Large-cap cryptocurrency continue to slump as investors await comments from the Federal Open Markets Committee regarding the exact size of the next interest rate hike.
There are, however, a few bright spots in the market and select altcoins managed to post double-digit gains in trading on May 3, thanks to a big-time partnership announcement and cross-protocol collaborations that led to a spike in demand.
ទិន្នន័យពី Cointelegraph Markets Pro និង ទិដ្ឋភាពពាណិជ្ជកម្ម shows that three of the biggest gainers over the past 24-hours were Algorand (ALGO), Frax Share (FXS) and Helium (HNT).
Algorand ។
The pure proof-of-stake blockchain network had, perhaps, one of the most notable partnership deals for a crypto project in recent months after this week’s announcement that it had been selected as the official blockchain of FIFA, the globally recognized international governing body for soccer.
BREAKING: @FIFAcom បានប្រកាស # អាល់ហ្គ្រារ៉ាន់ នឹងក្លាយជា Blockchain ផ្លូវការរបស់ FIFA ដែលផ្តល់សិទ្ធិអំណាចដល់សហគមន៍បាល់ទាត់ពិភពលោកជាមួយនឹងបច្ចេកវិទ្យាទំនើប និងនិរន្តរភាព។ អានបន្ថែម https://t.co/LTTUqGNLNA @FIFAWorldCup #FIFAWorldCup pic.twitter.com/LuEFTY3WK6
- អាល់ហ្គ្រោន (@ អាហ្គូរ៉ាន់ដ) ថ្ងៃទី 2 ខែ ឧសភា ឆ្នាំ 2022
ALGO was trading at a price of $0.58 prior to the announcement and the price proceeded to rally 28% to a daily high of $0.743 as news of the collaboration spread across the crypto ecosystem.
At the time of writing, ALGO is trading at $0.673, representing a 16% gain on the 24-hour chart.
In addition to the FIFA announcement, Algorand has been expanding its ecosystem by launching decentralized finance and nonfungible token protocols on the network. The project also launched a blockchain-based card game called Aegir Tactics and a real estate tokenization platform called Vesta Equity.
Frax ចែករំលែក
Frax Share, the native token of the Frax protocol, is the first fractional-algorithmic stablecoin project to launch in the cryptocurrency ecosystem and on May 3, the asset staged a 23% rally despite the wider market being in a downtrend.
FXS price staged a 23% rally from $21.89 on May 2 to $26.94 on May 3 after a 200% increase in its 24-hour trading volume.
The sudden turnaround in FXS price comes as the popularity of 4pool, a new Curve Finance stablecoin liquidity pool that was developed by Terra, began gaining momentum as it deploys on Fantom, Arbitrum and other networks.
4pool is composed of the TerraUSD (UST), FRAX, USD Coin (USDC) និងថេល (USDT) stablecoins and it is designed to help concentrate stablecoin liquidity across 4pools located on every major chain through the Curve protocol.
Helium
Helium is a decentralized blockchain network for Internet of Things (IoT) devices and it is powered by a global system of low-power nodes run by miners.
ទិន្នន័យ VORTECS from ពី Cointelegraph Markets Pro began to detect a bullish outlook for HNT on May 1, prior to the recent price rise.
ពិន្ទុ VORTECS, ផ្តាច់មុខដល់ Cointelegraph គឺជាការប្រៀបធៀបក្បួនដោះស្រាយនៃស្ថានភាពទីផ្សារប្រវត្តិសាស្ត្រនិងបច្ចុប្បន្នដែលបានមកពីការរួមបញ្ចូលគ្នានៃចំណុចទិន្នន័យរួមទាំងអារម្មណ៍ទីផ្សារបរិមាណជួញដូរចលនាតម្លៃថ្មីៗនិងសកម្មភាពរបស់ Twitter ។
As seen in the chart above, the VORTECS™ Score for HNT spiked to a high of 79 on May 1, around 13 hours before the price increased 20.35% over the next day.
The gains for HNT followed a developer announcement detailing plans to implement Helium 5G data transfer rewards. This will enable 5G hotspot operators to earn HNT when a compatible 5G device sends data over the network by connecting with the users’ hotspot.
ទស្សនៈនិងយោបល់ដែលបានបង្ហាញនៅទីនេះគ្រាន់តែជាទស្សនៈរបស់អ្នកនិពន្ធប៉ុណ្ណោះហើយមិនឆ្លុះបញ្ចាំងពីទស្សនៈរបស់ Cointelegraph.com ទេ។ រាល់ការវិនិយោគនិងការធ្វើពាណិជ្ជកម្មទាក់ទងនឹងហានិភ័យអ្នកគួរតែធ្វើការស្រាវជ្រាវដោយខ្លួនឯងនៅពេលធ្វើការសម្រេចចិត្ត។
Source: https://cointelegraph.com/news/markets-are-weak-but-algo-fxs-and-hnt-book-a-20-rally-here-s-why