The beginning of the new week kick-started a price surge in the cryptocurrency market, as several major coins witnessed a slight uptick in their value. This move further prompted investors and holders to presume that the bear market could soon be turning a corner.
The two cryptocurrencies that have had an impact on the market recently were Litecoin and Ethereum Classic. Being Silver to Bitcoin’s Gold has certainly raised Litecoin ‘s status in the crypto realm with Ethereum Classic still aiming to reach the top 20 club.
At press time, Litecoin was trading for $42.2 with a total market cap of $2,74 billion. A 1.82 percent price increase over the previous 24-hours had taken the daily market volume to $1.334 billion. The Charlie Lee founded cryptocurrency was in the 7th place on the cryp[to charts with Bitcoin Cash and Bitcoin SV ahead of it.
Technical analysis of Litecoin showed that the cryptocurrency was still in the midst of an increasingly positive investor sentiment atmosphere. The Relative Strength Index was near the overbought zone, which meant that more people were selling LTC than buying it. The Chaikin Money Flow for LTC was, however, positive. At the moment, the CMF was above the zero line because the capital coming into the LTC market was more than the capital leaving the market.
Ethereum Classic has had a tumultuous period over the past few months with the value constantly changing. Since January, ETC has not witnessed any significant change but that did not mean that its supporters had given up. At the time of writing, ETC held a value of $5.75 with a market cap of $668.816. Over the past 24-hours, the altcoin saw a 2.4 percent increase in its price which was a better hike than the ones enjoyed by its counterparts.
The Ethereum hard fork was behind altcoins such as Neo and VeChain with a slight market cap difference. The Chaikin Money Flow indicator for ETC was right on the zero line. This was a sign that the capital coming into the ETC market was almost equivalent to that of the capital leaving the ETC market. The Relative Strength Index for ETC showed a similar pattern to that of Litecoin’s as the graph was again near the overbought zone.
A closer look revealed that the RSI was climbing up ever so slightly but it would still take some time to draw more people into the ETC ecosystem to buy more of the tokens. An increased buying pressure would help keep the ETC blockchain buoyant.