The past 72-hours were the crypto-market in a microcosm for many. While Bitcoin, the world’s largest cryptocurrency, finally breached the $10,000-mark after much anticipation after the halving on the 11th of May, it fell soon after, dropping like a stone on the charts. While correction was expected, the sheer speed of it was not. However, while such a freefall would ordinarily have a blanket effect on alts, that wasn’t the case with IOTA and OmiseGo.
While the cryptocurrency community rejoiced when Bitcoin, after several attempts, breached $10k, its respite was brief as the world’s largest cryptocurrency fell soon after. However, the aforementioned fall cannot discount the growth registered by the BTC market over the past week, with BTC having risen by 15.5% and going past the $10,200 mark, before noting a 6.7% fall to sit at its trading time price of $9,516.
The effects of such wild volatility were significant as both long and short positions worth upwards of $250M were liquidated on BitMEX.
Market indicators, however, at the time of writing, weren’t on the same side as while the Parabolic SAR’s dotted markers continued to be under the price candles and indicated bullishness, despite the aforementioned fall, the Chaikin Money Flow dipped significantly, suggesting falling capital inflows.
IOTA, once a popular mainstay of the top 10 of the cryptocurrency rankings, hasn’t performed well over the past 10 months or so. While its 24-hour trading volume continues to be overshadowed by the likes of Zcash and Cosmos, both alts below it on the rankings, its price performance hasn’t been great either.
On the bright side, however, IOTA seemed to have regained its losses post-Black Thursday in March. In fact, IOTA was one of the few alts to not note a significant difference after Bitcoin fell so dramatically below the $10,000-mark again. At press time, IOTA was recording gains of almost 20% in a week, a steeper rate of growth than the one registered prior to the latest uptick in price.
While the Bollinger Bands were widening slightly in an indication of market volatility, the Relative Strength Index was very close to the overbought zone on the charts.
IOTA was in the news recently after the European Commission chose it for a mining supply chain project.
OMG Network [OMG]
Ranked 36th on CoinMarketCap’s charts, the OMG network (formerly OmiseGo) has been in the news a lot lately after a series of major developments. Not only was OMG in the headlines after it surged at an astonishing rate following Coinbase announcing its listing (before falling soon after), but it surged yet again yesterday after it was announced that OMG Network was integrating with Tether. Following the latter, OMG grew by 14.5% to sit at a press time price of $1.72.
While the Awesome Oscillator pictured falling market momentum, the MACD line was below the signal line following a bearish crossover on the charts.
Where to Invest?
Subscribe to our newsletter