Altcoins soar while Bitcoin bulls gather strength to attack $48,000

Published at: Aug. 11, 2021

The cryptocurrency market charged full steam ahead on Aug. 11 as the price of Bitcoin (BTC) climbed to $46,743, and bulls are now taking aim at the $48,000 resistance level as the next target. 

Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24 hours were IoTeX (IOTX), WINk (WIN) and Dent (DENT).

The Coinbase listing bump continues for IOTX

IOTX continued its hot streak on Wednesday as the altcoins took the position as the top 24-hour gainer for the third day in a row. The gains appear to be connected to the Aug. 11 announcement that Coinbase would be listing the token.

Data from Cointelegraph Markets Pro shows that the altcoin has rallied 322% since bottoming at $0.0293 on Aug. 10. The current surge lifted IOTX to a new all-time high at $0.124 on Aug. 11 as its 24-hour trading volume reached $2.75 billion.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for IOTX on Aug. 10, 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.

As seen in the chart above, the VORTECS™ Score for IOTX elevated into the green zone and reached a high of 70 on Aug. 10, around five hours before its price increased 322% over the next day.

WIN/USDT

WINk, a Tron-based oracle project, had the second-largest gain in the past 24 hours. The likely catalyst behind the move is growing community excitement over new staking and liquidity provider opportunities, as well as the project's gaming and nonfungible token features.

Data from TradingView shows that the price of WIN rallied 80% from a low of $0.00046 on Aug. 10 to an intraday high at $0.00084 on Aug. 11, as its 24-hour trading volume increased by 343%.

WINkLink protocol has now completed its transition from being a strictly gaming-focused platform to a comprehensive oracle system capable of connecting real-world data through its smart contracts.

Related: US dollar downturn aids Bitcoin bulls before $50K BTC price showdown

DENT/USD

Dent, a mobile-focused protocol, rounded out the top three performers in the past 24 hours by putting on a 30.5% gain to $0.000456 as its 24-hour trading volume spiked by 200%.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for DENT on Aug. 7, prior to the recent price rise.

As seen in the chart above, the VORTECS™ Score for DENT climbed into the green zone beginning Aug. 7 and reached a high of 75 on Aug. 9, around 44 hours before its price began to increase 44% over the next day.

The overall cryptocurrency market cap now stands at $1.935 trillion, and Bitcoin’s dominance rate is 45%.

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.

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