Ethereum Classic, VeChain, Bitcoin Price Analysis: 01 August

Saturday 9 August 2020, 9:20 PM AEST - 5 days ago

After months of apprehension, the crypto-market finally seems to be taking flight after Bitcoin surged over the past week, a surge that was replicated by most of the markets altcoins. Owing to the worlds largest cryptocurrency correlation stats, the rest of the market profited off its gains. However, not all altcoins shared in this joy as some like VeChain continued to note significant corrections on the charts.

Bitcoin [BTC]

Bitcoin-PA-20.pngSource: BTC/USD on TradingView

Bitcoin, priced at $11,402 at the time of writing, held a market dominance of 62%, with the latter figure having noted a small spike over the past week after the metric had threatened to drop below 60%. The sheer scale of Bitcoins appreciation was evident when observing the charts, with BTC having gained by almost 20% in a weeks time. In fact, Bitcoin, at press time, was trading at its highest price level in almost a year.

The surge in question came at a good time for the worlds largest cryptocurrency as for weeks before it, BTC was in danger of stagnating on the charts with its low volatility and sideways movement.

While the Parabolic SARs dotted markers were placed well below the price candles and implied bullishness, the MACD line was well over the Signal line of the charts following a bullish crossover.

Network data seemed to support Bitcoins surge, with the cryptocurrencys 1-year HODL wave rising to its all-time high just a day ago.

Ethereum Classic [ETC]

ETC-PA-20.pngSource: ETC/USD on TradingView

Ethereum Classic, the popular fork of the worlds largest altcoin, replicated the recent movements of its ...

Read full story on AMBCrypto