The altcoin market has historically been closely linked with the performance of the Bitcoin market, thanks to the high correlation indices these alts share with the king coin. Off late, however, many of these cryptocurrencies seem to be bucking this trend. While Bitcoin continues to stagnate on the charts, the market’s altcoins are rallying. The cases of Tezos, Hedera Hashgraph, and Crypto.com Coin are no different.
Tezos [XTZ]
Source: XTZ/USD on TradingView
Tezos, presently the market’s 13th largest cryptocurrency, seemed to have reversed the downtrend. While the same was triggered by Bitcoin’s brief hike on the 6th, XTZ has continued to gain significantly on the charts. At the time of writing, XTZ was up by 19% over the last 7 days, with the crypto recording YTD gains of 121%.
Its market indicators highlighted the sudden trend reversal in the market. While Parabolic SAR’s dotted markers had flipped bullish on the charts, MACD line was well over the Signal line.
Tezos was in the news recently after Bolt Labs launched a private payment solution, zkChannels, on the Tezos blockchain.
Hedera Hashgraph [HBAR]
Source: HBAR/USD on TradingView
Like Tezos before it, Hedera Hashgraph has been able to reverse its bearish market in the month of July. While not as significant, this reversal came at a crucial time for HBAR since for a while now, the crypto has been trading within a tight price band on the charts.
Hedera Hashgraph’s market indicators, however, continued to give contradictory signals. Chaikin Money Flow was climbing on the charts toward 0.20; Awesome Oscillator, despite recent resurgence, continued to note momentum in the negative.
Developments have been hard to come by for the 49th-ranked cryptocurrency in the market cap, with HBAR last in the news after crypto-wallet announced an integration with Hedera Hashgraph a few weeks ago.
Crypto.com Coin [CRO]
Source: CRO/USD on TradingView
Crypto.com Coin, the native token of Crypto.com Chain, alongside the likes of Tezos and Chainlink, has been one of the market’s best-performing cryptocurrencies, with CRO noting YTD gains of 327%. The staggering rate of growth noted by the token is highlighted by CRO’s charts as over the past few months, CRO has been on a sharp and steady incline. Despite the fact that it had relatively stalled on the charts over the past few days, CRO still managed to note gains of over 10% over the last week.
With any crypto on such a steep incline, there is bound to be a degree of volatility in the market. This was underlined by the mouth of Bollinger Bands widening, at the time of writing, while Relative Strength Index was skirting the overbought zone.
The rate at which CRO and its native exchange Crypto.com have grown has taken many by surprise, with some even questioning the legitimacy of it. CEO Kris Marszalek was quick to dispel such notions, however, claiming that token speculation is not the reason behind such progress.