VGX, PERP and LUNA rally while Bitcoin price struggles to hold $38K
VGX, LUNA and PERP saw double-digit gains even as Bitcoin’s momentum slumps and bulls fight to hold the $38,000 level.
Last week’s momentum in Bitcoin has all but faded as (BTC) price is once again below the $39,000 level with bears and bulls locked in a heated battle for market dominance.
Data from Cointelegraph Markets Pro and TradingView shows that while Bitcoin price falters, several altcoins like Voyager Token (VGX), Perpetual Protocol (PERP) and Terra (LUNA) have seen double-digit gains.
Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro
The top performer over the past 24-hours has been Voyager Token, a cryptocurrency brokerage platform that offers retail and institutional investors a secure place to purchase, trade and lend crypto assets.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for VGX on July 31, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic 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. VGX price. Source: Cointelegraph Markets Pro
As seen on the chart above, the VORTECS™ Score for VGX climbed to a high of 75 on July 31, around 50 hours before the price increased 54% over the next day.
Perpetual Protocol, a decentralized perpetual contracts protocol that includes an on-chain decentralized exchange (DEX) and up to 10x leverage, was the second-best performer of the past 24-hours.
According to data from Cointelegraph Markets Pro, market conditions for PERP have been favorable for some time.
VORTECS™ Score (green) vs. PERP price. Source: Cointelegraph Markets Pro
As seen on the chart above, the VORTECS™ Score for PERP began to pick up on June 29 and climbed to a high of 80 on July 31, around 48 hours before the price increased 30% over the next day.
The increase in price, as well as trading volume, come on the heels of the release of Curie, the v2 upgrade of the Perpetual Protocol which “dramatically improves capital efficiency and increases fee capture for liquidity providers.”
Tuesday’s third top-performer is Terra, a protocol that specializes in fiat-pegged stablecoins like TerraUSD (UST) to power a price-stable global payment system.
Data from Cointelegraph Markets Pro and TradingView shows that the price of LUNA has rallied 28% from a low of $11.13 on Aug. 2 to an intraday high at $14.21 on Aug. 3 as its 24-hour trading volume increased by 58% to $714 million.
LUNA/USD 4-hour chart. Source: TradingView
Excitement for LUNA has been building since last week following the addition of TerraUSD (UST) to DinoSwap and has continued on Tuesday thanks to an ongoing community vote to whitelist bETH as collateral on Anchor Protocol which will bring Ether (ETH) staking rewards to the Anchor ecosystem.
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.