Bitcoin (BTC) price continues to trade in a predictable range which has given traders confidence in trading altcoins and DeFi tokens. This translated to a 110% rally in the price of Alpha Finance Lab (ALPHA) over the past four days.
Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.30 on June 22, the price of ALPHA has rallied 196% to a monthly high at $0.89 on July 6 as its 24-hour volume spiked 433% to $293 million.
Reasons for the building momentum for ALPHA include protocol improvements to Alpha Homora V2, the launch of the Alpha Launchpad and an attractive price per earnings ratio (P/E) when compared to competing platforms.
Protocol upgrades promote interoperability
The biggest upgrade for the Alpha Finance Lab protocol came back on February 1 with the launch of Alpha Homora V2 which brought a new level of interoperability to the project by allowing users to conduct leveraged yield farming on Curve, Balancer, SushiSwap and Uniswap.
Excitement for the launch was followed by ALPA price hitting an all-time high at $2.95 on Feb. 6 but the Iron Bank exploit on Feb. 13 drained $37 million from the Alpha Homora protocol and pulled the price back below $1.
Following the hack, integrations with Binance Smart Chain, ALPHA staking and the launch of AlphaX, a “non-orderbook perpetual swap trading product” that allows leveraged long and short positions helped to boost the altcoin’s price.
Alpha Homora V2 also includes a basic farming mode designed to simplify the process and the recently unveiled Alpha Launchpad claims to be “the first and only DeFi incubator program created by builders for builders.”
The release of the Launchpad was covered in a recent report from Delphi Digital, which called its launch a potential “dark horse catalyst for Alpha” that has likely not yet been priced into the market.
Delphi Digital said,
“Alpha’s launchpad will potentially accrue more value to…