Despite a slight pull-back during the past weekend, the cryptocurrency market especially alternative coins (Altcoins) are seeing swift recoveries as they slowly take back market dominance of Bitcoin which sits around 61.7% at the moment.
The SCN30 Index is on its two weeks consecutive rise with a brief cool down during Sunday to Monday. In the past 7 days, SCN30 Index has increased 23% from 202 points to 249.26 points as it continues to make new all-time-highs (ATHs.) However, no constituents have seen a change in the ranking in the past week.
Ripple (XRP) is a notable high-cap Altcoin, gaining more than 40% during the past 7 days. While the cryptocurrency bellwether Bitcoin adjusted 4.84% upward. Traditional assets such as gold yielded 2.62%, the S&P 500 (SPX) at 1.7%, and NASDAQ (NDX) coming in hot at 3.57%.
The leader of the Altcoins pack, Ethereum (ETH), performed outstandingly with a 21% increase in price during the past week and a more than 60% rise in less than 14 days. The popularity of decentralized finance (DeFi) projects which mostly are being built on Ethereum’s blockchain continue to fuel up the hype. These ERC-20 tokens are making a comeback after the 2017’s ICO craze as ChainLink (LINK) and Crypto.com coin (CRO) are both shredding the market with incredible gains.
ChainLink is no doubt one of the top-performing Altcoins in 2020. The year-to-date (YTD) return of LINK is at 387.94% and is currently ranked number 9 on SCN30 Index with a market cap of $2.9 billion.
The price structure of LINK is clearly in an uptrend. Since its break above $5 level on July 6, LINK has entered a price discovery stage which subsequently took it to a new ATH at $9.46. The recent sell-off took LINK down to retest the 161.8 Fibonacci level which provides incredible support at slightly above $7 level.
In the long-term, LINK offers high fundamental value as most of the DeFi projects will solely rely on LINK as a trustable gateway that connects real-world data and on-chain data.
Crypto.com coin’s (CRO) price structure is one of the most solid uptrends you will ever see. Since the COVID panic sell-off in March, CRO has been on a steady rise with only occasional, slight pull-backs but never once did these dips break the overall uptrend structure. The low volatility, compared to other Altcoins, along with high-interest rates when deposited on the Crypto.com website made the coin ideal for mid to long term investors.
From the technical perspective, CRO continues to push for new ATHs and is riding along the Speed Line (in yellow.) Traders can utilize the 9 and 25 days exponential moving average (EMA9 / EMA25) to identify short term support levels. The current price target is at the 261.8 Fibonacci level at $0.194.
The YTD returns for CRO is at a whopping 400% and it is now ranked number 8 on the SCN30 Index with a market capitalization of $3.14 billion.
Disclaimer: This analysis is the view of the author’s alone, and does not in any way represent trading advice. all traders should trade at their own risk.
You may also want to read: Crypto Market Cools Off Over the Weekend – Bullish Trend Still Intact?