As Bitcoin [BTC] crashed this week, collapsing from 10,000 to 8,569 USD over the last seven days, it dragged the altcoin market in the red zone. While most cryptocurrencies are drenched in the blood-red market, a few altcoins have shown some surges in green.
History has always shown that altcoins have a correlation with Bitcoin when it dumps or pumps the market steadily follows the lead. But in recent times, the market has been changing, with numerous speculations exploding the internet there are many reasons why Bitcoin lost $3000 over the week. From Coronavirus to the ETF application rejection, rumor has it all. Nevertheless, a change in correlation also hints on the maturity of the market.
Which and Why
As the time of press, Bitcoin SV [BSV], Ethereum Classic [ETC], and Kyber Network [KNC] show a 6%, 5%, and, 30% surge, respectively.
As seen in BSV’s 24-hours chart, the coin was being traded at $210 before it experienced a sudden surge of $8 and went up to its current price of $227. According to records, 23,148 BSV worth 5,048,170 USD was transferred from an unknown wallet to an unknown wallet.
Speculations suggest that BSV can expect a form of a triple three correction. Anticipating a rise to around $240 before the drop continues.
ETC registered a 14.17% surge this week. With an on-going surge of 5%, the forked has performed better than the current main-chain Ethereum. It was even observed that ETC outperformed ETH with a 160% Year-To-Date return in 2020.
Today [1st March ‘20], Ethereum Classic showed a consistent rise with a $4 million entering into its market cap. Although, speculations have suggested that this is the time to “wait” until the sideways range settles.
Kyber Network ranked as the highest surging asset of the day in the top 50 cryptocurrencies. With rank #45 the token is up by 32.12% in the past 24hours. According to Binance researchers, Kyber’s progress means this is the most used DeFi project in space, with more than 35,000 users.
Speculations suggest that the hike could be for multiple reasons including its recent listing on Coinbase.
In addition to these assets, Bitfinex’s token UNUS LEO, NEO, Bitcoin Gold [BTG], and Augur [REP] were also hiking the green trail.