Thanks to its sheer dominance in the crypto-market, it’s only understandable that most of the market’s altcoins enjoy a significant correlation with Bitcoin. The same was evident over the past two weeks as Bitcoin surged to breach one resistance level after another, the altcoin market followed. However, this wasn’t to last, especially since the world’s largest cryptocurrency had already started to correct itself.
Source: CoinStats
At press time Bitcoin was being traded at $40,691 with a 24-hour trading volume of $61 billion.
Litecoin [LTC]
Source: LTC/USD on TradingView
The cryptocurrency popularly dubbed the “digital silver” to Bitcoin’s “digital gold,” Litecoin seemed to mirror BTC’s price movement on the charts more than any other cryptocurrency. Like BTC, LTC has surged exponentially on the charts over the past few weeks, with the cryptocurrency climbing by over 35% in just one week. In fact, so high is the optimism in the Litecoin market, many expect the crypto to breach the $200-mark soon.
It should be noted, however, that at press time, the cryptocurrency was still a long way away from touching its ATH of $360 on the charts.
As far as Litecoin’s technical indicators are concerned, the Parabolic SAR’s dotted markers were well below the price candles and highlighted the bullishness in the market. Further, the Relative Strength Index was continuing to skirt the overbought zone on the charts. While ordinarily, this would imply that a trend reversal was incoming, given how Bitcoin is performing and how Litecoin apes BTC’s movement, this may have to wait.
LTC was in the news recently after it briefly overtook XRP as the fourth-largest cryptocurrency by market cap on CoinMarketCap’s charts.
WAVES
Source: WAVES/USD on TradingView
Compared to Litecoin, the price movement of WAVES was radically different. While Litecoin has shot up on the price charts on the coattails of Bitcoin’s surge, WAVES has slumped, and it has been doing so since it hit a local top back in early December. Simply put, despite a healthy correlation, WAVES didn’t surge on the charts when the rest of the market did.
At the time of writing, WAVES was noting a period of consolidation. However, it should be mentioned that this came on the back of a week which saw the cryptocurrency drop by 22% on the charts.
The general bearishness in the market was underlined by the cryptocurrency’s technical indicators. The Awesome Oscillator was trending below zero despite the last few bars of the histogram flashing green, while the MACD line was well under the Signal line.
VeChain [VET]
Source: VET/USD on TradingView
VeChain, the cryptocurrency ranked 22nd on CoinMarketCap’s charts, has seen quite a lot of movement on its price charts over the past few weeks. The hike in price came at a good time for VET, especially since the months of September and October saw the crypto trade mostly sideways. At the time of writing, however, VET was recording some corrections, with the crypto down by over 12% after a remarkable hike of over 60%.
Despite the crypto depreciating as corrections set in, the market for the said cryptocurrency remained largely bullish. This was evidenced by VET’s technical indicators. The mouth of the Bollinger Bands was wide enough to suggest more near-term volatility, the Chaikin Money Flow was well above 0.20, underlining the strength of capital inflows in the VET market.
VeChain was recently in the news after a hospital in Cyprus used a Thor blockchain-backed app to certify COVID-19 vaccinations.