Altcoins turn bullish even as Bitcoin price slips below $46K again

The mood across the cryptocurrency is one of growing anticipation as the price of Bitcoin (BTC) continues to trade just below $47,000. The sideways price action has analysts warning that an “explosive volatility period” is rapidly approaching but few have been willing to predict the direction of the breakout. 

While Bitcoin price compresses, the altcoin market has come alive and multiple tokens are posting notable gains, especially in the DeFi cohort.

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Everest (ID), PAC Protocol (PAC) and Ravencoin.

Everest expands its interoperability

Everest is a blockchain company with a focus on removing barriers to public services and enhancing economic inclusion through the creation of a device-free, global digital transaction protocol with built-in identity features.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ID on Dec. 30, 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.

VORTECS™ Score (grey) vs. ID price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for ID began to pick up on Dec. 30 and reached a high score of 70 around 44 hours before the price began to increase by 115% over the next three days.

The climbing price of ID comes as the Everest project is in the process of rolling out bridges connecting EverChain with multiple blockchain networks including Polygon (MATIC), Binance Smart Chain (BSC), Avalanche (AVAX) and Solana (SOL).

PAC Protocol rolls out data storage accounts

The PAC Procotol, a next-generation blockchain masternode network that has more than 18,000 active nodes, saw its token price increase 36%…

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