Altcoins book 50% gains after Bitcoin and Ethereum set a path to new highs
POLY, BCHA and XYO led altcoins higher after BTC flipped $50,000 to support and ETH hit $4,000.
The bullish momentum across the cryptocurrency market continued to build on Sept. 3 as a market-wide rally lifted the prices of most altcoins and boosted Bitcoin (BTC) and Ether (ETH) above their respective resistance levels at $51,000 and $4,000.
The recent price gains seen in the altcoin market show no sign of slowing down and several altcoins gained more than 30% on Friday.
Data from Cointelegraph Markets Pro and TradingView shows that the best performers over the past 24-hours were Polymath (POLY), Bitcoin Cash ABC (BCHA) and XYO Network.
Polymath rallies as its ‘Polymesh’ mainnet launch approaches
Polymath is an Ethereum-based project focused on digital asset management.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.345 on Sep. 1, the price of POLY rallied 56% to an intraday high at $0.54 on Sept. 3 as its 24-hour trading volume exploded by 2,040%.
The sudden burst of momentum for the project comes following the Sept. 1 upgrade to the Polymesh incentivized testnet which puts the project one step closer to the full launch of the Polymesh mainnet.
Bitcoin Cash ABC rebrands to eCash
Bitcoin Cash ABC, formerly known as Bitcoin Cash (BCH), recently underwent a rebrand to eCash (XEC).
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 BCHA climbed into the green zone on Aug. 29 and reached a peak of 81 on Aug. 30, around 74 hours before its price increased 78% over the next day.
Excitement for the project comes following its official rebranding to eCash which also included a token revaluation that increased the circulating supply from 21 million to 21 trillion.
Related: Bitcoin price overcomes $50K, stocks slide after disappointing US jobs report
XYO Network benefits from a new collaboration
The XYO Network is a decentralized network of devices that anonymously collect and validate geospatial data and record it on the XYO blockchain.
According to data from Cointelegraph Markets Pro, market conditions for XYO have been favorable for some time.
As seen in the chart above, the VORTECS™ Score for XYO began to pick up on Sept. 1 and reached a high of 77 around seven hours before the price increased 285% over the next day.
This price spike comes after the XYO community got a boost to its visibility on Sept. 1 after CoinApp launched a campaign allowing users to earn XYO tokens for participating in a case study on the application.
The overall cryptocurrency market cap now stands at $2.289 trillion and Bitcoin’s dominance rate is 41.5%.
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