ID, PAC, and RVN are leading the altcoin breakout as bitcoin price targets new lows below $46,000.
Sentiment in the cryptocurrency is one of rising anticipation as Bitcoin (BTC) price continues to trade just below $47,000. Analysts are warning of sideways price action that a “period of explosive volatility” is fast approaching, but few are ready to predict the direction of a breakout.
As Bitcoin’s price shrinks, the altcoin market is reviving and several tokens are showing notable gains, particularly in the DeFi cohort.
Top 7 coins with the highest price change in 24 hours. Source: Cointelegraph Markets Pro.
Data from Cointelegraph Markets Pro and TradingView shows that Everest (ID), PAC Protocol (PAC) and Ravencoin are up the most over the past 24 hours.
Everest expands the possibilities of interaction
Everest is a blockchain company dedicated to removing barriers to government services and expanding economic inclusion by developing a device-free global digital transaction protocol with embedded identity credentials.
Cointelegraph Markets Pro VORTECS™ data began revealing a bullish outlook for ID on Dec. 30, ahead of the recent price rally.
Exclusive to Cointelegraph, the VORTECS™ Score is an algorithmic comparison of historical and current market conditions, derived from a combination of data points such as market sentiment, trading volume, recent price movements, and Twitter activity.
VORTECS™ score (grey) compared to ID price. Source: Cointelegraph Markets Pro.
As you can see from the chart above, the VORTECS™ rating for ID started increasing on December 30th, reaching a high of 70 about 44 hours before the price started to increase by 115% over the next three days.
The rising ID price comes as the Everest project is in the process of deploying bridges connecting EverChain to multiple blockchain networks, including Polygon (MATIC), Binance Smart Chain (BSC), Avalanche (AVAX), and Solana (SOL).
The PAC protocol provides storage accounts
The price of the PAC Procotol token, the next-generation masternode network with over 18,000 active nodes, is up 36% in the last 24 hours.
Data from Cointelegraph Markets Pro and CoinGecko shows that the price of PAC surged 79% from a low of $0.002 on Dec. 31 and hit an intraday high of $0.00359 on Jan. 3, as the 24-hour trading volume tumbled 50% rose.
Hourly PAC/USD chart. Source: CoinGecko
Building momentum for PAC comes as the project has started rolling out a beta version of its yanDNA™ storage accounts, offering 5 gigabytes of free storage for early adopters.
Related: 3rd Largest Whale Celebrates Bitcoin’s Birthday by Buying 456 BTC
Ravencoin celebrates its 4th anniversary
Ravencoin, a blockchain network specifically designed to efficiently transfer assets from one party to another, has seen its price surge 34% in the past 24 hours.
Cointelegraph Markets Pro VORTECS™ data began revealing a bullish outlook for ID on Dec. 30, ahead of the recent price rally.
VORTECS™ score (green) compared to RVN price. Source: Cointelegraph Markets Pro.
As you can see in the chart above, RVN’s VORTECS™ started rising on December 29th and climbed to a high of 87 on December 30th, about 15 hours before the price surged 45.5% over the next four days .
The uptick for RVN comes as the project celebrates the four-year anniversary of its official launch and now hopes to focus on developing “the next generation of financial technology for Wall Street on Ravencoin” and expanding its NFT capabilities.
The total cryptocurrency market cap currently stands at $2.253 trillion, with a Bitcoin dominance rate of 39.4%.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of the author
