Layer two governance proposals and launches give altcoins a boost

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Bullish sentiment is on the rise on September 14 as the price of Bitcoin (BTC) has risen throughout the morning and is now targeting the $ 47,000 level.

Building momentum also had a positive effect on altcoins, and a handful of tokens posted double-digit gains.

Top 6 parts with the highest price change over 24 hours. Source: UKTN Markets Pro

Data from UKTN Markets Pro and TradingView shows that the biggest winners in the last 24 hours have been the Rari Governance Token (RGT), Curve (CRV) and Synthetix Network (SNX).

RGT holders vote on the project’s first DAO proposal

The Rari Governance Token is the native token of Rari Capital, a non-custodial decentralized finance (DeFi) protocol that offers users a way to autonomously trade crypto assets and earn a return.

According to data from UKTN Markets Pro, market conditions for RGT have been favorable for some time.

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The VORTECS ™ score, exclusive to UKTN, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trade volume, recent price movements and activity Twitter.

VORTECS ™ score (green) against the RGT price. Source: UKTN Markets Pro

As shown in the graph above, the VORTECS ™ score for RGT started increasing on September 9 and peaked at 85 on September 10, just an hour before its price began to increase by 57% over the years. next three days. .

The initial spike in momentum for RGT came following a Coinbase listing and the second wave of price gains seen on September 13 came after the protocol. spear voting for his first on-chain DAO proposal.

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Curve launches on Arbitrum

The Curve DAO token is the native token of the Curve Protocol, a decentralized stablecoin exchange that focuses on delivering on-chain liquidity using advanced binding curves.

UKTN Markets Pro’s VORTECS ™ data began to detect a bullish outlook for CRV on September 9, ahead of the recent price hike.

VORTECS ™ score (green) against the CRV price. Source: UKTN Markets Pro

As shown in the graph above, the VORTECS ™ score for CRV reached the green zone on September 9 and recorded a high of 75 an hour before the price rose 42% over the next four days.

The acceleration in CRV dynamics observed on September 13 is the result of the announcement that the Curve protocol had launched on the Ethereum layer-2 Arbitrum scaling solution.

Related: Bitcoin bull run expected as ‘depleted’ bears sell at a loss

Synthetix improvement proposal gives a boost

Synthetix is ​​a DeFi liquidity protocol providing derivatives on the Ethereum (ETH) network that provides exposure to a wide range of crypto and non-crypto assets.

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According to data from UKTN Markets Pro, market conditions for SNX have been favorable for some time.

VORTECS ™ score (green) against the SNX price. Source: UKTN Markets Pro

As shown in the graph above, the VORTECS ™ score for SNX was in the green last week and peaked at 77 on September 11, about 41 hours before its price rose 37% the next day.

The SNX price spike comes after the Release Synthetix Improvement Proposal (SIP) 181 which deals with simulated liquidity for Synthetix exchanges.

The overall cryptocurrency market cap now stands at $ 2.11 trillion and Bitcoin’s dominance rate is 41.7%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of UKTN.com. Every investment and trading move comes with risk, you should do your own research before making a decision.