Currently, the coin showing the lowest level of correlation is IoTeX (IOTX). IOTX has a price of 0.005 USD and a market capitalization of almost 28 million USD, up more than 100% in the last month.
In this post we give a picture of the technical setting for the cryptocurrencies that we usually cover in our Weekly Reports. First, we provide a recap table of all the coins we cover, divided according to trend and momentum indicators and evaluated according to the technical setting for 1 hour and 1 day candles.
The last week was an average one for the market, but there are good signs for Altcoins. Top coins are not living with anxiety the stalemate of BTC in facing the 10’000 USD level. Conversely, they are overperforming BTC alltogether, with Bitcoin being the worst performer in our ranking this time.
The last seven days were positive for the cryptocurrency market. All our size-based groups registered performance in the green, with a generally positive mood of investors about the space. Small coins were the best performers by far, with the index finishing circa seven points ahead of competitors. Bitcoin overperformed both Mid-cap and Top coins, but these three groups finished with a very similar performance overall.
The gif above shows how the different cryptocurrency projects recovered after the Covid crash of March. Roughly half of the projects registered a positive performance, with BTC posting an over 20% increase with respect ti the pre-crash level.
Currencies, Platforms and Tokens were able to overperform BTC and close with very significant gains. BTC halving was followed by a very sharp rebound of the market, which is additionally now not anymore focused on the much anticipated event. Therefore, gains are much better widespread between sectors than they were during the pre-halving week.
Scatterplot of 30 days crypto currency projects returns and volatilities. NANO and DOGE top bitcoin’s peers
Recap of trend and momentum indicators for cryptocurrency projects on 1hr and 1day timeframes
The correlation matrix above refers to the last 30 days. It is possible to see how correlations were pretty high among top crypto projects, with the average value slightly higher than 0.75.
Stellar Lumens (XLM) showed the lowest level, approaching 0.65 during the period. We cover top projects in our weekly reports.
The halving frenzy was in full swing for BTC and cryptocurrencies in general during the past week. The event was in the spotlight even in mainstream investment channels. Past halving events were followed by important price increases over time. This and fundamentals related reasons like decreasing BTC inflation led some to think that the halving could have been a catalyst for a rally of BTC price. That could still very well be the road, but it does look like some more time will be needed.