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After months of apprehension, the crypto-market finally seems to be taking flight after Bitcoin surged over the past week, a surge that was replicated by most of the market’s altcoins. Owing to the world’s largest cryptocurrency correlation stats, the rest of the market profited off its gains. However, not all altcoins shared in this joy as some like VeChain continued to note significant corrections on the charts.
Bitcoin, priced at $11,402 at the time of writing, held a market dominance of 62%, with the latter figure having noted a small spike over the past week after the metric had threatened to drop below 60%. The sheer scale of Bitcoin’s appreciation was evident when observing the charts, with BTC having gained by almost 20% in a week’s time. In fact, Bitcoin, at press time, was trading at its highest price level in almost a year.
The surge in question came at a good time for the world’s largest cryptocurrency as for weeks before it, BTC was in danger of stagnating on the charts with its low volatility and sideways movement.
While the Parabolic SAR’s dotted markers were placed well below the price candles and implied bullishness, the MACD line was well over the Signal line of the charts following a bullish crossover.
Network data seemed to support Bitcoin’s surge, with the cryptocurrency’s 1-year HODL wave rising to its all-time high just a day ago.
Ethereum Classic [ETC]
Ethereum Classic, the popular fork of the world’s largest altcoin, replicated the recent movements of its parent coin. While ETH surged over the past week to touch levels unseen since July 2019, ETC rose too, alas not as significantly. At press time, ETC was priced at $7.61, having appreciated by almost 15% on the charts.
It must be noted, however, that despite its recent gains, ETC was trading at its May 2020 price levels.
The mouth of the Bollinger Bands was widening at the time of writing, implying that price volatility was set to rise in the near-term. In what was further evidence of the growth in the ETC market, the Relative Strength Index was climbing towards the overbought zone on the charts.
Ethereum Classic hasn’t been very active on the development front. However, it was in the news a few weeks ago after OpenEthereum voted to stop supporting its Ethereum Classic client to focus on other projects.
VeChain, ranked 20th on CoinMarketCap’s charts, was one of the cryptocurrencies leading the altseason charge in early-July, with VET surging by leaps and bounds for over a week or so. Since then, however, VeChain has failed to replicate its bullish movements, with a correction wave sweeping across the VeChain market.
In fact, even Bitcoin’s hike and the larger crypto-market’s consolidation did little ti improve VET’s fortunes as the cryptocurrency was down by over 14.5% in a week, at the time of writing.
While the Awesome Oscillator pictured falling market momentum, the Chaikin Money Flow was seen falling on the charts, a sign of strengthening capital outflows.