The altcoin market has historically been closely linked with the performance of the Bitcoin market, thanks to the high correlation indices these alts share with the king coin. Off late, however, many of these cryptocurrencies seem to be bucking this trend. While Bitcoin continues to stagnate on the charts, the market’s altcoins are rallying. The cases of Tezos, Hedera Hashgraph, and Crypto.com Coin are no different.
Tezos, presently the market’s 13th largest cryptocurrency, seemed to have reversed the downtrend. While the same was triggered by Bitcoin’s brief hike on the 6th, XTZ has continued to gain significantly on the charts. At the time of writing, XTZ was up by 19% over the last 7 days, with the crypto recording YTD gains of 121%.
Its market indicators highlighted the sudden trend reversal in the market. While Parabolic SAR’s dotted markers had flipped bullish on the charts, MACD line was well over the Signal line.
Tezos was in the news recently after Bolt Labs launched a private payment solution, zkChannels, on the Tezos blockchain.
Hedera Hashgraph [HBAR]