The cryptocurrency market is back in high spirits on Dec. 7 after the wider market bounced back from the Dec. 3 downturn in Bitcoin (BTC) price. Currently, bulls are aiming to send the price of BTC above the $52,000 support/resistance level and Ether (ETH) is trying to reclaim $4,400 but both assets are encountering push back at overhead resistance.
Even with BTC and ETH consolidating, traders' change of sentiment has been a boon for altcoins and many have seen gains in excess of 50% within the past 24-hours.
Data from Cointelegraph Markets Pro and TradingView shows that a few of the biggest gainers over the past 24 hours were SuperFarm (SUPER), PolkaBridge (PBR) and BitTorrent (BTT).
SuperFarm is a cross-chain protocol that combines decentralized finance (DeFi) and nonfungible tokens (NFTs) to create an ecosystem where NFT creators, collectors and traders can interact in an open marketplace.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $1.02 on Dec. 6, the price of SUPER surged 81% to a daily high at $1.81 on Dec. 7 as its 24-hour trading volume spiked 500% to $323 million.
The run-up in the price of SUPER comes after the token listed on Coinbase alongside PolkaStarter (POLS) and Spell Token (SPELL).
Related: Coinbase adds 'ETH2' despite tomorrow's Ethereum upgrade postponing difficulty bomb
PolkaBridge is a decentralized multichain protocol designed to work as the primary bridge between Polkadot and other networks. The platform also supports an all-in-one platform that includes an automated market maker (AMM) with farming, lending, token launchpads, prediction markets and an NFT marketplace.
Data from Cointelegraph Markets Pro and TradingView shows that after reaching a low of $0.85 on Dec. 6, the price of PBR catapulted 99.4% to reach a daily high of $1.71 on Dec. 7 as its 24-hour trading volume increased 80% to $10.2 million.
The quick turnaround in PBR price comes as the platform opened registration for several upcoming initial decentralized exchange offerings that require users to stake at least 10,000 PBR tokens to qualify for an allocation.
BitTorrent is an established peer-to-peer file sharing and torrent platform that has been making a shift toward a more decentralized design over the past couple of years after being integrated with the Tron ecosystem.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for BTT on Dec. 4, 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 data points including market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the chart above, the VORTECS™ Score for BTT climbed into the green zone on Dec. 4 and reached a high of 82 around 29 hours before the price increased 75% over the next day.
The building momentum for BTT comes as the project is making its final preparations for the launch of the BitTorrent Chain mainnet, which will include a token redenomination plan where current BTT holders will receive 1,000 new BTT tokens for each old BTT held in their wallet.
The overall cryptocurrency market cap now stands at $2.384 trillion and Bitcoin’s dominance rate is 40.7%.