As Bitcoin (BTC), continues to struggle against resistance at $42,000, fear and volatility are the main themes of the week. Stock markets were also hit hard on Jan. 18. Investor fear about this year’s rate hikes continues to be a factor in bearish pressure. The DOW closed down 530 points or 1.4% at the close bell.
Altcoins were able to overcome the downturn and many posted double-digit gains Tuesday.
The top 7 coins that saw the largest 24-hour price changes. Source: Cointelegraph Markets Pro
TradingView and Cointelegraph Markets Pro data show that Elsastos, API3 and Prometheus were the largest gainers in the last 24 hours.
Elastos launches a program for token buyback
Elastos protocol, which is web3-focused and aims to be the “blockchain-powered internet version”, saw a 22% rise.
Cointelegraph Markets Pro and TradingView data show that Elastos prices have risen 120% since Jan. 8 when they hit a low of $2.80. They now reach $6.16 per day on Jan. 18. The 24-hour trading volume jumped 142% to $7.57million.
ELA/USDT 4-hour chart. TradingView
After the Elastos Foundation announced plans to offer an ELA buyback program, there was a surge in ELA’s price and trading volume. Glide Finance, the platform’s first decentralized trading platform, saw an increase in its total value.
PI3 and “first party” oracles
API3 is a protocol that aims to improve the communication capabilities between smart contract and application programming interfaces (APIs). It enables the safe and reliable transfer of the most current data.
VORTECS(tm), data from Cointelegraph Markets Pro started to detect a bullish outlook on API3 on January 18, before the recent price rise.
Cointelegraph’s exclusive VORTECS(tm), Score is an algorithmic comparison between historical and current market conditions. It is derived from a combination data points, including trading volume, market sentiment and recent price movements, as well as Twitter activity.
VORTECS(tm), Score (green) vs. the API3 price. Source: Cointelegraph Markets Pro
The chart shows that API3’s VORTECS(tm), Score spiked to 77 on January 18, just one hour before the price surged 26% in the following two hours.
API3 is seeing a surge in interest as first-party oracles within the crypto community are growing in popularity.
Related: Analysts warn Bitcoin could plunge to $38K “before an eventual breakout”
Prometheus is ready to launch
Prometheus Protocol provides users with a decentralized framework to data monetization that facilitates the private and secure exchange of data.
Cointelegraph Markets Pro and TradingView data show that PROM surged 30.84% to $14.68 per day on Jan. 18, amid a 300% increase in its 24-hour trading volume.
PROM/USDT 4-hour chart. Source: TradingView
As Prometheus prepares to launch its full mainnet, the price turnaround is occurring. This will include support for seven assets, including wrapped BTC and PROM (USDT), USD Coin, USDC, Wrapped Ethereum (WETH), and wrapped BTC.
The total cryptocurrency market is now worth $1.973 trillion, and Bitcoin is the dominant currency.
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