While Ethereum, the world’s largest altcoin, may have had a good few days on the price charts, this hasn’t been the case for the rest of the market’s alts. In fact, while ETH surged to a new ATH, the likes of Bitcoin SV, Ontology, and Zcash continued to depreciate. This wasn’t unexpected, however, especially since Bitcoin, the market’s most-dominant cryptocurrency, continued to trade sideways, at press time.
Bitcoin SV [BSV]
Bitcoin SV, the cryptocurrency ranked 15th on CoinMarketCap’s charts, fell dramatically after its 63% price surge in the second week of January. Trading at under $174 at the time of writing, BSV was noting a depreciation of over 15% in the last week alone. It should be noted, however, that it seemed unlikely that the cryptocurrency would dip below its press time support level.
The same was evidenced by Bitcoin SV’s technical indicators as while the Parabolic SAR’s dotted markers were well above the price candles and suggested bearishness, the Chaikin Money Flow was holding steady above zero despite the market downtrend, a sign of capital inflows into the market holding their level.
Bitcoin SV’s Craig Wright was in the news recently after he sent legal notices to two websites alleging copyright infringements.
Like most altcoins, Ontology too registered a lot of topsy-turvy movement over the last few months. In fact, despite a series of brief hikes, its charts have also been punctuated by a host of sharp price falls. At the time of writing, ONT was noting one of these price falls, with the altcoin down by over 18.5%. It remained uncertain, however, if Ontology would be able to sustain its price level around the $0.58-mark.
While the width of the Bollinger Bands continued to hold steady to indicate some degree of near-term volatility, the Relative Strength Index was mediating around the neutral zone, despite the fact that it was pointing south.
Ontology’s Jun Li is one of many who believe that digitization is inevitable, with the cryptocurrency’s founder stating, “All kinds of currency or fiat will become digitized or programmable,” during a recent interview.
Zcash, one of the market’s foremost privacy coins, like Bitcoin SV and Ontology before it, noted a sharp spike in value in mid-January. However, like those altcoins, ZEC too fell victim to a downtrend, with the crypto down by over 16% on a weekly basis, at press time. While ZEC was trading at a level that was well away from its support level, it seemed unlikely that the crypto would head to breach its local top anytime soon.
The ensuing bearishness in the market was highlighted by the Zcash market’s technical indicators as while the Signal Line was well above the MACD line, the Awesome Oscillator’s histogram flashed red, despite the bears seemingly losing momentum.
The cryptocurrency made headlines a few weeks ago after it was announced that Bittrex would be delisting popular privacy coins such as Monero, Zcash, and Dash.