Momentum in the cryptocurrency marketplace is back on the rise on Nov. 8 afterward a solid rally from Bitcoin (BTC) placed its price back above $66,000 and Ether (ETH) hit a new all-fourth dimension high at $4,793. The gains from the largest two cryptocurrencies helped to kick-commencement a market place-wide rally that lifted the total cryptocurrency market cap higher up $3 trillion for the first time.

Unlike previous rallies where BTC made significant gains at the expense of the altcoin market, this time the bulk of tokens in the top 200 are likewise in the light-green, with many projects seeing double-digit gains.

Superlative seven coins with the highest 24-hr cost change. Source: Cointelegraph Markets Pro

Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were UMA, Loopring's LRC and Gnosis' GNO.

UMA releases a cross-chain bridge

UMA, which stands for Universal Market place Access, is a platform that specializes in the creation of constructed avails on the Ethereum blockchain that are cocky-executing, cocky-enforcing financial contracts that let counterparties to digitize and automate any existent-globe fiscal derivatives.

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a depression of $10.72 on Oct. 28, the price of UMA rallied 109% to a daily loftier at $22.44 on Nov. vii as its 24-60 minutes trading book surged one,329% to $943 million.

UMA/USD 4-60 minutes chart. Source: TradingView

The sudden flare-up in trading volume and price growth for UMA came as the platform launched its "Across Protocol" layer-one-to-layer-two bridge on its mainnet in an effort to offer a fast, cheap, secure bridge for decentralized finance (DeFi) users.

Low fees on Loopring attract new users

Loopring is a zk-Rollups layer-2 scaling solution for the Ethereum network that specializes in the cosmos of decentralized exchange (DEX) and payment protocols.

VORTECS™ information from Cointelegraph Markets Pro began to observe a bullish outlook for LRC on November. 5, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market place conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (dark-green) vs. LRC price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for LRC climbed into the greenish on November. 4 and reached a high of 72 on Nov. v, around five hours before the price increased 76% over the adjacent three days.

The building momentum for Loopring comes as high fees on the Ethereum network continue to push button users to explore lower-cost options, which led to a new record-high daily trading volume of $75 1000000 on Loopring on Nov. two.

Related: Ethereum dorsum in price discovery as ETH approaches $5K

Gnosis proposes a merger with xDai

Gnosis is a protocol focused on building new market mechanisms for DeFi that allow users to securely create, trade and agree digital assets on the Ethereum network.

According to information from Cointelegraph Markets Pro, market place conditions for GNO have been favorable for some time.

VORTECS™ Score (light-green) vs. GNO price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for GNO has been elevated in the green zone for the past week and reached a high of 79 on Nov. five, effectually x hours before the toll increased 39.3% over the next ii days.

The climbing price of GNO came as the protocol introduced Gnosis Improvement Proposal (GIP) sixteen, which proposes that Gnosis and the xDai communities should merge their tokens to develop the xDai blockchain under the name "Gnosis Chain."

The overall cryptocurrency market capitalization now stands at $ii.88 trillion, and Bitcoin'due south dominance rate is 43.2%.

The views and opinions expressed hither are solely those of the author and do non necessarily reverberate the views of Cointelegraph. Every investment and trading move involves take a chance, and you should conduct your own research when making a decision.