Increased use of cross-chain bridges and sizeable investments from a variety of venture capital firms are boosting the price of AVAX, CELR and AUDIO.
Altcoins continue to book notable gains on Sept. 16 as a slew of celebrity endorsements, major investments and the growing popularity of cross-chain bridges catch investors' attention.
Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24 hours were Audius (AUDIO), Avalanche (AVAX) and Celer Network (CELR).
Superstars invest in Audius
The Audius platform is a decentralized music-sharing and streaming protocol that aims to cut out the middleman from the music industry and allow fans, subscribers and creators to interact with each other directly.
According to data from Cointelegraph Markets Pro, market conditions for AUDIO have been favorable for some time.
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 AUDIO was in the green for most of the past week and reached a high of 77 on Sept. 14, around 22 hours before the price increased 38% over the next day.
The spike in price and trading volume for AUDIO followed the announcement that several well-known musicians including Katy Perry, Nas and The Chainsmokers had taken part in a $5 million strategic funding round for Audius.
Avalanche benefits from a $230 million investing round
Avalanche (AVAX) is a layer-one protocol that has been gaining traction in 2021 thanks to its low fee environment and the launch of the “Avalanche Rush” incentive program, which has attracted investors and liquidity from the Ethereum (ETH) network.
According to data from Cointelegraph Markets Pro, market conditions for AVAX have also been favorable for some time.
As seen in the chart above, the VORTECS™ Score for AVAX surged into the green zone on Sept. 13 and reached a high of 86 around 24 hours before the price increased 40% over the next two days.
The boost in price and momentum for AVAX comes following the announcement that large funds like Polychain Capital, Three Arrows Capital and Dragonfly Capital participated in a $230 million investment round to the Avalanche ecosystem.
Celer Network sees a surge from its bridge to Arbitrum
Celer Network is a layer-two scaling solution that uses off-chain transaction handling to help to increase the scalability and the transaction throughput of its network.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for CELR on Sept. 14, prior to the recent price rise.
As seen in the chart above, the VORTECS™ Score for CELR spiked into the green zone and reached a high of 73 on Sept. 14, just as the price began to increase by 59% over the next two days.
The increase in demand for CELR comes as investors use the Celer bridge for token migrations from multiple blockchains, including the newly launched Arbitrum solution. Celer's bridge also offers users a work-around to the seven-day withdrawal process currently required to remove assets from Arbitrum.
The overall cryptocurrency market cap now stands at $2.161 trillion and Bitcoin’s dominance rate is 41.4%.
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.
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