Home News Back-to-back all-time highs from AVAX, ENJ and EGLD suggest it’s ‘altseason’

Back-to-back all-time highs from AVAX, ENJ and EGLD suggest it’s ‘altseason’

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The cryptocurrency market has had a wild week, with the price of Bitcoin (BTC) plummeting to levels not seen since mid-October.

The dip in BTC’s price was quickly followed by a shift into altcoins, as has been the case in the past.

The DeFi ecosystem at Avalanche bursts

Avalanche (AVAX) is a layer-one blockchain protocol that gained prominence in 2021 as its decentralised finance (DeFi) and nonfungible token (NFT) ecosystems grew, thanks in part to the network’s cheap fees, which attracted users and liquidity from Ethereum.

The VORTECSTM Score is an algorithmic analysis of past and present market circumstances based on a set of data points such as market sentiment, trading volume, recent price changes, and Twitter activity.

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

In fact, the VORTECSTM Score for AVAX began to rise on Nov. 5, as shown in the graph above. And it topped out at 83 just as AVAX’s price began to rise by 54.76% over the next two weeks.

The rising AVAX price coincides with the DeFi ecosystem on Avalanche reaching new all-time highs in terms of total value locked on the network. The token will be listed on Binance US later this week.

Enjin aspires to be a part of the Polkadot parachain

The Enjin (ENJ) protocol runs on the Ethereum (ETH) network. And focuses on the development of nonfungible tokens and blockchain-based gaming products.

Data reveals that the price of ENJ has soared 213.5% since hitting a low of $1.19 on Sept. 29. On Nov. 19, it hit a day high of $3.74, with a 92% increase in 24-hour trading volume to $1.57 billion.

ENJ/USDT 4-hour chart. Source: TradingView

The Enjin ecosystem is aiming to gain a seat as a Polkadot parachain through the crowdloan auction for its cross-chain metaverse project Efinity, which has seen its value rise in November.

Elrond offers a liquidity incentive scheme worth $1.29 billion

Elrond is a blockchain protocol that aims to become the “new internet’s” technological ecosystem. It employs sharding technology to allow its network to perform 15,000 transactions per second (TPS) at a cost of $0.001 per transaction.

Prior to the latest price increase, VORTECSTM analytics detected a positive outlook for EGLD on Nov. 12.

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

The VORTECSTM Score for EGLD began to rise on November 12th, as shown in the graph above. And it peaked at 76 roughly 108 hours later, when EGLD’s price continued to rise by 30.27% over the next three days.

Besides, the protocol Maiar decentralised exchange (DEX) has officially debuted alongside a $1.29 billion liquidity incentive scheme, giving EGLD a boost in popularity. Which is intended to assist the DeFi ecosystem gain users and liquidity.

The total market capitalization of all cryptocurrencies is currently $2.59 trillion, with Bitcoin commanding 42.2% of the market.

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