In this report, we try to provide an overview of the crypto market during the last week with a different focus with respect to our other analyses. The focus will indeed be on market capitalization and based on this parameter the projects have been divided into three groups: top, medium, and small*. For each category, we provide insights about the overall performance of the group, the correlation between the various group components, and a special focus on the best/worst performing projects of each group.
The last seven days saw an outstanding positive performance of the market, with BTC leading the market through levels last seen in March. While we are writing, the uptrend is still going on strongly. At the end of the period, Bitcoin recorded a performance of +17.33% w/w, good for a close at 8285 USD.
On Friday 29th, BTC was able to break the 99-periods daily moving average. It was the same level that it broke down in the early days of march and led to the minimum of the market in that month. The upward violation was, therefore, a very good technical sign for the market. All the different market capitalization-based indexes converged to close the week, with the market clearly going one-way.
The level of correlation between the three groups was very high during the week, with the correlation between top and small projects showing the lowest value at 0.78.
We will see later how the intra-group correlation was, on the other hand, significantly lower than last week for all the groups.
The Top Projects, i.e. our selection of projects with a high market capitalization, were the worst-performing group during the past seven days.
Still, as we said earlier all the groups converged at the end of the week so there was no meaningful difference. All the coins closed the period with a positive result and thirteen coins out of sixteen reporting a double-digit gain. Overall, the results were in a range between +2.53% and +40.42%, with the median result being +16.53%.
The intra-group correlations were considerably lower than the last week, with Stellar Lumens (XLM) showing the lowest correlation level at 0.58.
On the other hand, the worst performing project was Chainlink (LINK), which was still up 2.53% in the last seven days.
Our selection of medium-sized projects was completely in positive territory in terms of results, ranging from +3.08% to +24.72%. They fared slightly better than the top projects on aggregate, with a median level of around +19.00%.
The intra-group correlations for medium-sized projects were also significantly lowered than last week on aggregate, with LISK (LISK) showing the lowest level, approaching 0.3.
The best performing project was ICON (ICX), closing the week at +24.72% w/w with a price of 0.2911 and almost 160 million USD in terms of market capitalization.
On the other hand, Zcash (ZEC) was the worst performer of the group, closing the week at 45.48 USD for a +3.08% w/w return and around 430 million USD market capitalization. ZEC, however, was the best in its group last week.
Our selection of projects with the lowest market capitalization had the best week in terms of performance, with results ranging from +8.57% to +25.90% with a median value of +17.03%. Eleven out of twelve projects also finished with a double-digit positive result, which is the best percentage among all the groups.
The correlation between small projects was the lowest on an aggregate level and significantly lower than last week, with Blockstack (STX) showing a level of 0.23.
MCO (MCO), was the worst performer of the week but still recorded a +8.57% result and a price of 5.39 USD which leads the market capitalization up to almost 90 million USD.
The views expressed in this report reflect the analysts’ personal views about the cryptocurrencies subject of the report. These views may change without notice and are subject to market conditions. The report is prepared for information purposes only and by no means constitutes a solicitation to investment or disinvestment. All the data are taken from Binance at 14:00 UTC on the 29th of April 2020. USD and USDT are used interchangeably for illustration purposes. All the presented valuations, indicators, and analyses are subject to errors. The report is for personal use only and should not be republished or redistributed.