In this report, we try to provide an overview of the crypto market during the last week with a particular focus on three main categories of cryptocurrency projects: currencies, platforms, and tokens. For each category, we provide insights into the overall performance of the sector, the correlation between the various sectorial components, and a special focus on the best/worst performing projects of each sector.
The last seven days were positive overall for the cryptocurrency market, with all our sectors registering a positive performance for the second consecutive week.Currencies, Platforms and Tokens were all able to overperform BTC. After a week of Platforms’ dominance, Tokens are back in full swing as the best performing sector according to our indexes. Platforms still managed to hold the second spot, while Currencies were the worst-performing sector, having been affected by a subpar BTC performance.
BTC’s dominance is slowly declining and Altcoins added almost 4 billion USD overall since the start of June to their market capitalization. Being this the start of a new Altseason or just a temporary phenomenon, we cannot but recognize how the market started a new phase basically since BTC halving happened.
Sectors showed a significantly higher level of correlation with respect to the past week.
All sectors showed a high level of correlation with the others, with no value falling below 0.8.
Projects whose main feature is to be used as a medium of exchange have shown moderately positive results during the last seven days, with performances ranging from -5.64% to +13.26%. The median value was a positive +0.04% w/w, down almost seven percentage points with respect to the past week.
Two coins finished with a double-digit gain, namely Nano (NANO) and Beam (BEAM). Half the coins reported a negative result and the quiet performance of BTC affected the whole sector. BTC was up 1.12% w/w and is still trying to make a push for the 10’000 USD level.
Currency projects showed a higher level of correlation with respect to last week, with an average level of circa 0.67. Beam (BEAM) and NANO (NANO) showed again the lowest level in the sector with values around 0.5. Once more, NANO show the lowest level of correlation with its peers, this being the fifth consecutive week.
Nano was the best performing coin during the past seven days among currencies. NANO closed the week with a price of 1.0359, good for an impressive +13.26% w/w return.
The coin reached the 1 USD level for the first time since February 19th.
The following graph shows the frequency distribution of the value of the currency projects with respect to BTC. Ripple (XRP) appears to be the weakest project in terms of its trading level with respect to BTC in the last seven days.
The Platforms category could not keep the best performing sector position occupied last week but still offered overall good performances. Platforms performed well on average, with results ranging from -6.73% to +24.80% w/w and a median result of +3.10 w/w, which is about five points lower than the last week.
23 coins out of 36 finished the week with a positive result. 6 coins reported a double-digit gain, with two of them even crossing the 20% w/w increase mark. No project reported a significant loss, with just two of them crossing the -5% mark downward, namely Neo (NEO) and Algorand (ALGO).
Correlations have been higher than the past week overall, with an average level approaching 0.45. Zilliqa (ZIL) posted the lowest correlation with peers with a level approaching 0.2.
Zilliqa was the best project of the week, rising to 0.02169 USD with a +24.80% positive performance. The coin has been a regular host of our reports and is up more than 300% since the start of May.
Aion (AION) finished just shy of the first place with a 24.76 w/w return.
Tokens were the best sector during the past seven days, with 12 coins out of 18 closing with a positive result. Performances ranged from -7.79% to +39.40% and resulted in a +8.13% median value, with eight of the coins closing with a double-digit gain.
The intra-sectoral correlation has been significantly higher than last week even for Tokens, with an average level under 0.4. iExecRLC (RLC) registered the lowest level in the sector approaching 0.2.
RLC was the best performer of the sector, closing the period at 0.5488 USD with a 39.40% positive performance w/w. With this performance, the coin is now up circa 200% since the lows of March.
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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 15:00 UTC on the 08th June 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.