Bitcoin, the world’s premier cryptocurrency, is yet to meet the price expectations many in the community had from it after it underwent its much-anticipated halving in May. While fundamental metrics like the no. of active addresses remain strong, BTC’s price movement has lagged behind. Consider this – over the last two weeks, the cryptocurrency’s value has appreciated by a mere 2.5%, at the time of writing, a sign of suppressed market volatility.
In fact, according to Blockhead Capital’s Matt David Kaye, the flood of yield-seeking funds with short volatility options in the market may be the reason behind the same.
Source: Coinstats
On the contrary, many of the market’s altcoins seem to be doing much better. This is not only interesting but unusual, since owing to BTC’s dominant market share, many of these alts share high correlation indices with the king coin. The recent performances of XRP, Chainlink, and Dogecoin are examples of the same.
XRP
Source: XRP/USD on TradingView
XRP, formerly the third-largest cryptocurrency in the market, hasn’t had a great few months. Not only was it overtaken by Tether [USDT] on the charts, but over the months of May and June, it was also tracing a steady downtrend on the charts. Like most alts, when Bitcoin noted a hike on 6 July, so did XRP. However, contrary to expectations, the crypto didn’t register corrections of much note. This, despite the fact that Bitcoin itself seemed to have corrected significantly.
At the time of writing, XRP, while priced at $0.20, was noting gains of over 13% over the last 7 days.
XRP’s indicators told a similar story as while the Parabolic SAR’s dotted markers were well below the price candles and underlined a bullish market, the Chaikin Money Flow noted a sharp spike that had stabilized at press time. This was a sign of growing capital inflows into the XRP market.
Interestingly, on the back of the crypto surging, XRP’s community sentiment rose too, with XRP setting a new all-time high for the number of tweets over 24-hours.
Chainlink [LINK]
Source: LINK/USD on TradingView
Chainlink, like Tezos and Crypto.com Coin, has been one of the market’s best-performing cryptocurrencies this year, with LINK noting YTD gains of 240%, at the time of writing. Like XRP, LINK too registered an exponential surge on the back of Bitcoin’s latest attempt to breach its immediate resistance. However, for Chainlink, the aforementioned rally was backed by developments in its ecosystem too.
Not only did China’s Blockchain Service Network launch recently by using Chainlink’s Oracles, but Chainlink’s daily active addresses are hitting new highs with every passing day too.
LINK hiked by over 37% on the back of these developments, before the crypto corrected itself and fell by 5.5% on the charts.
The widening mouth of Bollinger Bands highlighted the volatility in the market, while the MACD line was soaring over the Signal line.
Dogecoin [DOGE]
Source: DOGE/USD on TradingView
Dogecoin has been the market’s foremost meme-coin for a while now. However, recent developments suggest that DOGE may have emerged to become more than just that. Since the experiment to use TikTok videos to push Dogecoin to $1 became viral, DOGE has pumped by over 100%, before correcting itself by over 20% on the charts.
That’s not all, however. Bitfinex has also listed DOGE as MegaDocgecoin while Binance has begun offering perpetual Futures contracts on Dogecoin with 50x leverage.
Awesome Oscillator registered a sharp spike when Dogecoin pumped, with the Relative Strength Index surging towards the overbought zone too, before stabilizing somewhat.
