Bitcoin, the world’s largest cryptocurrency, offered relief to many of its investors after it breached the much-anticipated $10k-mark for the first time since its having on 11 May. Bitcoin’s price movement also came as a relief for many of the market’s alts, most of whom recorded price gains of their own on the charts, with Chainlink, Zcash, and Maker among those to profit.
Chainlink [LINK]
Source: LINK/USD on TradingView
Chainlink [LINK] has been one of the market’s best-performing crypto-assets over the last ten months or so, with the crypto, like Tezos, surging up the ranks on cryptocurrency charts. In fact, at the time of writing, LINK was ranked 14th on the charts, with the crypto noting YTD returns of 152.24%. Priced at $4.54, LINK was able to latch onto Bitcoin’s gains in the market, registering gains of over 5.5% on the charts.
The bullishness in LINK’s market was highlighted by its market indicators as while the Parabolic SAR’s dotted markers were well below the price candles, the Chaikin Money Flow was steadily rising, suggesting increasing capital inflows in the face of capital outflows.
On the development front, Chainlink recently partnered with South Korea’s Klaytn in an attempt to “enable the development of next-generation decentralized applications.”
Zcash [ZEC]
Source: ZEC/USD on TradingView
Zcash, one of the market’s premier cryptocurrencies, seems to be losing out to Monero over the past few months, both with respect to market share and headlines. However, ZEC continues to be a fairly active market, with its charts noting a host of wild fluctuations. The one that followed Bitcoin’s lead was just the latest one, with ZEC hiking by 6.58%.
However, according to the token’s market indicators, the effects of Bitcoin’s movement seemed to be subsiding, at the time of writing, as while the Bollinger Bands were closing in, the Relative Strength Index was stabilizing, albeit closer to the overbought zone on the charts.
While the Zcash community eagerly looks forward to its upcoming halving, its optimism may be undermined by reports such as the one which claimed that Zcash transactions are traceable since 99% of users fail to fully utilize its privacy capabilities.
Maker [MKR]
Source: MKR/USD on TradingView
27th-ranked Maker was the definition of sideways movement for much of the month of May. However, its market movement over the past few days was quite contrary to the movement of the general market as while most alts in the market rose to correspond to Bitcoin’s own rise, MKR fell, tumbling by over 7% over the past 28-hours. Interestingly, MKR’s fall in value followed a sudden spike in value over the course of 29-30th May.
Priced at $442.68 at the time of writing, MKR, however, had a very poor 24-hour trading volume of $12.6 million, a figure that was well overshadowed by many alts, including Dogecoin, with the meme-coin having a trading volume of $197 million.
The market indicators for MKR weren’t very positive either as while the Awesome Oscillator pictured falling market momentum, the MACD line was well below the Signal line on the charts after a bearish crossover.
