Analysis
Bitcoin SV’s halving underlines rally as LINK, Verge continue recovery
Posted:
editor-in-chief
The altcoin market continued to stay on course and recover its losses after the unexpected market crash back in March. This recovery run was led by Bitcoin, the world’s largest cryptocurrency, consolidating its position above $7000, with other altcoins such as Bitcoin SV, Chainlink, and Verge following suit.
Bitcoin SV [BSV]
Source: BSV/USD on TradingView
Bitcoin SV, the fork coin of yet another fork coin, Bitcoin Cash, was in the news recently after the altcoin finished its first-ever block reward halving, with the mining rewards down to 6.25 BSV from 12.5 BSV. However, despite the fact that BSV’s price rallied in the days prior to the halving, many in the community are concerned about miner capitulation.
At the time of writing, BSV was priced at $210.79 and had a 24-hour trading volume of $3.14 billion, with the fork coin having recorded a hike of over 30% over the past 10 days.
Technical indicators favored the case of BSV as well, with the Chaikin Money Flow suggesting there were capital inflows into the market. Further, the Bollinger Bands were contracting, implying falling volatility.
Chainlink [LINK]
Source: LINK/USD on TradingView
The 11th largest cryptocurrency on the charts, Chainlink seemed to be leaving the troubles of March behind it, with LINK recording a surge of over 42% over the past 5 days. At press time, LINK was being traded at a price of $3.18, with a 24-hour trading volume of $715 million.
The growth was reflected by the fact that the number of daily active addresses on Chainlink’s network seemed to be growing with every passing day, with the figure now close to its high for 2020.
The Parabolic SAR confirmed the bullishness of the market, with the dotted markers found well below the price candles. The Awesome Oscillator also pictured the growth of momentum in the market.
Verge [XVG]
Source: XVG/USD on TradingView
At the time of writing, Verge had fallen way down on CoinMarketCap’s cryptocurrency charts. Unlike the other two altcoins, Verge is yet to recover its losses following the crash in March. In fact, Verge was recording negative YTD returns, with the altcoin yet to hit its levels from January-February 2020. However, XVG had recorded gains of over 15% over the past 10 days.
The MACD indicator highlighted growing bullishness in the market, with the Relative Strength Index found to be mediating between the oversold and overbought zones.
