The last week has been tough for cryptocurrency traders, as the news of the Chinese cryptocurrency ban on September 24 deleted most of the profits that investors could earn earlier this week. Between September 18 and 25, the top 100 altcoins lost 14.4% of their total value, while Bitcoin (BTC) lost 12.5%.
The number of double-digit cryptocurrencies was also unusually low. Data from Markets Pro, Cointelegraph’s subscription-based data analytics platform, shows that only eight out of hundreds of monitored assets rose more than 10% against the US dollar.
Although trading is an activity characterized by a steady stream of profits and losses, how can investors determine which currencies have a good chance of weathering the storm ahead?
Best performer in a difficult week
The table below shows eight altcoins that managed to generate steady returns, even though the Red Sea swept the market last week.
COTI continues its successful series, inflated by the recent release of the Coti Treasury announcement, Crypto.com’s listing of the asset and the expectation of a new stablecoin partnership with Cardano.
CELR’s momentum accelerated with the launch of Celer Network’s on-chain cBridge 2.0 system, which was designed to facilitate the transfer of digital money between large blocks.
This week’s third most effective asset, Trace (TRAC), is the symbol of OriginTrail, a blockchain ecosystem and protocol that aims to improve global supply chains by providing a reliable data exchange infrastructure. The value of the token has recently increased among a number of positive developments, such as Home Depot’s adoption in the US of a SCAN Trusted Factory solution based on OriginTrail.
TRAC and REN also did well in VORTECS ™ last week. VORTECS ore Score is a machine learning algorithm that compares historical and current market conditions around cryptocurrencies to help traders make better decisions.
The model looks at a number of quantitative indicators, including market expectations, price movements, social mood and trading activity, to provide an estimate that assesses whether the current conditions for a currency have historically been bullish, neutral or bearish.
This is how it worked for TRAC and REN last week.
VORTECS ™ found the first signs of hacking
The VORTECS ™ model is optimized to recognize patterns of social activity and market activity that were consistently present in the last 12-72 hours before the exchange rate rose sharply. A score of 80 or higher indicates that the conditions observed have a strong history of previous price increases.
TRAC award and VORTECS ™ score. Source: Cointelegraph Markets Pro
TRAC’s price has been volatile during the week compared to the low results from the mid to 70s from VORTECS ™. The high of 81 flashed briefly late in the evening of 21 September (red circle on the chart), indicating increasing confidence in the model that the market and social activity patterns around the currency have historically looked bullish.
Despite the price drop that began shortly after the VORTECS ™ peak was recorded, TRAC’s fortunes soon changed, starting a two-day rally from $ 0.37 to $ 0.56.
REN price vs VORTECS pr price. Source: Cointelegraph Markets Pro
REN’s price has fallen steadily in the first half of the week among a number of very strong results from VORTECS ™.
REN eventually fell as little as $ 0.70 before starting to climb again, and shortly after, another weekly series of VORTECS result results appeared, showing 80+. Experienced traders know that an asset whose VORTECS value remains high over time – even if the price remains constant – can provide an excellent profit opportunity.
Undoubtedly, at the end of September 23, the price of REN rose from $ 0.81 to $ 1.13 in about 29 hours.
Digital assets do not always behave in the same way as we have seen before, especially during downturns in the market.
After all, of the top eight coins last week, only two were known to generate bullish patterns before the price exploded. However, the additional information that the VORTECS result provides to traders can be invaluable in a situation where very few currencies can be expected to surpass a struggling market.