Over the last few days, the cryptocurrency market has been slow, with several of the top assets clinging to their previous support. Bitcoin, which was expected to hit the $10,000 mark, was still trading close to the $9000 range.
While bigshots like Bitcoin did not meet expectations at the beginning of July, other altcoins showed who the boss was. Bitcoin Cash, which held its 5th position on the charts, ensured that it would compete against its closest rival, XRP.
At the time of writing, Bitcoin Cash was trading for $223.61 with a total market cap of $4.125 billion. A 0.51 percent price increase over the previous 24-hours had elevated the daily trading volume to $1.127 billion. Many BCH supporters still expect a rise in the price after a strong performance in June.
The Chaikin Money Flow indicator for BCH showed that the amount of capital coming into the BCH ecosystem was much higher than the capital leaving the market. This signified a renewed interest in the altcoin industry as more developers joined the fray. The RSI was closer to the overbought zone now as more investors were holding onto their BCH rather than sell it.
The Charles Hoskinsion founded cryptocurrency has always claimed that it focusses on creating a wholesome ecosystem where users can easily transition from the mainstream financial world. The cryptocurrency has not had much success in 2020 when it came to price but it was still enough to keep it in the top 10 club. At press time, Cardano (ADA) was trading for $0.09 with a total market cap of $2.478 billion.
Cardano (ADA) was one of the biggest gainers over the past day as the 10 placed cryptocurrency rose by a respectable 3.2 percent in the space of 24-hours. This also increased its daily trading volume to $190 million. IOHK and Charles Hoskinson have both stated that ADA will be used for technical purposes rather than being used as a form of transaction like XRP, ETH or BTC.
The Justin Sun founded digital asset has not had a great 2020 as the cryptocurrency is still struggling to break into the top 10 club after six months into the new year. Despite announcing various updates and developments, the cryptocurrency is yet to find its stride when it comes to the trading sphere. Currently, Tron was struggling to climb above privacy-oriented Monero which held the 16th place on the charts.
Tron’s latest trade value was $0.017 and held a total market cap of $1.143 billion. A feeble 0.5 percent increase did not do much to elevate its status but its 24-hour market volume had climbed to $714.042 million. Although the cryptocurrency was not one of the best performers, hardcore Tronics still rallied behind the cryptocurrency and expected it to surge at any moment.