The cryptocurrency market started the year in full force and with all the bullish breakouts happening it can be difficult to discern which projects are simply being driven by the macro trend and which are making gains based on solid tech developments and improving fundamentals.
As the price of Bitcoin dropped more than $11,000 between Jan. 10 and Jan. 11, a number of altcoins saw double-digit losses but a few DeFi and layer 2-oriented coins bucked the trend and quickly recovered as BTC price consolidated.
For example, TomoChain (TOMO) saw its price double from $0.65 on Jan. 2 to $1.29 on Jan. 12. With such a strong performance during one of the largest Bitcoin sell-offs in crypto history, TOMO deserves a closer look to see what fundamentals are supporting such a strong move.
TOMO/USDT 4-hour chart. Source: TradingView A major interoperability announcement boosts sentiment
With the rise of the DeFi sector over the past year, a majority of which