Owing to a cryptocurrency like Bitcoin having over 60% market share, its price-performance often has had a significant impact on the fortunes of other altcoins in the market. The high correlation indices these cryptocurrencies share is evidence of the fact. Altcoins, including Cardano, IOTA, and BAT, have largely recovered, or at the very least, steadied the ship following Bitcoin’s depreciation on the 11th of June.
Cardano [ADA]
Source: ADA/USD on TradingView
Cardano, the 10th-ranked cryptocurrency on CoinMarketCao, has had a good 2020. While ADA did have a decent start to the year before the market crash in March, its recovery since has been staggering, a recovery phase that has only accelerated in the month of June, contrary to the movement of many of the market’s other altcoins.
This was the case even after ADA fell on the back of Bitcoin’s own fall, as Cardano has since hiked by over 10% on the charts. In fact, with YTD returns of 146.52%, ADA, at the time of writing, was trading at a price that was three times greater than its pre-Black Thursday levels.
The Bollinger Bands seemed to be narrowing as volatility levels were steadying in the ADA market. Further, the Chaikin Money Flow was holding firm just under 0.20 on the charts.
Cardano has made news on the development front as well, with IOHK’s Charles Hoskinson recently claiming that Cardano’s identity solution Prism might compete with Microsoft in the future.
IOTA
Source: IOTA/USD on TradingView
IOTA, once a popular mainstay of the cryptocurrency charts’ top ranks, is now languishing at the 23rd spot on CoinMarketCap, with the token unable to get out of the price band it finds itself stuck in. In fact, while IOTA did note a sharp uptick last week, it was soon followed by a fall that was orchestrated on Bitcoin’s heels. Since then, IOTA has fallen by over 24% on the charts on a weekly basis.
The Parabolic SAR’s dotted markers were well above the price candles, suggesting bearishness, while the Relative Strength Index was holding steady between the overbought and oversold zones following a sharp fall on the charts.
IOTA has been in the news lately after it unveiled a new node upgrade cubbed ‘Hornet,’ a release that might be one of the first steps towards making IOTA more decentralized.
Basic Attention Token [BAT]
Source: BAT/USD on TradingView
Basic Attention Token or BAT, the token native to the Brave browser, hasn’t had many developments to speak of since the platform introduced a widget for Binance, arguably the world’s biggest crypto-exchange, on its feed. Like most alts, BAT has recovered most of its former losses. However, its price movement is still largely insignificant to amount to a proper uptrend on the charts.
In fact, since Bitcoin fell, BAT has fallen by over 11% on a weekly basis. Further, while the Awesome Oscillator pictures falling bearish momentum in the market, the MACD line was well under the Signal line on the charts.
