The PayPal announcement and the subsequent hike in Bitcoin’s price came at a great time for the altcoin market since many alts were struggling with the downtrend they have been on since mid-August. This speaks to not just Bitcoin’s overwhelming dominance of the crypto-market, but also to its high correlations stats with the rest of the industry’s cryptocurrencies. The same was evident when the price charts of Cardano, Ethereum Classic, and Dogecoin were observed.
Cardano, the cryptocurrency ranked 10th on CoinMarketCap’s charts, has noted quite a dramatic fall over the last few months. Back in July and mid-August, ADA was expected by many to lead the much-anticipated altseason. However, since then, the cryptocurrency’s value has steadily depreciated on the charts. In fact, the resulting downtrend even pulled ADA’s value level with its June 2020 levels.
In the month of October, however, ADA has done well, with the cryptocurrency on an uninterrupted uptrend on the charts. The said uptrend was given a boost by Bitcoin’s own hike, with the cryptocurrency gaining by almost 10%.
The same was highlighted by Cardano’s indicators as while the Parabolic SAR’s dotted markers were well below the price candles and pointed to a bullish market, the Chaikin Money Flow was observed to be climbing towards 0.20 as capital inflows gained strength.
Cardano was in the news recently after it joined hands with the Ethereum Classic community to find a way to combat 51% attacks.
Ethereum Classic [ETC]
Like Cardano, Ethereum Classic had been on a downtrend after hitting a local top in mid-August. However, ETC’s price action has stabilized somewhat on the charts over the past few weeks, with the cryptocurrency trading within a tight price channel since September. For ETC, Bitcoin’s price appreciation came at a good time, with the cryptocurrency climbing bt over 8% on the charts. It must be noted, however, that while the hike in question did break ETC’s sideways trading pattern, the crypto was still trading within the aforementioned price range.
The Bollinger Bands were holding firm around the altcoin’s price candles while the Relative Strength Index noted a brief dip following a sharp uptick towards the overbought zone on the charts.
Finally, despite a series of 51% attacks back in August, at the time of writing, ETC was still noting YTD gains of over 27%, a sign of the market’s general bullishness.
For Dogecoin, the market’s most popular meme coin, the 120% hike over 3 days in July remains the year’s main highlight, with the cryptocurrency still unable to replicate the movement seen over the aforementioned period. In fact, since then, corrections have steadily pulled the value of the crypto further down the charts, with Bitcoin’s recent hike doing little to shake-up DOGE’s price fortunes.
While the Awesome Oscillator pictured very minimal momentum in the market, the MACD line was slightly over the Signal line on the charts.