Weekly Crypto Report: Altcoins acceleration led by XTZ, is an altseason looming?

Table of Crypto performance May 22

GENERAL OVERVIEW

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.

We still don’t know if a new altseason is preparing or if this week was just a coincidence. However, BTC’s dominance is still very high historically and a rebalancing between Bitcoin and the field is long due. As we will discuss later, some of the biggest projects are also enjoying recognition from traditional institutions, which bodes well for the sector.

As already mentioned, Bitcoin had a mildly negative week, closing at 9’135 USD,  down 3.59% w/w.

Bitcoin price graph May 22

Technically speaking, 10’000 USD keeps being a crucial level for BTC, which actually lacked the momentum to make a serious push to that level during the last seven days, topping at 9’950 USD and then falling back. However, the overall mood of the market seems positive and we expect 10,000 USD to be tested again soon.

As already mentioned, top projects overperformed BTC on aggregate and this is reflected in our indexes.

Crypto Index Performance Graph April 22

TOP PROJECTS

An altcoin season could be looming behind the scenes. The median performance in our 17-coins sample was +0.23% w/w, circa 5% higher than the last week and all of this with BTC dead last in our sample in terms of performance.

crypto return standard deviation scatter May 22

Nine projects out of seventeen were able to finish the week with a positive result and one was able to finish with a double-digit gain, namely Tezos (XTZ).

The field was basically split in half, with the actual positive take being the relative performance of altcoins and not the absolute one.

XTZ price graph May 22

On the other hand, Bitcoin (BTC) has been the worst performer as already stated.

On a wider period ADA keeps being the best performer, with NEO close enough and BTC still overperforming the vast majority of the other coins.

crypto returns volatility May 22

TECHNICALS

Crypto price range may 22

Looking at the last seven days’ price range, Tezos and NEO look like the healthiest projects in our group, while Monero (XMR) joins BTC as the coin trading the nearest to its lowest price of the week..

crypto top projects technical signals may 22
crypto top projects technical signals may 22

On a weekly basis, the majority of the coins are in overbought or near-overbought territory according to RSI. Nor moving averages’ difference nor MACD signal seem to represent a possible uptrend incoming.

30 days price range top crypto projects may 22

On a monthly basis, no coin is appearing to be in overbought territory according to RSI, nor in an oversold one. MACD is possibly signaling the start of an uptrend for the majority of the coins. However, that does not appear to be the case for BTC which, on the other hand, just got a positive signal from moving averages’ crossing.

weekly price frequency distribution crypto bitcoin 22 may

We proceed to have a look at the frequency distributions of the coins’ price in terms of satoshis to have a look at the relative performances. IOTA (IOTA), NEO(NEO), Chainlink (LINK), Stellar Lumens (XLM), and Ethereum (ETH) are trading at their highest level of the week relatively to BTC.

In a wider period, BTC position becomes stronger, with ADA and NEO showing the best relative positioning.

30 days ratio histogram vs bitcoin

DISCLAIMER

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 22th of May 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.