Near Protocol, Algorand and PowerPool rebound while Bitcoin consolidates

The cryptocurrency market is showing signs of recovery. Many altcoins are regaining their footing following corrections by 20% to 30% on Sept. 7, when Bitcoin (BTC), fell below $43,000.

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

Cointelegraph Markets Pro and TradingView data show that the largest gainers in the last 24-hours were NEAR Protocol, Algorand and PowerPool.

NEAR Protocol gains 64%

NEAR Protocol, the top-gainer, is a decentralized proof of-stake protocol that offers faster transaction speeds and lower costs to facilitate adoption of blockchain technology.

Cointelegraph Markets Pro and TradingView data show that NEAR dropped to $5.44 on September 7, but rose 100% to $10.79 on Sept. 8, a new record, as its 24-hour trading volume soared 260% to $2.27 billion.

Chart for NEAR/USDT 4 hours Source: TradingView

It launches the METABuild hackathon, which offers more than $1,000,000 in prizes to participants. This is a huge boost in momentum.

lgorand moves towards decentralized governance

Algorand, a permissionless proof-of-stake pure blockchain protocol, focuses on speed and efficiency in transactions with the ultimate goal of becoming the foundation layer for the financial sector.

VORTECS(tm), data from Cointelegraph Markets Pro, began to detect a bullish outlook on ALGO on September 3, 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. ALGO Price. Source: Cointelegraph Markets Pro

The chart shows that the VORTECS(tm), Score for ALGO rose into the green zone on September 3 and hit a peak of 73 just 42 hours later. This was before the price increase of 62% in the following three days.

Algorand is seeing a lot of interest as it prepares for decentralized governance features to be launched on Oct. 1. The team is also working hard to expand its nonfungible token and decentralized finance offerings (DeFi).

Related: Bitso will help launch El Salvador’s official Bitcoin wallet Chivo

PowerPool launches the BSC index token

PowerPool, a project that allows users to gain governance power in Ethereum-based protocols by creating token pools and voting together, is called PowerPool.

Cointelegraph Markets Pro data shows that market conditions have been favorable for CVP for some time.

VORTECS(tm), Score (green) vs. CVP Price. Source: Cointelegraph Markets Pro

The chart shows that the VORTECS(tm), Score for CVP began to rise on Sept. 4, and reached a peak of 76 on Sept. 5. This was approximately 61 hours before CVP’s price rose 98% the following day.

PowerPool has seen a spike in interest since its promotion of the BSCDeFi Index Pool. This index pool contains the top DeFi tokens from the Binance Smart chain, including PancakeSwap(CAKE), Venus/XVS, Mdex (MDX), and Ellipsis(EPS).

The total cryptocurrency market is now worth $2.068 trillion. Bitcoin’s dominance rate at 41.9%.

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