Over the past 10 days, Bitcoin, the world’s largest cryptocurrency, seems to have reasserted its dominance on the market again. Not only did Bitcoin maintain its price level above its previous resistance, but its surge had a corresponding effect on the prices of the market’s altcoins. While not all altcoins appreciated on the back of Bitcoin’s gains, the likes of Ethereum, Tron, and IOTA were not among them.
Ethereum, the world’s largest altcoin, has been one of the market’s best-performing cryptocurrencies over the past week. In fact, after weeks of sideways movement on the charts, ETH went on to do one better after it surged past the levels it had set in February 2020. At the time of writing, ETH, priced at $351.25, was trading at its highest price point since July 2019.
Over the past week, ETH was observed to have hiked by an exponential 25% on the charts.
Ethereum’s technical indicators reflected the scale of ETH’s surge on the charts as while the Parabolic SAR’s dotted markers well well placed below the price candles and implied bullishness, the Chaikin Money Flow remained healthy over 0.20.
Even on the network level, Ethereum has been doing very well lately, with its miners’ rewards higher than ever and the network more sustainable than how it was back in 2017-18.
Tron [TRX] has steadily dropped down the cryptocurrency rankings over the past few months. While TRX had been on a gradual uptrend for a while now, it was overtaken by other cryptos like Tezos, Chainlink, Crypto.com, and Cardano, all of whom recorded incredible gains this year.
The latest surge of almost 10% in TRX’s price however, might be the opening the crypto was waiting for since it seemed to have regained an impetus to climb on the charts again.
The appreciation in TRX’s price was evidenced by its technical indicators as while the mouth of the Bollinger Bands was widening at the time of writing and pointed to a degree of incoming price volatility, the Relative Strength Index was heading towards the overbought zone.
On the development front, there hasn’t been much to report for Tron. However, it was in the headlines a few weeks ago after Justin Sun announced that the Tron Foundation was going to step foot in the DeFi space.
Like Tron, IOTA was once a mainstay in the top-10 of the cryptocurrency market. However, since the beginning of the year, IOTA seems to have steadily dropped down the rankings. Positioned 23rd at the time of writing, IOTA also profited from Bitcoin’s latest price surge, with the crypto climbing by 12% on the charts.
While the Awesome Oscillator pictured steady momentum of a bearish nature in the IOTA market, the MACD line was pictured to be creeping over the Signal line, pointing to some degree of bullishness.