Heres why HedgeTrade (HEDG), The Graph (GRT) and UMA are rallying

Wednesday 20 January 2021, 11:53 AM AEST - 1 month ago

Bitcoin (BTC) has been consolidating for the past few days as the bulls and the bears battle it out for control over the largest cryptocurrency by market capitalization.

Currently, Bitcoin looks like it is steadily losing its upward momentum but Vailshire Capital Management founder and CEO Jeff Ross has maintained his bullish stance and believes the uncertainty will resolve to the upside.

5ea8764e-d90b-4a7f-b274-43ac4559dcb7.pngCrypto market data daily view. Source: Coin360

While Bitcoin consolidated, the action shifted to Ether (ETH), which made a new all-time high, eclipsing its 2018 high at $1,428. This suggests that the crypto markets remain in a firm bull grip.

The rally from the leaders is usually followed by strong breakouts from tokens that are likely to benefit in the current environment or have come up with positive developments that have caught traders attention.

Lets inspect the possible fundamental and technical reasons for the rally in the three tokens selected today.

HEDG/USD

The crypto bull run has been in place for the past few weeks and this trending move offers a great opportunity for traders to make a quick buck. While initially the rally was mostly oriented around Bitcoin, it has broadened in the past few days with several altcoins joining the party.

In such an environment, experienced traders maximize their gains but less sophisticated investors with limited capital are not fully able to take advantage of the bullish trend. This is where Hedge Trade (HEDG) comes in as it's designed to allow novice traders to mirror the activity of professional investors.

HEDG had been in a strong downtrend for the past few months, but it surged from $0.365 on Jan. 13 to an intraday high at $2.40 on Jan. 14, a 557% rally within two days.

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