The large-cap cryptocurrency continues to decline as investors await comments from the Federal Open Market Committee regarding the exact size of the next interest rate hike.
However, there are some bright spots in the market and select altcoins managed to post double-digit gains in trading on Tuesday, with the announcement of a major partnership and increased demand due to cross-protocol collaborations.
Data from Cointelegraph Markets Pro and TradingView shows that the three biggest gainers in the past 24 hours were Algorand (ALGO), Frax Shares (FXS) and Helium (HNT).
algorand
This week’s announcement follows one of the most notable partnership deals for a crypto project in recent months for a pure proof-of-stake blockchain network that was chosen as FIFA’s official blockchain, globally recognized is the international governing body for football.
Breaking: @fifacom has announced #Algorand Will become FIFA’s official blockchain, empowering the global football community with cutting-edge, sustainable technology. Read more https://t.co/LTTUqGNLNA @fifa world cup #fifa world cup pic.twitter.com/LuEFTY3WK6
— algorand (@Algorand) 2 May 2022
ALGO was trading at a price of $0.58 prior to the announcement and the price jumped 28% to a daily high of $0.743 as news of the collaboration spread across the crypto ecosystem.
At the time of writing, ALGO was trading at $0.673, which represents a gain of 16% on the 24-hours chart.
In addition to the FIFA announcement, Algorand is expanding its ecosystem by launching a decentralized finance and non-fungible token protocol on the network. The project also launched a blockchain-based card game called Egir Tactics and a real estate tokenization platform called Vesta Equity.
frac share
Frax Shares, the native token of the Frax Protocol, is the first fractional-algorithmic stablecoin project to be launched in the cryptocurrency ecosystem and the asset staged a 23% rally today despite a broader market drop.
FXS price rose from $21.89 on May 2 to $26.94 on May 3 after a 200% increase in 24-hour trading volume.
The sudden change in the price of FXS comes as the popularity of 4pool, a new Curve Finance stablecoin liquidity pool developed by Terra, began to gain momentum with Phantom, Arbitrum and other networks being deployed.
4Pool is made up of TeraUSD (UST), FRX, USD Coin (USDC) and Tether (USDT) stablecoins and is designed to help concentrate stablecoin liquidity across 4 pools located on each major chain via the Curve Protocol has gone.
related: ALGO price in danger of a 25% correction despite hype for Algorand-FIFA partnership
helium
Helium is a decentralized blockchain network for Internet of Things (IoT) devices and is powered by a global system of low-power nodes operated by miners.
VORTECS™ data from Cointelegraph Markets Pro recently began to trace a bullish outlook for HNT on May 1, ahead of the price rally.
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.
As seen in the chart above, the VORTECS™ score for HNT reached a high of 79 on May 1, approximately 13 hours before the price increased by 20.35% the next day.
Benefit for HNT followed a developer announcement detailing plans to implement Helium 5G Data Transfer Rewards. This will enable 5G hotspot operators to earn HNT when a compatible 5G device connects to the users hotspot and sends data over the network.
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