polkadot parachain slot

Enjin (ENJ) is a protocol that runs on Ethereum (Ethereum) Network, focusing on creating blockchain-based game products and irreplaceable tokens.

Data from Cointelegraph Markets Pro with Transaction view It shows that since hitting a low of $1.19 on September 29, the price of ENJ has soared by 213.5 percent to the daily high of $3.74 on November 19, and its 24-hour trading volume has soared by 92% to $1.57 billion.

ENJ/USDT 4-hour chart. Source: TradingView

As ENJ’s strength strengthens in November, the Enjin ecosystem aims to secure its status as a Polkadot parachain through the crowdfunding auction of its cross-chain meta-festival project Efinity.

Elrond announces a liquidity incentive plan of US$1.29 billion

Elrond is a blockchain protocol that aims to become the technology ecosystem of the “new Internet”. It uses sharding technology to make its network process 15,000 transactions per second (TPS), with an average transaction cost of US$0.001.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for EGLD on November 12, before the recent price increase.

VORTECS™ score (green) and EGLD price. source: Cointelegraph Markets Pro

As shown in the figure above, EGLD’s VORTECS™ score began to rise on November 12, and reached a high of 76 in approximately 108 hours before the price of EGLD began to rise by 30.27% in the next three days.

With the official launch of the Maiar Decentralized Exchange (DEX) agreement and the US$1.29 billion liquidity incentive program designed to help attract users and liquidity into its DeFi ecosystem, EGLD is gaining momentum.

The overall market value of cryptocurrencies is now $2.59 trillion, and Bitcoin’s dominance rate is 42.2%.

The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading action involves risk, and you should conduct your own research when making a decision.