Cryptocurrency Relative Strength Analysis Report For Week Starting 8/12/19

When you think about Cryptocurrencies, one name immediately comes to mind, Bitcoin.  Since the creation of Bitcoin, there has only ever been one cryptocurrency at the top of the market cap rankings…Bitcoin. 

When the price of Bitcoin rises, generally you can expect altcoin prices to rise with it. Likewise, when the Bitcoin price drops, altcoins also follow. And sometimes when Bitcoin is rising, the altcoins are declining due to cash moving from the altcoins to Bitcoin and vice versa.

Source Image

Bitcoin dominance is used to measure the percentage of the cryptocurrency market that can be attributed to Bitcoin. Thus, it’s very easy to determine the relative strength of Bitcoin at any point. Not the case for the altcoins…until now. I have taken the more popular altcoins and determined their relative strength, relative to Bitcoin using just moving average.

Binance

This image has an empty alt attribute; its file name is image-197-1024x483.png

EOS

This image has an empty alt attribute; its file name is image-198-1024x484.png

Ethereum

This image has an empty alt attribute; its file name is image-199-1024x485.png

Litecoin

This image has an empty alt attribute; its file name is image-200-1024x478.png

Neo

This image has an empty alt attribute; its file name is image-201-1024x483.png

Steem

This image has an empty alt attribute; its file name is image-202-1024x484.png

Tron

This image has an empty alt attribute; its file name is image-203-1024x483.png

Zcash

This image has an empty alt attribute; its file name is image-204-1024x482.png

Based on the moving averages and the last daily closing price, relative to the moving averages,

the altcoins relative strength, relative to Bitcoin are the following:

This image has an empty alt attribute; its file name is image-205.png

Two Weeks Ago

This image has an empty alt attribute; its file name is image-317.png

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

About the author: TIMM Trader
Uniting Experts & Novices for Mutual Profit!

Add your Scripsio!

Join Scripsio and write what you write!
Be a part of the Scripsio community. Share what you have written.

Comments

No comments yet