Altcoins and DeFi tokens push higher as Bitcoin price falters at $40K
QNT, SFI and XYO gained more than 20% while bulls attempt to push BTC and ETH back to their local highs.
Bitcoin (BTC) price has recovered from its recent $37,500 low and the digital asset’s run back toward the $40,000 mark spurred bullish activity from many altcoins.
Data from Cointelegraph Markets Pro and TradingView shows that the top gainers over the past 24-hours are XYO Network (XYO), Saffron Finance (SFI) and Quant (QNT).
XYO/USD
In the past 24-hours, XYO Network, a location-based data network that uses blockchain to track and record location information, rallied by 72%.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for XYO on Aug. 2, 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 XYO began to register in the green on Aug. 1 and climbed to a high of 71 on Aug. 2, around 22 hours before its price increased 72 percent.
The growth seen in XYO comes on the heels of a teaser announcement that the developers are working on a “big change to improve how minting works.”
SFI/USD
Saffron.finance, also broke out with a 20% gain, a trend seen among many DeFi tokens today.
As seen on the chart above, the VORTECS™ Score elevated into the green zone and reached a high of 75 on Aug. 1, around 55 hours before its price increased 20% over the next day.
Excitement for the project has been building over the past week as community members prepare for the release of Saffron v2 which will offer perpetual SFI staking and an expansion of price protection.
Related: Bitcoin hits $39K highs as SEC Chair comments give BTC price 2% boost
QUANT/USD
Quant (QNT), an interoperability-focused project designed to help enterprises integrate and operate distributed ledger technology, also rallied today, and data from Cointelegraph Markets Pro, market conditions forQNT have been favorable for some time.
As seen in the chart above, the VORTECS™ Score for QNT has been in the green for the majority of the past week and reached a high of 79 on Aug. 3, just seven hours before its price increased 25%.
Bullish momentum for QNT has been in an upswing since the July 30 announcement that the token would be listed on the Binance exchange, a development which was registered by the NewsQuakes™ alert system on July 28 and again on July 30.
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