Bitcoin’s recent attempts at consolidating its position above the $10,000 have been largely successful, with the effects of the same being felt by the rest of the altcoin market. While the likes of Tezos and Monero rose on the charts to register notable gains, others like Ethereum Classic didn’t see any of the gains. It must be noted, however, that in the latter case, too many ecosystem developments were in play.
Tezos has been one of the market’s best-performing cryptocurrencies over the past 8-10 months, with XTZ registering YTD gains of over 135%, at the time of writing. Lately, however, Tezos has been overshadowed by the likes other better-performing cryptos, despite it giving its investors great returns. A look at XTZ’s charts revealed why this was the case as, over the past few months, the cryptocurrency has traced a crest-and-trough pattern, meaning that it has failed to sustain an uptrend for a long time.
Bitcoin’s hike pushed Tezos into yet another uptrend, one that saw XTZ surging by almost 15% over the last week.
The dramatic trend reversal in the Tezos market was substantiated by the crypto’s technical indicators as while the Parabolic SAR’s dotted markers were well below the price candles and implied bullishness, the MACD was well over the Signal line following a bullish crossover.
Tezos made headlines recently after a prominent security audit firm revealed that Cardano has dwarfed Tezos following the Shelley hard fork last month.
Monero, today, is the crypto-market’s foremost privacy coin, despite the fact that XMR was ranked 15th on CoinMarketCap’s charts, at the time of writing. While the need for a privacy coin, especially in light of increasing regulations, is still being debated upon, the fact of the matter is that Monero has been on a fantastic uptrend on the charts since the month of July began. Before that, however, XMR seemed to have relegated itself to sideways movement and stagnancy.
While August did see the uptrend flatten slightly, XMR continued to do well at press time, noting gains of over 17% on the charts on the back of Bitcoin’s gains. Monero was also nearing its February 2020 heights.
The mouth of the Bollinger Bands was expanding at press time, a sign of incoming price volatility on the charts. The change in the Chaikin Money Flow was more dramatic, however, with the CMF climbing to near 0.40 in a sign of healthy capital inflows into the market.
Ethereum Classic [ETC]
Ethereum Classic, the popular fork of the world’s largest altcoin, at the time of writing, was one of the few exceptions to the largely bullish altcoin market. While the rest of the market rose, ETC fell on the charts on the back of the latest development to hit the ecosystem. In fact, ETC was down by over 8% since hitting a local top that saw the crypto climb to its May 2020 levels.
While the Awesome Oscillator pictured increasingly bearish momentum in the market, the Relative Strength Index remained in the balance between the oversold and overbought zones.
Ethereum Classic made headlines over the past 24-hours after it was targeted by a 51% attack, a development that saw many questioning the network’s security credentials. In fact, this was the second such attack ETC has faced over the last week.