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Multimillion-dollar investment rounds spark rallies in Avalanche and Audius

Altcoins continue to book notable gains on Sept. 16 as a slew of celebrity endorsements, major investments and the growing popularity of cross-chain bridges catch investors' attention.

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro
Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24 hours were Audius (AUDIO), Avalanche (AVAX) and Celer Network (CELR).

Superstars invest in Audius
The Audius platform is a decentralized music-sharing and streaming protocol that aims to cut out the middleman from the music industry and allow fans, subscribers and creators to interact with each other directly.

According to data from Cointelegraph Markets Pro, market conditions for AUDIO have been favorable for some time.

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.

VORTECS™ Score (green) vs. AUDIO price. Source: Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for AUDIO was in the green for most of the past week and reached a high of 77 on Sept. 14, around 22 hours before the price increased 38% over the next day.

The spike in price and trading volume for AUDIO followed the announcement that several well-known musicians including Katy Perry, Nas and The Chainsmokers had taken part in a $5 million strategic funding round for Audius.