Altcoins may have driven the crypto-market over the past few months. However, Bitcoin was again in the driver’s seat this week after the world’s largest cryptocurrency hikes considerably, going on to break all its immediate resistance levels. The effect on the rest of the market was instant, with the likes of Cardano gaining exponentially. However, that wasn’t the universal case.
Cardano, alongside the likes of Chainlink and Crypto.com Coin, has been one of the market’s best-performing cryptos, with ADA noting YTD gains of 321%, at the time of writing. It must be noted, however, that the latest appreciation driven by Bitcoin’s pump came on the back of a period of sideways movement on Cardano’s charts.
In fact, ADA climbed by 21% over the last 7 days, despite signs of corrections reflected by the last candle on the charts.
While the placement of the Parabolic SAR’s dotted markers underlined how bullish the market is, the Chaikin Money Flow continued to dip on the charts, suggesting that capital outflows were gaining.
Cardano was in the news a few days ago after IOHK’s Hoskinson revealed that IOHK had initiated the hard fork process for Shelley in a recent video.
Cosmos, ranked 23rd on CoinMarketCap’s charts, was one of the many alts to do well on the price charts in the month of July. However, soon after hitting its local top, ATOM fell, with Bitcoin’s recent surge doing little to push ATOM’s price even further. In fact, the cryptocurrency was down by over 12% over the last 7 days.
At the time of writing, the mouth of the Bollinger Bands was closing, implying that price volatility was set to fall. In what was further evidence of the bearishness in the market, the MACD line was well under the Signal line on the charts.
While Cosmos has been slow off the blocks on the development front, it was in the news after it climbed to a 10-week high soon after its Stargate announcement.
VeChain, ranked 20th on CoinMarketCap’s charts, mirrored the movement of alts such as Cosmos, rather than that of Bitcoin’s. In fact, like Cosmos, VeChain too hit a local top recently, before recording significant corrections of its own. In fact, since hitting a high around the 7th of July, VeChain has been on a downtrend.
Despite the recent hike in Bitcoin’s price, VET was down by 5% over the last 7 days.
The lack of any positive momentum was underlined by the Awesome Oscillator since most of its receding momentum was bearish in nature. On the contrary, the Relative Strength Index remained firmly balanced between the oversold and overbought zones.