Altcoins take the next leg up after Bitcoin price holds $47.5K

After a 10% rise in Bitcoin’s price (BTC), which pushed it above $47,500, bullish sentiment returned to cryptocurrency on October 1. This resulted in liquidation of over $270 million of short positions.

Altcoin markets quickly followed their lead with the majority of tokens in the top 200 recording double-digit gains each day.

The top 7 coins that saw the largest 24-hour price changes. Source: Cointelegraph Markets Pro

Cointelegraph Markets Pro data and TradingView show that Oasis Network’s ROSE token, Axie Infinity Shards(AXS), and Icon’s ICX token were the largest gainers in the last 24 hours.

Oasis Network is attracted to privacy by traders because of its allure

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

VORTECS(tm), data from Cointelegraph Markets Pro, began to detect a bullish outlook on ROSE on September 30, before the recent price rise.

Cointelegraph’s exclusive VORTECS(tm), Score is an algorithmic comparison between historical and current market conditions. It is based on a combination data points, including trading volume, market sentiment and recent price movements, and tweet activity.

VORTECS(tm), Score (green) vs. the ROSE price. Source: Cointelegraph Markets Pro

The chart shows that the VORTECS(tm), Score for Rose began to rise on Sept. 29, and reached a peak of 74 on September 30, just three hours before the price rose 60% in the following two days.

ROSE’s price has risen as Ethereum-compatible networks with better scalability rise in popularity. The Oasis Network outperforms many other competitors due to its privacy features.

xie Infinity launches staking, and sends airdrops for early adopters

AxieInfinity is a blockchain-based game that allows players the opportunity to breed, raise, fight, trade and trade token-based Axies and earn income.

Cointelegraph Markets Pro data shows that the market conditions for AXS are favorable over time.

VORTECS(tm), Score (green) vs. the AXS price. Source: Cointelegraph Markets Pro

The chart shows that the VORTECS(tm), Score for AXS spiked to the dark green zone on September 26th and reached an all-time high of 87 just 35 hours later. This was before the price started increasing by 55% over three days.

AXS has seen a significant increase in its price since the introduction of stake capabilities for AXS owners and a community airdrop which distributed 800,000 AXS tokens for early adopters.

Related: Axie Infinity launches AXS Staking Program for NFT Trading Game

ICX rallyes ahead of mainnet upgrade

Icon is a general purpose blockchain protocol and an aggregator chain that allows for interoperability among different networks and hosts decentralized applications.

Cointelegraph Markets Pro and TradingView data show that ICX prices rallied 45% after hitting a low point of $1.38 on September 29. The price of ICX rose to $1.93 daily on Oct. 1, as its 24-hour trading volume jumped 385% to $362 millions.

Chart for ICX/USDT 4 hours Source: TradingView

Wrapped ICX was released and the price of ICX has risen. This is in accordance with the ERC-20 standard. It can be interoperable with Ethereum’s decentralized finance. This upgrade is part the protocol’s final preparation for the Icon 2.0 mainnet update.

The total cryptocurrency market capitalization is now at $2.079 trillion. Bitcoin’s dominance rate of 43%.

You should research all aspects of trading and investment before making any decisions.

https://cointelegraph.com/news/altcoins-take-the-next-leg-up-after-bitcoin-price-holds-47-5k