Bitcoin, the world’s largest cryptocurrency by market cap, at the time of writing, had a market dominance of just a shade under 65%. In light of the market share it holds, therefore, it is only natural that BTC’s price fortunes often have a profound effect on the valuations of the altcoin market, irrespective of whether these alts have very high correlations or not.
The cases of XRP, Chainlink, and Decred, are evidence of the same.
XRP, now the 4th-ranked cryptocurrency by market cap, had done well to recover its losses following Black Thursday’s market crash. However, this recovery was followed by a downtrend that has persisted since the much-anticipated halving on 11 May, with XRP yet to breach the levels last seen then.
This was the case at the time of writing as well, with XRP priced at $0.18, having recorded a fall of over 5% over the past week. XRP’s losses were perhaps accentuated by Bitcoin’s 24-25 June fall from $9600 to $9100 in a matter of under 20 hours.
The technical indicators for the XRP market were bearish. Not only were the dotted markers of the Parabolic SAR well above the price candles, but the Relative Strength Index was also falling steeply towards the oversold zone on the charts. What’s worse, XRP’s YTD returns remained in the negative, at press time.
XRP’s price seemed to have affected Ripple’s ODL corridors too. However, not all was bad news as per Christopher Giancarlo, former CFTC Chairman, XRP is definitely not a security.
Chainlink, alongside the likes of cryptos like Tezos, has been one of the market’s best-performing altcoins, with LINK noting YTD returns of 165.16%, at the time of writing. Now ranked 13th on the cryptocurrency charts, LINK too was affected by the depreciation in the king coin’s value. However, unlike XRP, LINK’s fall came on the back of a steady uptrend that saw it touch its price highs in March. Priced at $4.60, LINK noted gains of over 12%, at press time.
The Bollinger Bands were quick to note the volatility in the market, with the mouth of the indicator widening. Contrary to latest movements, however, the MACD line for LINK was well above the Signal line on the charts.
On the development side, LINK was in the news after it was chosen by Delta Exchange, alongside Binance Coin, to be open for Options trading on the exchange’s platform.
Decred, the autonomous digital currency with a hybrid consensus system, while ranked 45th on CoinMarketCap’s charts, didn’t have a lot of volume to boast of, with its 24-hour trading volume overshadowed by the likes of Qtum, Binance USD, both cryptos ranked well below itself.
At press time, DCR was priced at $15.27, with the token at the end of a steady downtrend that took shape in the first week of June. In fact, the token’s price was still closer to its support levels than its resistance.
While the Chaikin Money Flow was falling sharply towards -0.50, the Awesome Oscillator noted very minimal momentum in the market.
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