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Multimillion-dollar funding rounds spark rallies in Avalanche and Audius

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Altcoins proceed to ebook notable features on Sept. 16 as a slew of celeb endorsements, main investments and the rising reputation of cross-chain bridges catch traders’ consideration.

Prime 7 cash with the very best 24-hour worth change. Supply: Cointelegraph Markets Professional

Knowledge from Cointelegraph Markets Professional and TradingView exhibits that the largest gainers over the previous 24 hours have been Audius (AUDIO), Avalanche (AVAX) and Celer Community (CELR).

Superstars spend money on Audius

The Audius platform is a decentralized music-sharing and streaming protocol that goals to chop out the intermediary from the music business and permit followers, subscribers and creators to work together with one another straight.

In keeping with knowledge from Cointelegraph Markets Professional, market circumstances for AUDIO have been favorable for a while.

The VORTECS™ Rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market circumstances derived from a mixture of information factors together with market sentiment, buying and selling quantity, current worth actions and Twitter exercise.

VORTECS™ Rating (inexperienced) vs. AUDIO worth. Supply: Cointelegraph Markets Professional

As seen within the chart above, the VORTECS™ Rating for AUDIO was within the inexperienced for many of the previous week and reached a excessive of 77 on Sept. 14, round 22 hours earlier than the worth elevated 38% over the subsequent day.

The spike in worth and buying and selling quantity for AUDIO adopted the announcement that a number of well-known musicians together with Katy Perry, Nas and The Chainsmokers had taken half in a $5 million strategic funding spherical for Audius.

Avalanche advantages from a $230 million investing spherical

Avalanche (AVAX) is a layer-one protocol that has been gaining traction in 2021 because of its low price surroundings and the launch of the “Avalanche Rush” incentive program, which has attracted traders and liquidity from the Ethereum (ETH) community.

In keeping with knowledge from Cointelegraph Markets Professional, market circumstances for AVAX have additionally been favorable for a while.

VORTECS™ Rating (inexperienced) vs. AVAX worth. Supply: Cointelegraph Markets Professional

As seen within the chart above, the VORTECS™ Rating for AVAX surged into the inexperienced zone on Sept. 13 and reached a excessive of 86 round 24 hours earlier than the worth elevated 40% over the subsequent two days.

The increase in worth and momentum for AVAX comes following the announcement that giant funds like Polychain Capital, Three Arrows Capital and Dragonfly Capital participated in a $230 million funding spherical to the Avalanche ecosystem.

Celer Community sees a surge from its bridge to Arbitrum

Celer Community is a layer-two scaling answer that makes use of off-chain transaction dealing with to assist to extend the scalability and the transaction throughput of its community.

VORTECS™ knowledge from Cointelegraph Markets Professional started to detect a bullish outlook for CELR on Sept. 14, previous to the current worth rise.

VORTECS™ Rating (inexperienced) vs. CELR worth. Supply: Cointelegraph Markets Professional

As seen within the chart above, the VORTECS™ Rating for CELR spiked into the inexperienced zone and reached a excessive of 73 on Sept. 14, simply as the worth started to extend by 59% over the subsequent two days.

The rise in demand for CELR comes as traders use the Celer bridge for token migrations from a number of blockchains, together with the newly launched Arbitrum answer. Celer’s bridge additionally presents customers a work-around to the seven-day withdrawal course of at present required to take away property from Arbitrum.

The general cryptocurrency market cap now stands at $2.161 trillion and Bitcoin’s dominance charge is 41.4%.

The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer includes threat, it’s best to conduct your individual analysis when making a choice.