Thanks to a slew of protocol updates and cross-chain announcements, CELR, IOST, and SKALE all saw double-digit gains.
Volatility is back in full force in the cryptocurrency market, with the price of Bitcoin (BTC) swinging over $1,000 in the last few days, and the values of a few altcoins soaring to new highs in response to major announcements.
Protocols that focus on interoperability between the major blockchain networks, as well as projects that plan to make major updates in the near future, were among the top winners on March 31.
SKALE Network (SKL), IOST, and Celer Network were the top gainers in the last 24 hours, according to TradingView data (CELR).
SKALE Network is almost ready to deploy version 2.0
The SKALE Network is an Ethereum (ETH) native multichain scaling network that aims to allow Solidity smart contracts operate faster and at a lower cost than they would on the Ethereum mainnet.
According to data from TradingView, SKL’s price soared 141 percent from a low of $0.1374 on March 25 to an intraday high of $0.3322 on March 31, with a 100 percent increase in 24-hour trading volume.
The significant boost in interest for SKL comes ahead of the release of SKALE v2.0 and an increase in project exposure at Blockdaemon’s recent NFTLA networking event.
EVM compatibility is announced by IOST
IOST is a decentralised blockchain network that uses a “proof-of-believability” consensus algorithm to outperform competitor networks in terms of processing speed.
Prior to the latest price gain, VORTECSTM data, began to detect an optimistic prognosis for IOST on March 26.
The VORTECSTM Score is an algorithmic assessment of past and present market circumstances produced from a variety of data points including market sentiment, trading volume, recent price changes, and Twitter activity.
The VORTECSTM Score for IOST began to rise on March 26, just two hours before the price began to rise 112 percent over the next five days, as shown in the chart above.
IOST’s popularity skyrocketed after the protocol announced Project Entroverse, which would add Ethereum Virtual Machine (EVM) compatibility to the IOST network, allowing assets and applications to seamlessly transition between the two networks.
The Celer Network has made the switch to the BNB Smart Chain
The Celer Network is a layer-two scaling solution that uses off-chain transaction processing to boost processing speeds and lower transaction costs.
Before the latest price spike, VORTECSTM data, began to detect a strong prognosis for CELR on March 29.
The VORTECSTM Score for CELR moved into the green on March 29 and touched a high of 82 roughly nine hours later, as shown in the chart above, before the price soared by 41.48 percent the next day.
The network was chosen as the official interoperability layer of the BSC Application Sidechain (BAS) on the BNB Smart Chain, resulting in a move higher for CELR (BSC).
The total cryptocurrency market capitalization is currently $2.097 trillion, with Bitcoin commanding 41.7 percent of the market.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.