As Bitcoin’s Price Races Towards $39,000, Altcoins Gain 30%

Traders saw Bitcoin’s climb above $38,000 as a signal to go long on BTC and certain altcoins, causing DerivaDAO, TLOS, and Bonfida to rise by 30%. On Jan. 31, the cryptocurrency market is in a state of flux, as many traders see Bitcoin’s (BTC) weakness as a warning that crypto winter is approaching, despite increased reports of acceptance and multi-million-dollar funding rounds. Analysts identify the present price action as a viable buy zone as Bitcoin trades around $38,500. This optimistic mood is also spreading to altcoins.

DerivaDAO’s 3,692% increase

DerivaDAO is a decentralized derivatives exchange that runs on the Ethereum (ETH) platform.

Prior to the latest price gain, VORTECSTM data detected an optimistic prognosis for DDX on Jan. 25. On Jan. 25, roughly 62 hours before the price soared 102 %over the next three days, the VORTECSTM Score for DDX reached a high of 70.

The spike in DDX pricing is accompanied by a 3,692 %increase in trading volume. It has more than $13 million in activity coming from Coinbase, the largest cryptocurrency exchange in the United States.

TLOS joins forces with BikeChain

TLOS is a blockchain network built on the EOSIO software that aims to speed up and scale smart contracts for decentralized finance (DeFi), nonfungible tokens (NFTs), gaming, and social media.

Prior to the latest price gain, VORTECSTM data from Cointelegraph Markets Pro began to indicate an optimistic prognosis for DDX on Jan. 28.

On Jan. 25, roughly 2 hours before the price began to rise 61.54 %over the next two days; the VORTECSTM Score for DDX reached a high of 71.

TLOS has made a positive move after announcing new cooperation with self-governing ride-sharing service BikeChain and celebrating the success of its first native decentralized exchange OmniDEX.

On Bonfida, the Solana Name Service Debuts

Bonfida is a Solana-based protocol that will link the Serum DEX and the larger Solana ecosystem. According to data, FIDA’s price has soared 84.72 %to a daily high of $2.95 on Jan. 31. Its 24-hour trading volume has increased 81 %to $28.5 million from hitting a low of $1.59 on Jan. 28.