Mask Network, 1inch and Shiba Inu ignore Bitcoin’s downtrend, posting 20% gains
The cryptocurrency market is back on the rocks on Oct. 27 as many of the top assets find themselves in the red on the day after Bitcoin (BTC) price dropped to $58,000 in the early trading session.
Despite the wider struggles of the market, several altcoins have managed to post gains in excess of 22% as major protocol integrations and exchange listings have helped to buffer them against the wider market downturn.
Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24hours were 1inch (1INCH), Shiba Inu (SHIB) and Mask Network (MASK).
1inch integrates with Exodus wallet
1Inch is a distributed network and decentralized exchange (DEX) aggregator that connects decentralized protocols across multiple blockchain networks, including Ethereum (ETH), Binance Smart Chain, Polygon (MATIC) and Arbitrum.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for 1INCH on Oct. 26, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the chart above, the VORTECS™ Score for 1INCH climbed into the green zone on Oct. 26 and reached a high of 72 around two hours before the price increased 100.5% over the next day.
The sudden spike in the price of 1INCH comes following an earlier announcement that the protocol has integrated with Exodus wallet to bring its functionality directly into the multi-currency, cross-platform wallet.
Shiba Inu contines to hit new highs
Shiba Inu is a canine-themed project that has been gaining momentum throughout 2021 as the project has expanded from being a simple meme into an evolving ecosystem that offers decentralized finance (DeFi) and nonfungible token (NFT) capabilities.
According to data from Cointelegraph Markets Pro, market conditions for SHIB have been favorable for some time.
As seen in the chart above, the VORTECS™ Score for SHIB first climbed into the green zone on Oct. 23 and reached a high of 89 on Oct. 24, around seven hours before the price increased 119% over the next three days.
The surging momentum for SHIB comes as the token has been listed on new exchanges over the past month and the developers behind the protocol introduced Shiboshi NFTs, which were available for purchase using the protocol’s LEASH token.
Related: Shiba Inu could surpass Dogecoin after a 700% SHIB price rally in October
Mask Network updates NFT Avatar
Mask Network is a social media-focused protocol that allows users to encrypt posts and chats on platforms like Twitter and Facebook and make it so that only friends and contacts are able to decrypt and access them.
Data from Cointelegraph Markets Pro and TradingView show that after hitting a low of $9.29 on Oct. 26, the price of MASK spiked 98.9% to an intraday high at $18.47 on Oct. 27 as its 24-hour trading volume skyrocketed 1,610% to $599.42 million.
The sudden burst in the price for MASK comes following an update to the protocols of “NFT Avatar,” which allows users to replace their Twitter avatars with a custom avatar based on an NFT that the user owns that also acts as a verification of ownership.
The overall cryptocurrency market cap now stands at $2.475 trillion and Bitcoin’s dominance rate is 44.9%.
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.
