As Bitcoin Recovers $45,000 Support, Traders Look Forward to the Next Altcoin Season

Bitcoin closed above $45,000 for several days in a row, followed by a 40% rebound in ICP, RVN, VGX, and EGLD, as traders began to expect that a new altcoin season was beginning.
This week, the total cryptocurrency market capitalization rebounded to $1.9 trillion, a 20% weekly gain and the highest level since May 20.
The renewed bullish momentum has captured investors’ attention, and Bitcoin’s (BTC) move from $33,400 to $45,900 is largely in line with the rest of the market.
Whether Bitcoin will eventually break through the $46,000 resistance remains an open question. However, the longer it takes, the greater the odds that altcoins will outperform the leading cryptocurrency.

Not every altcoin has performed similarly, with only 14 altcoins outperforming Bitcoin by 3% or more among the top 100 on CoinMarketCap.

ICP, RVN, VGX, EGLD surge following Bitcoin
The Internet Computer (ICP) announced on July 30 that within two weeks of its launch, the Fleek application reached 700 website deployments. Fleek allows people to build front ends for websites and decentralized applications on the Internet Computer blockchain and provides frictionless hosting services.
According to the Dfinity Foundation’s blog, Fleek has created an alternative blockchain open source gateway so that Internet Computer smart contract data can be freely accessed using a normal browser.
According to whattomine.com, Ravencoin (RVN) has also become the most profitable coin to mine using graphics cards, surpassing Ethereum (ETH) in terms of network profitability.
“#Ravencoin just surpassed ETH by a profit. If this continues I will switch back to RVN USD.”
— CaptainCrypto (@CaptainCrypto33) August 3, 2021
VORTECS® Index Captures Voyager Outburst
Voyager Digital, the company behind the Voyager Token (VGX), has acquired cryptocurrency exchange and payments startup Coinify for $85 million. On August 1, Voyager also launched the VGX Network Exchange 2.0 and staking portal.
Cointelegraph Markets Pro’s VORTECS? data began detecting a bullish outlook for VGX on July 31, prior to the recent price surge.
Cointelegraph’s exclusive VORTECS® Score is an algorithmic comparison of historical and current market conditions derived from a combination of various data points, including market sentiment, trading volume, recent price movement and Twitter activity.

As shown in the chart above, VGX’s VORTECS? Score climbed to a high of 90 on August 3, 30 hours ahead of the 23% price move to $3.5.
Finally, Elrond (EGLD) announced that it had received $20 million in funding from Moonlorian Blockchain Business Lab. According to Elrond’s blog, the blockchain company has incubated several projects in the fields of tokenization, NFT, traceability, and loyalty platforms.
On the other hand, only six items showed negative performance in the past seven days.

Flexa (AMP) rallied 90% from July 22 to 29 following the Binance.US token listing announcement. However, the altcoin quickly pulled back 26% from its July 29 top of $0.083.
Theta Fuel (TFUEL) faced a similar movement as it rallied 63% and peaked at $0.368 during the rollout of protocol 3.1.0 between July 20 and 25. The hard fork created a more efficient block proposal protocol, optimized the blockchain database, and added support for the Ethereum RPC API.
Altcoin holders certainly have reason to celebrate, but investors should be mindful that an eventual Bitcoin price correction will likely cause traders to quickly take profits from the most volatile altcoins. (Cointelegraph)