Thanks to the overwhelming market dominance and market share of Bitcoin, its movement is often reflected in the performance of altcoins in the market. When the world’s largest crypto was limited and consolidated, market players such as Monero and Ethereum Classic were patched. However, when BTC resumed its bullish trend, those alts quickly followed suit.
Monero, the leading privacy coin in the cryptocurrency market, has seen 2021 turn upside down. While January saw the XMR register brief increases followed by steep falls, February more or less saw the cryptocurrency maintain its uptrend in the charts. This was also the case over the past week and Monero briefly threatened a trend reversal when Bitcoin traded in the $ 50,000-52,000 range, it rose quickly after Bitcoin’s rise.
In fact, the cryptocurrency has grown by over 27% in just 4 days.
Monero technical indicators underlined the general bullish trend of the market while Parabolic SAR the dotted markers were well under the candle prices, the MACD the line went up on the signal line. In the short term, the likelihood of a trend reversal seemed very low.
The cryptocurrency recently made headlines after supporters of the privacy coin pressured Tesla to add Monero to its payment options.
Ethereum classic [ETC]
At the time of writing, Ethereum Classic appears to have recovered well from the sideways movement that has characterized its performance for most of the past 3-4 months. In fact, ETC has climbed the charts exponentially over the past 10 days, with crypto climbing over 100% in just 4 days.
While said hike was followed by fixes shortly thereafter, at press time ETC was on track to recover with YTD Returns of 192%.
ETC Bollinger bands highlighted the extent of volatility in the crypto market, with the same expecting more in the near term. On the contrary, despite the aforementioned recovery, the Awesome oscillator blinking bearish signals.
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VeChain, the 27th-ranked cryptocurrency on CoinMarketCap charts, has been on a good uptrend since the start of the year. However, its price movements over the past week have mimicked those of Monero and Ethereum Classic. The VET walked too far before correcting, after which it rallied again thanks to Bitcoin’s $ 55,000 breach.
Due to this rally, VeChain’s indicators were showing bullish signals as well. While the Bollinger Band projected input price volatility, relative strength index bypassed the overbought zone to suggest that buyers were in control of the crypto market.
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