The last few days illustrated Bitcoin’s dominance on the rest of the crypto-market. Before BTC hiked to breach the $53,000, $54,000, and $55,000-levels, it was consolidating between $50k and $52k. However, while this was a healthy consolidation, many altcoins didn’t think so, with the likes of Tezos and BAT soon correcting on the charts. Dash was an exception, however, with the privacy coin continuing to hike.
It’s been an odd few weeks for Tezos. While XTZ did climb to a new ATH recently on the back of the general market’s bullishness, the cryptocurrency was ranked all the way down at 25th on CoinMarketCap’s charts. In fact, soon after the said ATH was hit, corrections set in, and coupled with Bitcoin being confined within a set trading range, XTZ fell.
Over the last few days, however, Tezos seemed to have recovered, with the cryptocurrency up by 15% in the last three days. With the world’s largest cryptocurrency now valued at over $55,000, XTZ is likely to be bound for more price discovery.
While the Parabolic SAR’s dotted markers were well below the price candles and highlighted the optimism in the market, the Chaikin Money Flow was well above 0.10, a sign of capital inflows gaining strength.