Bitcoin’s breach of $9000 has been excellent news for the cryptocurrency market. And regardless of the king coin recording important correction on the time of writing, lots of the market’s altcoins had been continuting to consolidate their place after registering hikes of their very own. That being mentioned, there may be little to recommend that the altcoin spike was pushed by something apart from the corresponding hike within the value of the world’s largest cryptocurrency.
Litecoin [LTC]
Supply: LTC/USD on TradingView
The silver to Bitcoin’s gold, the favored cryptocurrency has been on a gradual uptrend for the reason that market crashed again in March. Nonetheless, this uptrend grew to become considerably steeper as Litecoin’s correlation with Bitcoin dictated that it comply with the king coin’s surge out there. This correlation had two sides to it, although, one thing evidenced by the truth that Litecoin fell quickly after because the world’s largest cryptocurrency famous a correction.
On the time of writing, Litecoin was priced at $47.54, having recorded a hike of 8% over the previous 7 days. Nonetheless, as famous, LTC had surged by over 10% after BTC’s breach of $9K.
Regardless of corrections, Litecoin’s market continued to stay optimistic. Whereas the mouth of the Bollinger Bands was increasing, on the time of writing, the MACD indicator was hovering over the sign line, suggesting bullishness out there.
Litecoin’s technical indicators had been backed by the coin’s on-chain metrics, with its momentum indicator revealing development within the variety of transactions better than $100,000.
Binance Coin [BNB]
Supply: BNB/USD on TradingView
The native token of one of many world’s largest crypto-exchanges, Binance Coin’s trajectory over the previous few weeks has been regular, with the crypto on an uptrend for the reason that big fall final month. Like Litecoin and different alts out there, BNB too registered a big hike over the previous week, with the token surging by over 10%.
The consistency of Binance Coin’s uptrend is spectacular, one thing evidenced by the Parabolic SAR. Aside from 2 days, the indicator’s dotted markers have persistently been beneath the crypto’s value candles. Additional, the Relative Power Index was hovering near the overbought zone.
Binance Coin was within the information recently, after many locally speculated that BNB was one of many market’s most undervalued crypto-assets. In actual fact, such hypothesis was lent gas to by Binance CEO CZ’s tweet after he said, “value will catch as much as worth ultimately.”
Cosmos [ATOM]
Supply: ATOM/USD on TradingView
The 24th-ranked crypto out there, Cosmos, just like the altcoins earlier than it, was on a gradual uptrend over the previous few weeks, one which noticed ATOM virtually come near regaining its losses sustained final month. On the time of writing, nonetheless, corrections had taken a better toll on Cosmos, when in comparison with different cryptos equivalent to Litecoin and Binance Coin.
At press time, ATOM was priced at $2.87, having famous a hike of solely 3.87% over the previous 7 days.
The technical indicators for ATOM had been comparatively optimistic. Whereas the Superior Oscillator implied some momentum out there, the Chaikin Cash Move advised optimistic, however dropping capital inflows within the Cosmos market.
Cosmos was within the information lately after Weiss Crypto Scores ranked Cosmos forward of the likes of Ethereum and Bitcoin, with respect to expertise.
