The wider cryptocurrency market is facing another day of volatility and selling on Jan. 7 as Bitcoin (BTC) bears managed to break bull support at $42,000. The price of Bitcoin was pushed to a daily low of $40,620 before resources were exhausted.
Data from Cointelegraph Markets Pro shows that four of the top seven gainers of the day are part of the growing Cosmos Hub. This ecosystem currently uses the Interblockchain Communication protocol (IBC) to facilitate interoperability and communication between connected networks.
Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro
Here’s a look at what’s behind the strength seen in IRISnet (IRIS), Secret (SCRT), Akash Network (AKT) and Cosmos (ATOM).
IRISnet expands its NFT capabilities
The top gainer over the past 24-hours has been IRISnet, an interchain service hub for decentralized applications that enables cross-chain interoperability and provides businesses with modules to support running a distributed system.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.079 in the early trading hours on Jan. 7, the price of IRIS blasted 84% higher to hit a daily high at $0.144 as its 24-hour trading volume surged 2,320% to $112.6 million.
IRIS/USDT 4-hour chart. Source: TradingView
The sudden surge in price and volume for IRIS comes as the protocol’s nonfungible token community continues to expand thanks to the upcoming launch of the Uptick Network nonfungible token (NFT) ecosystem. These efforts have helped to attract new users to the IRISnet ecosystem.
Pulp Fiction NFTs are coming to the Secret Network
The Secret Network is a blockchain protocol with built-in data privacy for smart contracts that enables programmable privacy for data transfer, decentralized finance (DeFi) and NFTs.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for SCRT on Jan. 3, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical…