ELA, API3 and PROM buck the market-wide downtrend by posting a 20%+ gain
Fear and volatility remain the theme of the week as Bitcoin (BTC) continues to face stiff resistance near the $42,000 price level and stock markets were also hard hit on Jan. 18. Investor fear over this year's proposed rate hikes continue to apply bearish pressure and at the closing bell the DOW was down 530 points, or 1.4%.
Despite the downturn, altcoins managed to overcome the noise and several posted double-digit gains on Tuesday.
Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Elsastos (ELA), API3 (API3) and Prometheus (PROM).
Elastos protocol, a web3-focused project aiming to become the "blockchain-powered version of the internet" broke out with a notable 22% rally.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $2.80 on Jan. 8, the price of Elastos has blasted 120% higher to reach a daily high of $6.16 on Jan. 18 as its 24-hour trading volume spiked 142% to $7.57 million.
The surge in price and trading volume for ELA came after the Elastos Foundation announced plans for an upcoming ELA buyback program. The platform’s first decentralized exchange, Glide Finance, also saw an uptick in the total value locked for its protocol.
API3 is a protocol focused on enhancing the communication capabilities between smart contracts and application programming interfaces (APIs) as a way to facilitate the secure and reliable transfer of up-to-the-minute data.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for API3 on Jan. 18, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of
Read more on cointelegraph.com
