Following a brief foray under the $9000-mark, Bitcoin, the market’s premier cryptocurrency, was trading back under the $9,500, with the king coin consolidating its position before attempting to cross the $10k mark again. And while it did so, altcoins thanks to their high correlation indices, were quick to profit, with many including alts like Monero and Cosmos and the fork Bitcoin Cash posting significant gains.
Bitcoin Cash [BCH]
The popular fork coin Bitcoin Cash is one of the market’s few altcoins to not have recovered its losses from Black Thursday yet. Thanks to the sideways movement that has persisted since mid-April, BCH has been unable to register any significant uptrends on its chart. However, its charts have been punctuated by brief hikes, with the latest one just another example of the same. Over the past 7 days, BCH was recorded to have climbed by over 6%, with the value of BCH observed to be $236.48.
Market indicators such as the Parabolic SAR suggested that despite the latest price hike, the market was bearish, with its dotted markers found to be above the price candles. Further, the Relative Strength Index continued to mediate between the overbought and oversold zones.
While apart from a recent upgrade, there aren’t a lot of Bitcoin Cash developments to speak of, BCH was in the news a few days ago after a popular analyst, citing the significant drop in hash rate, expressed his surprise at BCH not having been attacked yet.
Monero, the market’s leading privacy coin, has garnered a lot of currency lately, largely owing to the fact that like Monero, other cryptos such as Bitcoin and Litecoin are also planning on integrating some privacy features. There are other concerns too, such as some community members declaring that Bitcoin’s reducing decentralization might help push the adoption of Monero. It’s a tricky time actually for Monero, as while many expect adoption to rise, its notoriety is rising too.
On the price front, Monero, like Bitcoin Cash, climbed on the charts with XMR recording a gain of almost 10% in a week. The present hike continued to extend the crypto’s uptrend that has steadily grown since the market crash in March.
While the Bollinger Bands suggested that volatility may not be a thing in the near-term, the Chaikin Money Flow did see a minor uptick on the charts.
Cosmos, the 25th ranked cryptocurrency on CoinMarketCap, has risen on the charts over the past few months, with its 24-hour trading volume dwarfing the likes of IOTA and Monero, both higher-placed cryptocurrencies. Like most of the altcoins in the market, ATOM’s value rose significantly over the past week as Bitcoin surged, with its price climbing by over 6% in just a week.
While the Awesome Oscillator highlighted a lack of momentum in the market, the MACD line was just over the signal line on the charts.