The effects of Bitcoin’s recent collapse were far-reaching, with many of the market’s altcoins noting repercussions on their own price charts. The likes of Bitcoin Cash, Synthetix, and VeChain weren’t immune to these effects either, with all the value of all these alts falling dramatically. It should be noted, however, that the depreciation in the value of the world’s largest cryptocurrency also snuffed out a lot of the momentum most of these altcoins had. At press time Bitcoin was being traded at $10,458 after having endured a 3.45 percent drop over the past 24-hours.
Bitcoin Cash [BCH]
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One of the crypto-market’s most popular fork coins, Bitcoin Cash was one of the alts that fell significantly on the back of Bitcoin’s own depreciation. While BCH did fall by almost 25% on the charts, it should be noted that the same was preceded by a hike that saw BCH climb by 11%. Owing to these developments, Bitcoin Cash was continuing to trade at its June-July 2020 levels, with all of its August 2020 gains wiped out, at the time of writing.
The nature of BCH’s movement over the past month shared similarities with its larger movement over the rest of the year, with BCH registering YTD gains of just over 9%
While the Parabolic SAR’s dotted markers were well above the price candles and pointed to a bearish market, the MACD line was well under the Signal line on the charts.
On the community side, Bitcoin Cash has been at the center of a lot of debate, especially since a new blockchain development funding proposal was presented.
Synthetix has been one of the crypto-market’s most talked-about projects over the last few months. However, the pace of the same rose exponentially in the month of August, with SNX soaring on the charts. A major reason behind the soaring popularity of projects like Synthetix is the boom in the DeFi space. This is evident by the fact that at the time of writing, the Total Value Locked in Synthetix was upwards of $750M.
However, like other alts, SNX wasn’t immune to Bitcoin’s fall either. While it fell by 30% over the past few days after touching its new ATH, the TVL figures dropped from well over $1 billion.
The widening mouth of the Bollinger Bands suggested more volatility was expected to come, while the Relative Strength Index highlighted that sellers were gaining momentum in the market.
VeChain, the market’s 28th-ranked cryptocurrency, has performed well over the course of 2020. While its price performance this year hasn’t been as great as the likes of Chainlink or many of the market’s DeFi projects, VET was still noting YTD gains of almost 140%, at the time of writing. Unlike most alts, VET’s growth on the charts since mid-July has been limited to a tight trading channel, with the crypto falling by over 28% on the back of Bitcoin’s most recent depreciation.
Further, at the time of writing, VET was trading at levels last seen in the first week of July, with the crypto very close to its support level.
While the Awesome Oscillator pictured minimum market momentum, the Chaikin Money Flow was well under 0 and pointed to growing capital outflows.