Bitcoin’s price performance on the charts lately has had a ripple effect on the rest of the cryptocurrency market. On the back of the world’s largest cryptocurrency surging, many of the market’s alts climbed too. Litecoin, Algorand, and Digibyte were among the cryptos to surge, with the movement giving a much-needed impetus to these cryptos’ markets.
Litecoin, the cryptocurrency popularly dubbed the silver to Bitcoin’s gold, has historically shared a very high correlation with Bitcoin. The same was evidenced by its market movements over the last few weeks, with LTC corresponding to Bitcoin’s movements with a hike of its own. In fact, in the last week alone, LTC climbed by over 27%, with its psychological resistance level of $200 now well within reach.
It should be noted, however, that thanks to the said correlation, LTC is equally prone to the king coin’s corrections. Litecoin was trading at a similar level in mid-January, however, it soon fell to trade around $120-$130 on the charts after Bitcoin fell below the $35,000-mark.
While the Parabolic SAR’s dotted markers highlighted the bullishness in the market, the Relative Strength Index was holding steady while skirting the overbought zone on the charts.
It was in the news recently after Open Interest in Litecoin Futures hit an ATH of $584M.
Ranked 42nd on the charts at press time, ALGO, like Litecoin has had a good 2021. Unlike LTC, however, the crypto didn’t note any corrections when Bitcoin’s momentum slipped back in mid-January. In fact, ALGO has been on a steady uptrend for a while now. The same was evident when the crypto’s weekly performance was considered, with ALGO surging by over 75% on the charts.
Despite the scale of the hike, however, it should be noted that the crypto was still way off its ATH.
While the widening mouth of the Bollinger Bands suggested that price volatility was inevitable in the near-term, the Awesome Oscillator’s histogram registered an uptick in bullish momentum, even though the last bar on the same flashed red.
Algorand recently teamed up with crypto-custodian Curv to build “Trusted DeFi.”
Like Algorand, DigiByte’s hike over the last week has been exponential, with the crypto climbing by over 70% on the charts. Like Algorand, however, DGB was still well away from its ATH on the charts.
Here, it should be noted that contrary to the rest of the altcoin market, DGB’s price performance improved only in the month of February, with DGB’s charts fairly stale and stagnant in the month of January.
At the time of writing, while the MACD line was soaring well over the Signal line to underline the market’s bullishness, the Chaikin Money Flow was heading towards 0.20, a sign of capital inflows gaining strength.