After Federal Reserve chairman Jerome Powell confirmed the bank’s plan to hike interest rates in 2022 and cut down the bond-buying program that had been in place since the coronavirus emerged in March 2020, cryptocurrency prices and market sentiment reversed direction on December 15.
Following the news, the price of Bitcoin (BTC) increased by 1.65%, pushing it beyond $49,000, and the price of Ether climbed back above $4,000 for the first time. Altcoins followed suit, gaining double digits, and it appears like bulls have reclaimed control of the market for the time being.
ECOMI has made the switch to Immutable
ECOMI is a blockchain-based digital collectibles marketplace where users may buy and trade nonfungible tokens (NFTs) utilising the project’s native OMI token as a medium of exchange throughout the social network service.
Prior to the latest price increase, VORTECSTM analytics detected an optimistic outlook for OMI on Dec. 1.
The VORTECSTM Score is an automated analysis of past and present market circumstances based on a number of factors such as market sentiment, trading volume, recent price movements, and Twitter activity.
The VORTECSTM Score for OMI moved into the green zone and peaked at 81 on December 1, just 96 hours before the price began to rise 39% over the next 10 days, as shown in the chart above.
The ECOMI community is migrating to Immutable, an Ethereum (ETH) scaling solution created exclusively for NFT projects, which is gaining traction for OMI.
Aragon hosts a DAO hackathon
Aragon is an Ethereum-based protocol that aids in the development of governance structures for decentralised autonomous organisations (DAOs) in order to stimulate community participation.
Prior to the latest price increase, VORTECSTM analysis detected a bullish outlook for ANT on Dec. 12.
The VORTECSTM Score for ANT began to rise on Dec. 12 and reached a peak of 70 roughly two hours later, before the price continued to rise by 60% over the next two days, as shown in the chart above.
The ANT price increase coincides with a DAO worldwide hackathon aimed at attracting developers to the Aragon ecosystem, and there are reports that the DAOpunks NFT project may conduct an airdrop to ANT holders.
Incentives for liquidity mining help RAMP
RAMP is a multi-chain decentralised finance (DeFi) system that assists investors in becoming more efficient with their resources.
RAMP’s price jumped 52.56% to a daily high of $0.274 on Dec. 15 after hitting a low of $0.179 on Dec. 14, while its 24-hour trading volume jumped 800% to $54.2 million.
After the implementation of a liquidity mining incentive scheme, RAMP’s price skyrocketed. Resulting in a significant increase in the overall value locked in the protocol. An amount of $63.3 million has been invested in Ethereum, Polygon, and Binance Smart Chain so far.
The total market capitalization of all cryptocurrencies is currently $2.126 trillion, with Bitcoin commanding 41.7% of the market.