Bitcoin, the world’s largest cryptocurrency, continues to dictate the price movements of most of the altcoin market. However, it would seem that its effect on the rest might just be waning. While Bitcoin did rise briefly before falling over the last few days, many such as Bitcoin Cash, Monero, and Dogecoin seemed to resist, which is why they didn’t fall as sharply as BTC.
Bitcoin Cash [BCH]
The popular Bitcoin fork was one of the quickest to recover from the losses it incurred in the aftermath of the Black Thursday market crash. However, BCH has failed to sustain that momentum since, with the crypto on a notable downtrend from June. However, at the time of writing, BCH seemed to have noted a trend reversal, with BCH climbing on the back of Bitcoin’s own gains and staying there.
Priced at $238.35, BCH was noting gains of almost 7% over the last week, a sharp reversal in its price fortunes from the week before.
The same was evidenced by the crypto’s technical indicators as while the Parabolic SAR’s dotted markers were well below the price candles and suggested bullishness, the Chaikin Money Flow had stabilized somewhat around 0.10.
Bitcoin Cash was in the news recently after it was revealed that popular stablecoin Tether [USDT] was being circulated on the BCH chain.
Monero, one of the market’s foremost privacy coins, has steadily moved up the charts over the past few months. However, since it recovered its March losses, XMR has been noting sideways movement, with the crypto trading within a price band since June. However, like BCH, it was quick to piggyback on Bitcoin’s gains a few days ago, with XMR failing to share the corrections recorded by Bitcoin.
At the time of writing, XMR was trading at $69.17, having recorded gains of almost 9% over the last 7 days.
The mouth of the Bollinger Bands seemed to be widening slightly, a sign of incoming volatility in the XMR market, while the MACD line was well above the Signal line on the charts.
The privacy coin was in the news recently after a report claimed that the IRS is working towards deanonymizing the likes of Monero and Zcash, a report that will do little to alleviate concerns after Chainalysis announced the integration of support for the same.
Dogecoin, the Internet’s favorite meme-coin, was having quite a muted 2020. However, that was before a certain TikTok user took it upon himself to pump the crypto’s price to $1. Well, that hasn’t happened, but what followed was an incredible surge that saw DOGE climbing by 110% in a matter of days. It should be noted, however, that the crypto soon fell dramatically too, depreciating by over 25% on the charts.
The magnitude of DOGE’s rise and fall was shared by its technical indicators as while the Awesome Oscillator noted a sharp uptick on the charts, highlighting strong bullish momentum, the Relative Strength Index noted a steep rise towards the overbought zone, followed by a steep fall.
Price pumps via TikTok aren’t the only reason why DOGE has been in the news as since then, not only has Bitfinex listed the crypto as MegaDogecoin, but Binance has also announced perpetual futures contracts with 50x leverage.