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Bitcoin’s market dominance was on display over the previous week after an appreciation in the cryptocurrency’s value pushed the altcoin market north. Many of the market’s cryptos like Bitcoin Cash and Zcash profited off this surge in value. However, its effect wasn’t uniform or universal, with other cryptos like Cosmos continuing to correct themselves.
Bitcoin Cash [BCH]
Bitcoin Cash, the popular fork of the world’s premier cryptocurrency, was one of the best-performing coins this past week, with BCH surging by over 23% on the charts. The aforementioned hike came at a good time for the fork as right before the surge, the Bitcoin Cash market was seeing buyers’ momentum exhausting itself on the charts. At press time, the fork coin was trading at $291.92, with BCH seeing ts trading volume rise on the charts.
The scale of the surge in question was highlighted by BCH’s technical indicators, while the Parabolic SAR’s dotted markers were placed well below the price candles, the MACD line was way over the Signal line and suggested bullishness.
On the development front, there hasn’t been much to report for Bitcoin Cash. However, it had been noted recently that there are over $6M worth Tether on the Bitcoin Cash chain.
Zcash, like Monero, is one of the crypto-market’s few, but premier privacy coins. Like Bitcoin Cash, ZEC too climbed on the charts when Bitcoin surged. However, unlike BCH, Zcash has been on a steady uptrend for a long time. In fact, ZEC’s movement since the month of May has been a steady journey upwards, one punctuated by a series of brief hikes and falls. The recent hike, therefore, was an extension of the uptrend the crypto was already on.
Over the past week, ZEC was noting gains of almost 15% on the charts.
While the Chaikin Money Flow was holding steady around the 0.20-mark and implied steady capital inflows, the Relative Strength Index was dipping slightly after a brief foray into the overbought zone.
Zcash was in the news after the Electric Coin Company revealed that it will be working with the likes of Gemini and Binance to promote crypto-education and crypto-literacy across the world.
Cosmos, the cryptocurrency ranked 25th at the time of writing, was one of the many alts that did so well in the month of July. However, like a few other alts, most notably Chainlink, after hitting a local top, ATOM fell on the charts. In fact, ATOM’s depreciation was so dramatic that even a terrific surge in Bitcoin’s price did little to push the price of Cosmos north.
Despite the last few daily price candles flashing green, ATOM’s price was still down by over 7% over the past week.
While the mouth of the Bollinger Bands was holding steady at press time and pointed to a steady degree of price volatility, the Awesome Oscillator pictured falling market momentum.