An altcoin’s correlation to Bitcoin, the world’s largest cryptocurrency, can be both a boon or a bane. While the case of 12 March was a definite bane for the larger crypto-market, Bitcoin’s recent surge past the $7k-mark was definitely a boon for the market’s many altcoins, including the likes of Ethereum, Chainlink, and Basic Attention Token.
Ethereum [ETH]
Source: ETH/USD on TradingView
Ethereum, the world’s largest altcoin, was one of the key beneficiaries of the aforementioned price surge, with ETH close to the much-anticipated $190 mark, at the time of writing. However, it should be noted that ETH’s gains weren’t limited to just the past few days, with the token having recorded 22.5% in gains over the last 10 days.
And while ETH was still a long way from its highs in mid-February, the YTD returns of the world’s second-largest cryptocurrency were back on the positive side.
The market’s bullish health was highlighted by the crypto’s technical indicators. While the Parabolic SAR’s dotted markers were observed to be below the price candles on the charts, the Chaikin Money Flow suggested rising capital inflows into the ETH market.
While ecosystem developments have been slow to come by off-late, Ethereum was in the news after a court in China recently ruled that Ethereum is protected by law as legal property with ‘economic value,’ something that comes as good news after Weiss Crypto Ratings announced that 10th ranked Tezos was powered by better technology than the likes of Bitcoin or Ethereum.
Chainlink [LINK]
Source: LINK/USD on TradingView
Chainlink, the 11th ranked cryptocurrency on CoinMarketCap’s charts, was one of the best performing cryptos of 2019. However, it would seem that LINK has carried forward its 2019 performance into the new year too.
At the time of writing, LINK had recorded gains of over 12% over the past 5 days, with the token’s press time price of $3.87 touching its mid-February levels. In fact, unlike other alts in the market, LINK was very close to touching its 2020 high, a level last set right before the crash in March.
This was evidenced by the token’s indicators. While the expanding Bollinger Bands accounted for the token’s price volatility, the MACD line was well above the signal line and pointed to a bullish market.
On the development front, Chainlink has been busy too with its association with a new project called the Baseline Protocol. Such announcements have been crucial to LINK outperforming many, including Bitcoin, over the past month.
Basic Attention Token [BAT]
Source: BAT/USD on TradingView
The BAT project’s native token has been slow to recover its losses following the market crash of 12-13th March. In fact, despite over a month having gone by, BAT’s press time price of $0.17 was still closer to its support level, than its resistance at $0.32.
However, like other alts, BAT too piggybacked on Bitcoin’s price surge, with the token having recorded 8.49% in gains over the past 5 days.
Interestingly, the slight improvement in price-performance had little impact on the token’s technical as while the Awesome Oscillator continued to demonstrate minimal momentum in the market, the Relative Strength Index had stabilized between the oversold and overbought zones, following a brief uptick.
