The cryptocurrency market has been enjoying a good spell for the past couple of days and investors are betting on higher climbs soon. Almost all the major cryptocurrencies followed Bitcoin’s pattern of rocketing up the price charts as August promised greener pastures.
Altcoins such as Ethereum, XRP and Bitcoin Cash have also climbed past their expected points with weekly surges hitting double-digit figures. Ethereum and XRP were one of the biggest gainers as the two biggest altcoins surged by more than 24 percent over the past week.
Many participants in the cryptocurrency industry were clamoring for Ethereum to perform well as 2020 was supposed to be the year of the altcoins. Although there have been no major reshuffles, Ethereum was still the biggest gainer in the top 10 club with a 25 percent price increase,. At press time, Ethereum was trading for $397.58 with a total market cap of $44.5 billion. The 24-hour market volume had risen to $12.83 billion at the same time.
The Parabolic SAR for Ethereum was above the price candles which meant that the cryptocurrency may be heading for a slight bearish downturn. The Relative Strength Index had broken above the overbought zone. This was a sign that more and more people were buying into the Ethereum market. According to the Chaikin Money Flow, the Ethereum ecosystem was thriving as the capital coming into the market was much more than that was leaving it.
Although XRP still trailed Ethereumn, the third-largest cryptocurrency in the market did not shy away from making a statement. At press time, XRP had risen by 24 percent on the e7 day chart, lifting the price to $0.301. The market cap clocked in at $13.52 billion while the daily trading volume was $1.87 billion.
Just like Ethereum, XRP’s RSI had also broken the overbought threshold. As more and more people were buying XRP tokens, the CMF was also simultaneously rising. The Chaikin Money Flow indicator had climbed to a 5 month high in the wake of rising token prices. Meanwhile, the Parabolic SAR markers were below the XRP price candles, highlighting a bull run.
Bitcoin Cash, the hard fork of Bitcoin has had a decent run in 2020 with prices stabilizing towards the middle of the year. As other altcoins looked to be in the middle of a resurgence, Bitcoin Cash was still making very slow moves. A 3 percent increase over the past week caused the price to touch $291.93 at a market cap of $5.395 billion.
The Parabolic SAR markers for BCH were above the price candles, but investors may remain calm due to recurring patterns of highs and lows. The RSI had fallen back into the zone but there was no need to panic yet as BCH still held very close to the overbought line. The CMF for BCH was similar to that of both Ethereum and XRP: much above the zero line. This showed that despite the lack of massive price movements, holders still believed in BCH.