Bitcoin (BTC) bulls were dealt another blow on December 17 when the price fell to $45,500 during the midday session. The price did quickly recover to $47,000, but sweeping a new daily low could indicate that more downside is ahead.
Several altcoins provided a haven for weary traders during the market downturn, with token buybacks and increased network activity helping to boost their prices and provide shelter from the storm.
According to Cointelegraph Markets Pro and TradingView data, the top gainers in the last 24 hours were Yearn.finance (YFI), Hxro (HXRO), and Arweave (AR).
YFI reaps the benefits of token buybacks.
A decentralized finance (DeFi) aggregator service, Yearn.finance uses automation to help investors maximize their yield farming income.
The price of YFI surged 56.48 percent to a daily high of $29,488 on Dec. 17 as its 24-hour trading volume jumped 220 percent to $844 million, according to data from Cointelegraph Markets Pro and TradingView.
According to YFI’s announcement, it has been repurchase tokens since November when the community opted to change the tokenomics for their platform. There have been a total of $26,651 in buybacks from the protocol’s $45 million treasury, for a total of 282.4 YFI at an average price of $26,651.
The TD Ameritrade Network includes Hxro
On the Ethereum (ETH) network, the Hxro cryptocurrency options trading protocol allows users to trade BTC, Ether, Dogecoin (DOGE), and Solana (SOL).
Predating the latest price surge, Cointelegraph Markets Pro’s VORTECSTM statistics indicated a favorable prognosis for HXRO on Dec. 14.
Algorithmic comparisons of market sentiment, trade volume, recent price changes, and Twitter activity are used to calculate the VORTECSTM Score exclusively for Cointelegraph.
The VORTECSTM Score for HXRO rose to a peak of 77 about 45 hours before the price surged by 13.2 percent the following day, as shown in the graph above.
The rise in HXRO price is due to Dan Gunsberg’s appearance on the TD Ameritrade Network’s Market on Close podcast, where he discussed the future of Bitcoin and the larger cryptocurrency ecosystem.
Arweave establishes a new daily transaction milestone.
Arweave is a decentralized storage network that aims to be the first network capable of storing data indefinitely and with a long-term fund.
Data from Cointelegraph Markets Pro’s VORTECSTM began to show a favorable forecast for AR on Dec. 14, before the latest price increase.
VORTECSTM Score for AR rose into the dark green zone on Dec. 14 and reached its peak of 77 about sixteen hours before the price surged by 40.78 percent in the following two days.
Bundlr Network transaction count set a new all-time high of 2.19 million transactions, a 50% increase in the maximum daily transactions from less than a year ago, as the AR price continues to rise.
There is now a total cryptocurrency market capitalization of $2.192 trillion, with Bitcoin’s share of the market at 40.6 percent.