Back to back all-time highs from AVAX, ENJ and EGLD suggest it’s ‘altseason’

It was a reckless week in the cryptocurrency market after volatility returned to destabilize the price of Bitcoin (BTC), sending the digital asset to its lowest levels since mid-October.

As has often happened in the past, the decline in the price of BTC has been followed by a rotation of altcoins and the Altseason Index from Cointelegraph Markets Pro indicates that current market conditions are similar to those seen in the past when altcoins outperformed bitcoin.

Tison index. Source: Cointelegraph Markets Pro

Here is a look at some of the altcoins that have posted steady gains over the past few weeks.

The avalanche’s DeFi ecosystem is exploding

Avalanche (AVAX) is a Layer 1 blockchain protocol that has grown in popularity over the course of 2021 as Decentralized Finance (DeFi) and Non-Fungible Token (NFT) systems have grown, thanks in part to the low-fee nature of the protocol to attract users and liquidity from Ethereum.

VORTECS™ data from Cointelegraph Markets Pro began detecting a bullish outlook for AVAX on November 5, ahead of the recent price rally.

The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions drawn from a range of data points including market sentiment, trading volume, recent price movements and Twitter activity.

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

As shown in the chart above, AVAX’s VORTECS™ result started rising on November 5 and reached a high of 83, just as AVAX’s price started rising 54.76% over the next two weeks.

AVAX’s price hike comes as the DeFi ecosystem in an avalanche has seen its total value shut down on the network’s surge to new highs, and Binance US this week announced plans to list the token.

Enjin aims at the Polkadot parachain slot

Enjin (ENJ) is a protocol running on the Ethereum (ETH) network focused on creating blockchain-based gaming products and immovable tokens.

Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $1.19 on September 29, ENJ price has surged 213.5% to a daily high of $3.74 on November 19 with 24-hour trading volume up 92% to 1.57. Billion dollar.

4-hour ENJ/USDT chart. Source: TradingView

The increased strength of ENJ comes in November as the Enjin ecosystem aims to secure a venue like Polkadot parachain via a Crdloan auction for its project via the metaverse Efinity chain.

Elrond announces $1.29 billion liquidity incentive program

Elrond is a blockchain protocol that aims to become the technology ecosystem of the “new Internet” and uses hashing technology to enable its network to process 15,000 transactions per second (TPS) at an average transaction cost of $0.001.

VORTECS™ data from Cointelegraph Markets Pro began detecting a bullish outlook for EGLD on November 12, ahead of the recent price rally.

VORTECS™ Score (in green) against the price of EGLD. Source: Cointelegraph Markets Pro

As shown in the chart above, the VORTECS™ result for EGLD started rising on November 12 and reached a high of 76, about 108 hours before EGLD price started to rise by 30.27% over the next three days.

The building impetus for EGLD comes with the official launch of the Maiar Decentralized Protocol (DEX) along with a $1.29 billion liquidity incentive program designed to help attract users and liquidity into the DeFi ecosystem.

The total cryptocurrency market capitalization is now $2.59 trillion and the Bitcoin dominance rate is 42.2%.

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