While Ethereum, the world’s largest altcoin, may have had a few good days on the price charts, this has not been the case for the rest of the market alts. In fact, while ETH rose to a new ATH, Bitcoin SV, Ontology, and Zcash continued to depreciate. However, this was not unexpected, especially since Bitcoin, the most dominant cryptocurrency on the market, continued to trade sideways, at press time.
Bitcoin SV [BSV]
Bitcoin SV, the 15th-ranked cryptocurrency on CoinMarketCap’s charts, fell dramatically after its 63% price surge in the second week of January. Trading below $ 174 at the time of this writing, BSV saw a depreciation of more than 15% in the last week alone. However, it should be noted that it seemed unlikely that the cryptocurrency would fall below its support level at press time.
The same was evidenced by the Bitcoin SV technical indicators while the Parabolic SAR The dotted markers were well above the price candles and suggested a downtrend, Chaikin money flow remained stable above zero despite the market downtrend, a sign that capital inflows into the market were maintaining their level.
Bitcoin SV Craig Wright recently made the news after sending legal notices to two websites alleging copyright infringement.
Like most altcoins, Ontology also saw a lot of backward movements over the past few months. In fact, despite a series of brief rallies, its charts have also been marked by a series of sharp price drops. At the time of this writing, ONT was noticing one of these price drops, with the altcoin at more than 18.5%. However, it remained uncertain whether Ontology would be able to maintain its price level around the $ 0.58 mark.
While the width of the Bollinger Bands continued to hold steady to indicate some degree of short-term volatility, the Relative Strength Index was mediating around the neutral zone, even though it was pointing south.
Jun Li of Ontology is one of many who believe that digitization is inevitable, with the founder of the cryptocurrency declaring “All types of currency or fiat will be digitized or programmed,” during a recent interview.
Zcash, one of the biggest privacy coins on the market, like Bitcoin SV and Ontology before, noticed a sharp rise in value in mid-January. However, like those altcoins, ZEC was also the victim of a downtrend, with crypto falling more than 16% on a weekly basis, at press time. While ZEC was trading far away from its support level, it seemed unlikely that the crypto was heading to break its local ceiling anytime soon.
The ensuing downtrend in the market was highlighted by Zcash market technical indicators while the signal line was well above the MACD Line, the impressive Oscillator Histogram flashed red, despite the bears apparently losing momentum.
The cryptocurrency made headlines a few weeks ago after it was announced that Bittrex would remove popular privacy coins like Monero, Zcash, and Dash.