Due to a large cooperation and the launch of new projects, Algorand, Frax Share, and Helium all experienced quick rises in the double digits despite the market being relatively unchanged overall.
Large-cap cryptocurrencies are continuing their downward trend as investors wait for remarks from the Federal Open Markets Committee concerning the precise magnitude of the upcoming interest rate increase.
There are, however, a few bright spots in the market, and certain alternative cryptocurrencies were able to post double-digit gains in trading on May 3. This was made possible by an announcement of a major partnership and cross-protocol collaborations, both of which led to an increase in demand for the cryptocurrencies.
According to information provided by DollarsPower Markets Pro and TradingView, three of the most successful performers over the course of the previous twenty-four hours were the cryptocurrencies known as Algorand (ALGO), Frax Share (FXS), and Helium (HNT).
Algorand
After the announcement earlier this week that it had been chosen as the official blockchain of FIFA, the globally recognised international governing body for soccer, the pure proof-of-stake blockchain network may have had one of the most notable partnership deals for a cryptocurrency project in recent months. This came after the announcement earlier this week that it had been chosen.
Before the announcement, the price of ALGO was trading at $0.58, and after the announcement, it proceeded to soar by 28% to a day high of $0.743. This occurred as news of the partnership circulated across the cryptocurrency community.
4-hour chart of ALGO and USDT. TradingView was the cited source.
The 24-hour price trend for ALGO shows a gain of 16% as of the time this article was written. The current price of ALGO is $0.673.
In addition to the news that FIFA would be using Algorand’s blockchain, the company has been working to extend its ecosystem by introducing decentralised finance and nonfungible token protocols throughout its network. A card game based on the blockchain called Aegir Tactics and a platform for the tokenization of real estate called Vesta Equity were both released as part of this project.
Frax Share
On May 3, the asset staged a 23% rebound despite the wider market being in a slump. Frax Share is the native token of the Frax protocol. It is the first fractional-algorithmic stablecoin project to emerge in the cryptocurrency ecosystem.
After a 200% rise in its 24-hour trading volume, the price of FXS launched a rebound that increased by 23%, going from $21.89 on May 2 to $26.94 on May 3.
FXS/USDT chart over four hours. TradingView was the cited source.
The abrupt reversal in the price of FXS occurred at the same time as 4pool, a new Curve Finance stablecoin liquidity pool that was designed by Terra, started gaining traction as it deployed on Fantom, Arbitrum, and other networks.
TerraUSD (UST), FRAX, USD Coin (USDC), and Tether (USDT) are the four stablecoins that make up 4pool. Its purpose is to help concentrate stablecoin liquidity across 4pools that are placed on every major chain using the Curve protocol.
Helium
Helium is a blockchain network that is decentralised and designed for Internet of Things (IoT) devices. It is powered by a worldwide network of low-power nodes that are operated by miners.
The data from VORTECSTM provided by DollarsPowe Markets Pro first indicated a bullish prognosis for HNT on May 1, far in advance of the most recent price increase.
The VORTECSTM Score is an algorithmic analysis of past and present market circumstances that is unique to DollarsPower. It is produced from a variety of data elements including market sentiment, trading volume, recent price fluctuations, and activity on Twitter.
The VORTECSTM Score (green) in comparison to the HNT pricing. DollarsPower Markets Pro is the source of the information.
On May 1, around 13 hours before the price surged by 20.35% during the next day, the VORTECSTM Score for HNT jumped to a high of 79, as can be seen in the chart that is located above.
The price of HNT rose when a developer announced their intentions to add Helium 5G data transfer incentives, which led to the increase. When a suitable 5G device connects with a user’s hotspot and delivers data over the network, 5G hotspot operators will be able to receive HNT. This will enable them to generate revenue.
