Bitcoin’s high correlation with most of the market’s altcoins would ordinarily suggest that the rest of the market will follow Bitcoin’s lead, at least in terms of price performance. However, that is not the case, with the present week being a perfect example. While alts like XRP and Algorand profited, EOS didn’t see much change in its fortunes.
XRP, one of the world’s foremost altcoins, hasn’t done very well lately, something evidenced by the fact that it was recently overtaken by Tether [USDT] on CoinMarketCap’s rankings. In fact, its performance has taken the form of stagnancy, with the crypto’s price continuing to mediate between the same range for the past month. Further, while XRP did briefly recover its losses from Black Thursday, priced at $0.20, it was still some way from its long-term resistance at $0.338.
Interestingly, while XRP did rise by over 4.5% over the past week, its market indicators suggested otherwise. While the Parabolic SAR’s dotted markers remained above the price candles, the MACD line continued to remain below the signal line on the charts, despite a brief period when a bullish crossover seemed likely.
XRP falling to 4th on the rankings was soon followed by Messari’s data revealing that its circulating supply inflation rate right now at 20%, 5 times higher than Bitcoin’s before its halving on 11 May.
EOS has fallen a long way in the top 10 of the cryptocurrency rankings. While it is currently ranked 9th on the charts, it is being consistently challenged by the likes of Tezos, Cardano, and Chainlink right behind it. And, it isn’t difficult to see how contentious that challenge is since EOS has failed to note any proper uptrend since March, something very contrary to its steep rise in the early part of the year. At the time of writing, EOS was priced at $2.62, with the crypto not registering a movement of much note.
In fact, such movement is emblematic of its movement over the past year, with its price down by almost 70% since May 2019.
According to the market indicators, any major movement is unlikely to be expected anytime soon as not only was the mouth of the Bollinger Bands very narrow, the Awesome Oscillator pictured barely any market momentum.
EOS was in the news recently after Block.One, the firm that controls 10% of the token’s circulating supply, presented a new criteria to vote for block producers.
ALGO, the token native to Algorand, an open-source public blockchain based on PoS, like EOS before it, hasn’t registered any prominent uptrend since the market crash in March. However, unlike EOS, ALGO did follow Bitcoin’s lead and pumped. In fact, ALGO rose by over 14% in a week. It can also be argued that the token’s dramatic rise had something to do with Algorand’s latest partnership with Attestiv, in an attempt to clamp down on fraud in insurance cases.
This development may have also had an effect on the token’s market indicators as not only was the Chaikin Money Flow climbing, at the time of writing, towards zero, suggesting growing capital inflows, but the Relative Strength Index was leaning towards the overbought zone.
At press time Bitcoin was being traded at $9403 with a 24-hour trading volume of $16 billion. In the past day’s time the price of BTC saw a minor increase of 1.85 percent.