Altcoins Take Next Step After Bitcoin Price Stabilizes $47.5K

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Bullish sentiment returned to the cryptocurrency ecosystem on October 1st after a 10% surge in the price of Bitcoin (BTC) lifted it above the $47,500 level and led to over $270 million being liquidated in short positions.

The altcoin market quickly followed suit with the majority of tokens in the top 200 posting double-digit gains for the day.

Top 7 currencies with highest price change in 24 hours. Source: Cointelegraph Markets Pro

Data from Cointelegraph Markets Pro and TradingView show that the biggest gainers over the past 24 hours are Oasis Network (ROSE), Axie Infinity (AXS) and ICON (ICX).

The allure of privacy attracts traders to the Oasis Network

The Oasis Network is a privacy-enabled blockchain designed to open finance and create a responsible data economy.

VORTECS™ data from Cointelegraph Markets Pro began detecting a bullish outlook for ROSE on September 30, ahead of the recent price rally.

The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions drawn from a range of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (in green) vs. ROSE price. Source: Cointelegraph Markets Pro

As shown in the chart above, ROSE’s VORTECS™ result started rising on September 29 and rose to 74 on September 30, about three hours before the 60% price increase over the next two days.

The sudden rise in the price of ROSE comes as Ethereum (ETH) compatible networks that provide better scalability with the Oasis network outperforming many competitors thanks to its built-in privacy features.

Axie Infinity launches staking and sends airdrops to early adopters

Axie Infinity is a blockchain-based fighting game that allows players to collect, breed, breed, battle and trade token-based objects known as Axies and earn income in the process.

According to Cointelegraph Markets Pro data, market conditions for AXS have been favourable for some time.

VORTECS™ Score (in green) vs. AXS price. Source: Cointelegraph Markets Pro

As shown in the chart above, the VORTECS™ score for AXS surged into dark green on September 26 and reached a high of 87 around 35 hours before the price started to rise by 55% over the next three days.

The surge in AXS prices follows the implementation of AXS staking capabilities as well as the Airdrop to the community that distributed 800,000 AXS tokens to the game’s early adopters.

Related: Trading Game NFT Axie Infinity Launches AXS Staking Program

ICON rises before the main network upgrade

ICON is a general-purpose blockchain protocol and aggregator chain designed to host decentralized applications and facilitate interoperability between separate networks.

Data from Cointelegraph Markets Pro and TradingView shows that after hitting $1.38 on September 29, ICX price surged 45% to a daily high of $1.93 on October 1 with 24-hour trading volume up 385% to $362 million.

ICX/USDT 4-hour chart. Source: TradingView

The jump in ICX price comes after the release of the encapsulated ICX that is compatible with the ERC-20 standard and can be used interchangeably with decentralized finance on Ethereum. The upgrade is part of the final protocol setup prior to implementing the ICON 2.0 mainnet upgrade.

The total cryptocurrency market capitalization now stands at $2.079 trillion and the Bitcoin dominance rate is 43%.

The opinions 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 do your own research when making a decision.