After a brief phase that saw a lot of crypto-market trading to the side, the past 6 to 12 hours have seen a lot of movement on the price charts. Not only did Bitcoin, the world’s largest cryptocurrency, surpass the $ 50,000 mark to trade at $ 51,610 at press time, others in the market have rallied as well, with companies like Litecoin, Ontology and VeChain doing the same.
Popularly dubbed Bitcoin’s silver to gold, Litecoin’s price movements have often matched those recorded by the world’s largest cryptocurrency. While Litecoin once traded at a 3-year high well above $ 230 on the charts, it quickly fell to $ 160 thanks to the depreciation of BTC. With Bitcoin winning at press time, Litecoin followed suit, with crypto trading just below $ 200.
Following BTC’s latest foray above $ 50k, Litecoin recorded gains of over 12% over a 12-hour period.
In fact, the magnitude of the gains recorded over the past few hours has been highlighted by the crypto’s technical indicators. While the Parabolic SAR the dotted markers were well under candle prices, the Chaikin Money Flow exceeded 0.20 to underline the strength of entry into the LTC market.
Litecoin was in the news yesterday after creator Charlie Lee drew a comparison between the altcoin mania of 2013, the ICO fever of 2017, and the NFT craze of 2021.
Ontology, the 77th-ranked cryptocurrency on CoinMarketCap, like Litecoin, has also increased thanks to the move in Bitcoin. In fact, in the last 12 hours alone, ONT has seen a 13.5% increase. Although this is a significant rise, at the time of writing, the ONT continues to trade at a level that was well below its high prices from the third week of February.
Additionally, it should be noted that due to a lack of organic developments in its ecosystem, it is currently unclear whether ONT would be able to maintain its bullish movement if Bitcoin corrects itself.
While the Bollinger bands widened slightly to indicate an increase in short-term volatility, the MACD the line held above the signal line with both ready to cross the half line.
Ranked 30th on CoinMarketCap’s charts, VeChain, like the rest of the market, was heading north on the back of the general bullish movement in the crypto market. In fact, after rising 9% in the past 12 hours, the cryptocurrency was well on its way to breaking through its immediate resistance level on the price charts.
It should be mentioned, however, that despite this rise, trade volumes for VET were still average, similarly below the levels seen in mid-February. It was around this time that the popular crypto exchange KuCoin announced the launch of VeChain Futures.
While the relative strength index was heading towards the overbought zone, the Awesome oscillator blinking bullish signals with two green bars on the histogram.
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