This week’s top crypto performers include Ethereum Classic (ETC), IOTA (MIOTA), Cardano (ADA), Tron (TRX), and Stellar Lumens (XLM). All these currencies are paired against the US Dollar, the world’s reserve currency. Meanwhile, the bitcoin price has sunk to $9,500, though it’s expected to recover shortly.
Ethereum Classic was the best performing currency this week by a large margin. This is due to the fact that the Atlantic hard fork is coming up. Prior to these forks, traders always try to buy the coin in the hope of making a profit from the extra coins that are gifted as a result of the split. ETC Labs also announced that North Block Capital has joined its program, which also led to an appreciation in its value.
IOTA, the internet of things cryptocurrency network, comes second in this week’s top performers. This is largely due to the announcement of its multifunctional robotic vehicle, which will use IOTA machine-to-machine payments. IOTA is a great long term investment that has significant associations with corporations and regional departments across Europe. It is involved in a number of smart city initiatives.
Cardano (‘ADA’) has had a good week as the third-best performing cryptocurrency. It may be attempting to make its way back into the top ten. It’s currently trading near a support range that could be a solid investment for traders. But if this support line is broken through, the advantage will be with the bears. If this support line is to break, it could test yearly lows approaching $0.0282. A breakout could see the price move to $0.10.
The amount of decentralized Tron applications continues to rise, and the entire ecosystem has been improved with significantly faster transaction times. The issue with this pair is that it’s seeing resistance and could soon see a reversal. Traders are advised to wait until the price indicates a breakout before attempting to place any long positions.
Stellar Lumens (‘XLM’) is a network aiming to bank the unbanked, and was founded by the same person who started Ripple. The currency pair ended up relatively flat in the past week and is best avoided. It has a negative RSI and both moving averages are sloping downwards, which indicates that bears have the upper hand. Watch this pair and when you see upward momentum, jump on the wave.
Bitcoin traders are around the $9,500 mark. This is the area it has been trading around in the past two months. It’s expected to recover past $10,000 and quite possibly to $11,000 in the next two weeks, which could be a prime opportunity for ambitious traders. Remember that nearly all cryptocurrencies, including the ones listed above, are positively correlated to the price of bitcoin. Which means that they follow its price, by and large. Some coins are more correlated to the bitcoin price than others.