Tezos, Hedera Hashgraph ride the market’s volatility as Ethereum Classic suffers
The larger cryptocurrency market has registered spurts of gains across the board over the last couple of weeks. With selling pressure in the market continuing to persist in light of Bitcoin’s inability to consistently stay above $7k, the aftershocks are being replicated in the altcoin market.
Tezos has made great strides in its performance lately, with the coin resting at the 10th position on CoinMarketCap’s list. The coin had a market cap of $1.65 billion, whereas the 24-hour trading volume was restricted to $214.52 million. XTZ was reporting gains of 71% in 2020, with the token on a bullish ride since the fall on 12 March.
This bullish behavior was confirmed by the Bollinger Bands. The bands did not show any sign of convergence, thus, there could be great volatility in the market. However, the moving average was under the price candles, which meant that the bullish trend was strong. The altcoin has also been outperforming major cryptos like Bitcoin, Ethereum, and XRP, with Weiss Crypto ratings applauding its technology.
Ethereum Classic [ETC]
The Ethereum Classic market was reporting strong gains until the horrid fall in March 2020. While most of its gains were wiped out, however, it still was reporting a YTD of 19.82% since the beginning of the year. Alas, the price of ETC has been moving sideways for a couple of weeks and was valued at $5.330 with a market cap of $622.41M, at the time of writing.
Even though the coin was moving sideways, a bearish trend was being formed in the ETC spot market. According to the Awesome Oscillator, weak red spikes on the chart indicated the presence of weak bearish momentum in the market.
On the developments side, Ethereum Classic TestsNets has been successfully updated and the core has started to prepare for the MainNet. The Kotti TestNet fully activated the Phoenix upgrade on block 2_200_013.
Hedera Hashgraph [HBAR]
Unlike any major cryptocurrency, altcoin Hedera Hashgraph [HBAR] recorded massive gains in 2020. It was reporting a YTD of 209.65%, despite the volatility in the market. The HBAR market has been in a dilemma to move towards the bull or the bear, as the MACD line and the signal line appeared to be intertwined.
The MACD line had an upper hand as at press time, a bullish market was expected. However, since there was a lack of momentum, this trend can change instantly.
Hedera was in the news recently after reports suggested that the Coupon Bureau was using Hedera Consensus Service [HCS] to provide a real-time, tamper-proof log for all coupon events on its platform.