At the time of writing, to a certain extent, normal order seems to have been restored in the cryptocurrency market. On the heels of Bitcoin stagnating on the charts, many of the market’s altcoins registered losses of their own. At press time Bitcoin was being traded at $9155 with a 24-hour trading volume of $4.5 billion.
The examples of XRP and Tezos are a case in point. On the contrary, BAT went the opposite way, a development that is likely to be just an anomaly, rather than part of a persistent trend.
XRP, formerly the third-largest cryptocurrency in the market, was overtaken recently by Tether on CoinMarketCap’s charts. This development came on the back of the steady downtrend the crypto has been on since May, withe XRP having fallen substantially since then. However, a sustained trend reversal may be in the picture for XRP after the crypto surged exponentially ten days ago. That being said, the crypto was quick to correct itself, noting losses of almost 5% over the past 7 days.
Something similar was hinted at by the cryptocurrency’s technical indicators as while the Parabolic SAR’s dotted markers were well below the price candles and highlighted the bullishness of the market, the MACD, while above the Signal line on the charts, was prepping for a bearish crossover.
Despite its erratic price performance, investors continue to hold faith with XRP, with a recent survey suggesting that XRP is the most undervalued cryptocurrency in the market.
Tezos, contrary to the likes of XRP and BAT, has been one of the best-performing cryptocurrencies in the market, with XTZ noting YTD gains of 126%, at the time of writing. Like a few other cryptos in the market, Tezos rose exponentially on the charts in the month of July. However, at press time, XTZ was already correcting itself. Over the last 7 days, while XTZ initially climbed by over 26% on the charts, it was quick to register losses of over 6%.
The degree of XTZ’s surge and fall as evidenced by the mouth of the Bollinger Bands widening at the time of writing, pointing to more incoming volatility. Further, the Chaikin Money Flow continued to hold fort around 0.20 on the charts.
The market’s 13th-largest cryptocurrency made the headlines a few days ago after a product released by Figment Labs made it easier for developers to access blockchains such as Tezos and Cosmos, without having to run their own nodes.
Basic Attention Token [BAT]
Basic Attention Token aka BAT, the 29th-ranked cryptocurrency in the market, posted gains of almost 4% over the last 7 days. While these gains weren’t too significant, they were in stark contrast to the price fortunes of the rest of the market’s altcoins. It must also be noted that contrary to the rest, BAT also seemed to be on a steady uptrend on the charts.
While the Awesome Oscillator registered a mix of both bullish and bearish momentum, the Relative Strength Index was mediating between the oversold and overbought zones on the chart.
While the token itself hasn’t been in the news lately, its native browser Brave made headlines after it was accused of having legally harassed open-source contributors working on opposing platforms.
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