Volatility reared its ugly head for a second day after growing fear of the new Omicron COVID-19 variant and the Federal Reserve’s admission that an earlier-than-expected adjustment to its bond-buying program continues to impact global stock markets. The impact of these concerns appears to have impacted Bitcoin price and this morning, the digital asset retreated from its intraday high at $59,175, falling to as low as $55,875.
It’s not all bad news for crypto holders, however, as several altcoins have racked up notable gains over the past 24 hours.
Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro
Shiba Inu reveals gaming and Metaverse plan
Shiba Inu is a meme coin that operates on the Ethereum (ETH) network and has risen in popularity over the course of 2021 by embracing emerging trends like nonfungible tokens (NFTs) and decentralized finance (DeFi).
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for SHIB on Nov. 29, prior to the recent price rise.
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 sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ Score (green) vs. SHIB price. Source: Cointelegraph Markets Pro
As seen in the chart above, while the VORTECS™ Score for SHIB has remained relatively flat over the past week, the NewsQuakes™ alert system from Cointelegraph Markets Pro posted three updates around 15 hours before the price increased by 42% over the next day.
SHIB’s price spike comes after the token listed on the Kraken exchange and the news that Shiba Inu partnering with William Volk, the former vice preside of technolog at Activision, to create games for the project’s ecosystem and foray into the Metaverse.
Rari Capital holds $1.5 billion in value
The Rari governance token is the native token of Rari Capital, a non-custodial DeFi robo-advisor that enables users to autonomously earn a yield with their crypto holdings.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for RGT on Nov. 25, prior to the recent price rise.
VORTECS™ Score (green) vs. RARI price. Source: Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for RGT spiked into the green zone and reached a high of 77 on Nov. 25, around 78 hours before the price increased 51.5% over the next two days.
The rally in RGT comes as the protocol surpassed $1.5 billion in total value locked and launched a new shield mining campaign with Nexus Mutual (NXM) where NXM stakers can earn RGT for their staking activities.
Ampleforth adds a wrapper
Ampleforth is a rebase project hosted on the Ethereum network that uses an algorithmically adjusted circulating supply that aims to be the base money for a decentralized economy that can remain decoupled from the price action of other cryptocurrencies.
AMPL/USDT 4-hour chart. Source: TradingView
The rally appears to be connected to the release of wAMPL, a wrapped version of AMPL that does not rebase and can be more easily used throughout the DeFi ecosystem.
The overall cryptocurrency market cap now stands at $2.613 trillion and Bitcoin’s dominance rate is 41.1%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Cointelegraph By Jordan Finneseth