Ethereum, Zcash bounce back as STEEM gets left in the lurch
Following a brief period of sustained losses as Bitcoin continued on its downtrend below $9k, it would now seem that on the back of the king coin’s recovery, much of the market is doing the same. However, the impact of Bitcoin’s steady recovery hasn’t been uniform across all the market’s altcoins as while some like Ethereum and Zcash hiked, other factors kept alts like STEEM struggled to put a brake on its falling value.
ETH, the world’s largest altcoin, has enjoyed a topsy-turvy 2020, with a great first 45 days followed by periods of sideways movement and sudden market crashes, punctuated by Black Thursday and the market plummet right before the third Bitcoin halving. With the most recent fall in ETH’s value, a fall where the altcoin lost over 5% of its value, the crypto failed to reach the price levels it was touching right before the 10 May market fall.
That being said, at the time of writing, ETH was among the altcoins posting strong recoveries as the price of the crypto hiked by over 2% on the 4-hour chart, a development evidenced by the last green candle on the chart.
Recovery aside, ETH’s market indicators were still to register such improvement, at press time, as the Parabolic SAR’s dotted markers were still positioned above the price candles. However, the Relative Strength Index did note a spike on the charts.
Ethereum has been in the news a lot lately, primarily owing to the scheduled roll-out of Ethereum 2.0. However, that apart, Ethereum has also been part of a mudslinging fight between its proponents and Bitcoin maximalists, with Adam Back being one of the participants. Interestingly, his tweet came a few days after a project aimed at bringing Bitcoin to Ethereum through decentralized custodians, failed.
Zcash, one of the market’s most popular privacy coins, hasn’t had its share of the spotlight since for the past few months, it has been overshadowed by Monero, another privacy coin. Like most alts in a volatile market, ZEC’s price charts have been all over the place as well, with the crypto following a sustained uptrend with a sudden fall that corresponded to Bitcoin’s.
However, like Ethereum, Zcash too was noting significant recovery, with ZEC climbing by almost 3% in 4-hours on the charts.
Unfortunately, news of such recovery hadn’t been shared with ZEC’s indicators as while the Bollinger Bands continued to be wide and suggested increasing market volatility, the Chaikin Money Flow was holding steady at -0.20, highlighting that capital outflows continued to be greater than capital inflows.
With the FATF Travel Rule review scheduled for June, Zcash, Monero, and other privacy coins are ready to face an uphill battle in exchanges all across the world, including those based in Japan, a country that has historically been fairly crypto-friendly.
Over two months after a slew of resignations followed many of the market’s noted crypto-exchanges using customer funds to facilitate Justin Sun’s attempted takeover, STEEM made news again after a scheduled and controversial hardfork confiscated upwards of $5 million from former STEEM witnesses who had opposed Tron’s acquisition of Steemit. Tron’s Justin Sun has since been at the end of a lot of criticism, with Jameson Lopp describing it as the rise of anarchy. In fact, even Ethereum’s Vitalik Buterin got involved.
On the price side, STEEM wasn’t as lucky as the other alts on the list as the token continued on its downtrend, recording a fall of almost 15% in the last 24-hours.
While the Awesome Oscillator pictured falling market momentum, the Signal line was well below the MACD line on the charts.