Consecutive All-Time Highs for AVAX, ENJ, and EGLD Counsel “Altcoin Season” Is Here

This week there was a curler coaster habits within the cryptocurrency market after volatility to shake the value of Bitcoin (BTC) once more, taking the digital asset to lows not seen since mid-October.

As has usually occurred up to now, Bitcoin’s worth drop was adopted by a shift in the direction of altcoins and Cointelegraph Markets Pro’s Altseason Indicator means that present market circumstances are just like these seen up to now when altcoins outperformed Bitcoin.

Altseason indicator. Source: Cointelegraph Markets Pro

Here, we check out some altcoins which have been making regular positive factors in current weeks.

Avalanche DeFi Ecosystem Explodes

Avalanche (AVAX) is a layer one blockchain protocol which has risen in reputation over the course of 2021 as its ecosystems of decentralized finance (DeFi) and non-fungible tokens (NFT) have grown, thanks partially to the low-cost nature of the protocol, attracting customers and liquidity from Ethereum.

Cointelegraph Markets Pro VORTECS ™ knowledge started to detect a bullish outlook for AVAX on November 5, forward of the current worth spike..

The VORTECS ™ Score, unique to Cointelegraph, is an algorithmic comparability of historic and present market circumstances derived from a mixture of information factors. They embody market sentiment, buying and selling quantity, current worth actions, and Twitter exercise.

VORTECS ™ Score (inexperienced) vs. the AVAX itemizing. Source: Cointelegraph Markets Pro

As seen within the graphic above, The VORTECS ™ Score for AVAX started to rebound on November 5 and reached a excessive of 83, simply as the value of AVAX started to extend 54.76% within the following two weeks.

AVAX’s worth rally comes because the DeFi ecosystem at Avalanche noticed its complete worth locked within the re rise to new highs.d and this week Binance US introduced plans to listing the token.

Enjin factors to a Polkadot parachain slot

Enjin (ENJ) is a protocol that operates on the Ethereum (ETH) community and focuses on the creation of blockchain-based gaming merchandise and non-fungible tokens.

Data from Cointelegraph Markets Pro and TradingView reveals that since hitting a low of $ 1.19 on Sept. 29, ENJ’s worth has soared 213.5% to hit a every day excessive of $ 3.74. on November 19, whereas its 24-hour buying and selling quantity shot up 92% to $ 1.57 billion.

4-hour chart for the ENJ / USDT pair. Source: TradingView

The enhance in ENJ energy in November is because of The Enjin ecosystem goals to safe a spot as Polkadot’s parachain by way of the crowdloan public sale for its Efinity cross-chain metaverse undertaking.

Elrond Announces USD 1.29 billion Liquidity Incentive Program

Elrond is a blockchain protocol that goals to turn out to be the technological ecosystem of the “new Internet” and it makes use of sharding expertise in order that its community can course of 15,000 transactions per second (TPS) with a median transaction value of $ 0.001.

VORTECS ™ knowledge from Cointelegraph Markets Pro started to detect a bullish outlook for EGLD on November 12, forward of the current worth spike..

VORTECS ™ Score (inexperienced) vs. EGLD worth. Source: Cointelegraph Markets Pro

As seen within the graph above, The VORTECS ™ Score for EGLD started to rebound on November 12 and reached a excessive of 76, nails 108 hours earlier than EGLD worth began growing 30.27% for the following three days.

EGLD’s momentum comes as decentralized protocol change (DEX) Maiar formally launched alongside a liquidity incentive program $ 1.29 billion designed to assist entice customers and liquidity to its DeFi ecosystem.

The international cryptocurrency market capitalization now stands at $ 2.59 trillion and Bitcoin’s dominance price is 42.2%.

Points of view and opinions expressed listed below are solely these of the writer and don’t essentially replicate the views of Cointelegraph. Every funding and buying and selling motion includes danger. You should do your personal analysis when making a call.

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