Despite Bitcoin losing significant market share over the past six months, the world’s largest cryptocurrency continues to share a high correlation with the market’s altcoins. The same was evident when many of these altcoins fell on the back of Bitcoin’s own depreciation over the course of 1-2 October, with the likes of IOTA and CRO falling too. However, the effect of the same wasn’t uniform, as while most alts continued to be on a downtrend, Monero seemed to be climbing up the charts.
The price-performance of Monero, the market’s foremost privacy coin, has been contrary to the performance of the larger crypto-market. While most altcoins have struggled to replicate old gains and were trading either south or sideways on the charts, XMR was quick to take Bitcoin’s lead to initiate a surge. In fact, while most alts were noting somewhere between 5-15% losses over the past week, Monero had gained by almost 10%.
The growth in the Monero market was evidenced by the fact that at the time of writing, Monero was noting YTD returns of over 140%. In fact, Monero seemed to be trading at levels last seen back in June 2019.
At press time, Monero was also noting steady trading volumes. Further, while the dotted markers of the Parabolic SAR highlighted bullishness, the Chaikin Money Flow was well above zero, a sign of capital inflows being greater than the outflows.
Monero was in the news recently after it was reported that Chainalysis and Integra had been awarded a contract to break the privacy-centric cryptocurrency.
IOTA, the market’s 27th-ranked crypto, has been on a fairly stable downtrend since it peaked at a local top back in August. In fact, at the time of writing, IOTA was trading at levels last seen in July, right before a surge pushed the crypto to the aforementioned peak. And, by the look of things, it seemed unlikely that IOTA would climb to the same level in the near future.
For IOTA, its technical indicators didn’t exactly paint a brighter picture either as while the Bollinger Bands were converging around the price candles in a sign of falling volatility, the Awesome Oscillator barely pictured any market momentum.
Crypto.com Coin [CRO]
Crypto.com Coin has been one of the market’s best-performing cryptocurrencies this year, with the altcoin noting a steady uptrend on the charts despite the rest of the market not always following suit. However, while CRO did exceedingly well in the months of June and July, the cryptocurrency has since stagnated, with the alt trading within a tight price channel for a few weeks now. While Bitcoin’s depreciation did pull CRO down the charts, the effects of the same weren’t terribly bad.
Accompanied by steady trading volumes, the market’s 9th-ranked cryptocurrency seemed to be holding steady on the charts.
CRO’s technical indicators, however, were very ambivalent as while the MACD line was rearing to cross the Signal line for a bullish crossover, the Relative Strength Index was pretty close to the oversold zone on the charts, despite a recent uptick.