Exchange listings and NFT boom lift IoTeX, Rally and Axie Infinity prices

Bitcoin and altcoins are cooling off, but data from Cointelegraph Markets Pro shows IOTX, RLY and AXS as the top 24-hour performers.

Tuesday started with a bang after Poly Network was hacked for $610 million in funds in what appears to be the worst hack in the history of decentralized finance, and the price of Bitcoin (BTC) dropped by 2% to trade near $45,000. 

Despite the severity of the hack, most altcoins are holding on to their recent gains, and those that have registered small losses line up with the pullback in Bitcoin’s price.

Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were IoTeX (IOTX), Rally (RLY) and Axie Infinity (AXS).

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

Coinbase listing boosts IOTX for a second day

The decentralized Internet of Things platform IoTeX (IOTX) was the top performer on the 24-hour chart for the second day in a row thanks to a rally sparked by an announcement from Coinbase that it was going to be listing the token on Coinbase Pro beginning on Wednesday.

Data from Cointelegraph Markets Pro and TradingView shows that the price of IOTX has now rallied 150% from a low of $0.0213 in the early trading hours on Monday to an intraday high at $0.0529 on Tuesday.

IOTX/USDT 4-hour chart. Source: TradingView

The listing announcement comes on the heels of a blockbuster month that saw IoTeX’s wallet and network activity increase by 600% and a new cross-chain bridge with Polygon, an Ethereum-based layer-two solution that enables two-way token swaps between the two protocols.

RLY/USD

Rally (RLY), a decentralized network for creators, was the second-best performing altcoin over the past 24-hours as the ecosystem continues to expand and welcome new creators to the platform.

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

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

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

As seen in the chart above, the VORTECS™ Score for RLY spiked into the green on Sunday and reached a high score of 70 around five hours before its price increased 81% over the next two days.

Momentum for RLY has been on the rise after the protocol focused its attention on developing its nonfungible token (NFT) capabilities to allow creators to mint their own NFTs, which can be used to engage with their respective communities.

AXS/USD

Axie Infinity has been one of the hottest protocols over the past couple of months as the play-to-earn blockchain gaming movement gains steam. 

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

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

As seen in the chart above, the VORTECS™ Score for AXS was registering in the green for much of the first half of the past week and reached a high of 81 on Friday, around 73 hours before its price increased 53% over the next day.

Related: AXS price gains over 16% as Axie Infinity closes in on 1M daily active users

Excitement for AXS has been building for some time and recently ratcheted up a notch after the Axie ecosystem became the first nonfungible token game to surpass $1 billion in total sales on Monday.

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

Publication date: 
08/10/2021 - 18:40
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.