Momentum within the cryptocurrency market is again on the rise on Nov. 8 after a stable rally from Bitcoin (BTC) positioned the value again above $66,000 and Ether hit a brand new all-time excessive at $4,793. The beneficial properties from the biggest two cryptocurrencies helped to kickstart a market-wide rally that lifted the entire cryptocurrency market cap above $3 trillion for the first time

Not like earlier rallies the place BTC would make vital beneficial properties on the expense of the altcoin market, this time a majority of tokens within the high 200 are likewise within the inexperienced with many initiatives seeing double-digit beneficial properties.

Prime 7 cash with the best 24-hour value change. Supply: Cointelegraph Markets Pro

Knowledge from Cointelegraph Markets Pro and TradingView reveals that the most important gainers over the previous 24-hours had been UMA (UMA), Loopring (LRC) and Gnosis (GNO).

UMA releases a cross-chain bridge

The Common Market Entry protocol is a platform that makes a speciality of the creation of artificial property on the Ethereum blockchain which can be self-executing, self-enforcing monetary contracts that permit counterparties to digitize and automate any real-world monetary derivatives.

Knowledge from Cointelegraph Markets Pro and TradingView reveals that after hitting a low of $10.72 on Oct. 28, the value of UMA rallied 109% to a each day excessive at $22.44 on Nov. 7 as its 24-hour buying and selling quantity surged 1,329% to $943 million.

UMA/USD 4-hour chart. Supply: TradingView

The sudden burst in buying and selling quantity and value progress for UMA comes because the platform launched its ‘Throughout Protocol’ layer-one to layer-two bridge on its mainnet in an effort to supply a quick, low-cost and safe bridge for decentralized finance customers.

Low charges on Loopring appeal to new customers

Loopring is a zkRollups layer-two scaling resolution for the Ethereum community that makes a speciality of the creation of decentralized trade (DEX) and fee protocols.

VORTECS™ information from Cointelegraph Markets Pro started to detect a bullish outlook for LRC on Nov. 5, previous to the current value rise.

The VORTECS™ Rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market circumstances derived from a mixture of knowledge factors together with market sentiment, buying and selling quantity, current value actions and Twitter exercise.

VORTECS™ Rating (inexperienced) vs. LRC value. Supply: Cointelegraph Markets Pro

As seen within the chart above, the VORTECS™ Rating for LRC climbed into the inexperienced on Nov. 4 and reached a excessive of 72 on Nov. 5, round 5 hours earlier than the value elevated 76% over the following three days.

The constructing momentum for Loopring comes as excessive charges on the Ethereum community proceed to push customers to discover lower-cost choices which led to a brand new report excessive each day buying and selling quantity of $75 million on Loopring L2 on Nov. 2.

Associated: Ethereum back in price discovery as ETH approaches $5K

Gnosis proposes a merger with xDAI

Gnosis is a protocol targeted on constructing new market mechanisms for DeFi that permit customers to securely create, commerce and maintain digital property on the Ethereum community.

In response to information from Cointelegraph Markets Professional, market circumstances for GNO have been favorable for a while.

VORTECS™ Rating (inexperienced) vs. GNO value. Supply: Cointelegraph Markets Pro

As seen within the chart above, the VORTECS™ Rating for LRC has been elevated within the inexperienced zone for the previous week and reached a excessive of 79 on Nov. 5, round 10 hours earlier than the value elevated 39.3% over the following two days.

The climbing value of GNO comes because the protocol launched Gnosis enchancment proposal (GIP) 16, which proposes that Gnosis and the xDAI communities ought to merge their tokens to develop the xDAI blockchain underneath the title “Gnosis Chain.”

The general cryptocurrency market cap now stands at $2.88 trillion and Bitcoin’s dominance price is 43.2%.

The views and opinions expressed listed here are solely these of the writer and don’t essentially replicate the views of Each funding and buying and selling transfer includes danger, it’s best to conduct your personal analysis when making a choice.