Altcoins turn bullish even as Bitcoin price slips below $46K again

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ID, PAC and RVN lead the altcoin breakout, while Bitcoin price targets new lows below $46,000.

The mood across the cryptocurrency is one of growing anticipation as the price of Bitcoin (BTC) continues to trade just below $47,000. The sideways price action has analysts warning that an “explosive volatility period” is rapidly approaching but few have been willing to predict the direction of the breakout. 

While Bitcoin price compresses, the altcoin market has come alive and multiple tokens are posting notable gains, especially in the DeFi cohort.

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Everest (ID), PAC Protocol (PAC) and Ravencoin.

Everest expands its interoperability

Everest is a blockchain company with a focus on removing barriers to public services and enhancing economic inclusion through the creation of a device-free, global digital transaction protocol with built-in identity features.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ID on Dec. 30, 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.

VORTECS™ Score (grey) vs. ID price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for ID began to pick up on Dec. 30 and reached a high score of 70 around 44 hours before the price began to increase by 115% over the next three days.

The climbing price of ID comes as the Everest project is in the process of rolling out bridges connecting EverChain with multiple blockchain networks including Polygon (MATIC), Binance Smart Chain (BSC), Avalanche (AVAX) and Solana (SOL).

PAC Protocol rolls out data storage accounts

The PAC Procotol, a next-generation blockchain masternode network that has more than 18,000 active nodes, saw its token price increase 36% over the past 24-hours.

Data from Cointelegraph Markets Pro and CoinGecko shows that after hitting a low of $0.002 on Dec. 31, the price of PAC climbed 79% to hit a daily high at $0.00359 on Jan. 3 as its 24-hour trading volume spiked by 50%.

PAC/USD 1-hour chart. Source: CoinGecko

The building momentum for PAC comes as the project has begun rolling out the beta version of its yanDNA™ data storage accounts and is offering 5 gigabytes of free storage for early adopters.

Related: Third-largest whale celebrates Bitcoin’s birthday with 456 BTC buy

Ravencoin celebrates its 4 year anniversary

Ravencoin, a blockchain network specifically designed to handle the transfer of assets from one party to another efficiently, has seen its price spike 34% over the past 24-hours.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ID on Dec. 30, prior to the recent price rise.

VORTECS™ Score (green) vs. RVN price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for RVN began to pick up on Dec. 29 and climbed to a high of 87 on Dec. 30, around 15 hours before the price increased 45.5% over the next four days.

The bullish move for RVN comes as the project is celebrating the four-year anniversary of its official launch and now looks to pivot to developing the “next generation of financial technology for Wall Street on Ravencoin” while also expanding its NFT capabilities.

The overall cryptocurrency market cap now stands at $2.253 trillion and Bitcoin’s dominance rate is 39.4%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.

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