Weekly Crypto Report, the market is coasting to the summer

Table of Crypto performance jun 19

GENERAL OVERVIEW

The last week was a bad one for the crypto market, which registered negative returns for the vast majority of the project in our sample. Indeed, just three projects out of seventeen posted a positive result.

It is the second consecutive week of weakness after the past one, albeit less significant in absolute terms. The mood in the crypto space seems worsening and volumes are back to the levels of the start of the year.

Traditional financial markets registered the second negative week as well and inverstors are more and more worried about a possible second wave of Covid-19 infections. After months of bull market, cryptos need a boost of some sort in order to keep going, apparently as much as stock markets do.

Bitcoin price graph jun 19

Bitcoin had a flat week, closing at 9’364 USD,  down 0.57% w/w.

From a technical point of view, BTC recovered well after falling briefly below 9’000 USD on June 15th. The coin is going through a lateral trend at the moment and it does not seem to have the traction to push the 10’000 USD level. It still remains one of the most resilient top cryptocurrencies and it is going to be interesting to see how it will react to a summer possibly charachterized by low volumes and general volatility.

Overall, top coins performed again worse than BTC and this is reflected in our indexes below.

Crypto Index Performance Graph  jun 19

TOP PROJECTS

BTC overperformed again the vast majority of the coins we cover. The exceptions were Chainlink (LINK), Tezos (XTZ), and Cardano (ADA).

crypto return standard deviation scatter jun 19

We already mentioned how all the other projects reported a negative result. The positive performers were among the best coins of the past months and were three platform projects whose technical features have been pretty attractive for investors recently.

Cardano (ADA) posted the best result, finishing the seven days period with a 2.29% w/w increase and a price of 0.0803 USD. There is nothing new to see here, with the Shelley upgrade of the mainnet of the project nearing and keeping the focus on the coin after months of relative overperformance with respect to peers.

ada price graph  jun 19

On the other hand, Neo (NEO) was the worst project in our sample, losing 5.30% of its value during the week after its hard fork.

In a wider period, ADA is besting the peers by far, while IOTA (IOTA) and Ethereum (ETH) are battling for the second place.

crypto returns volatility jun 19

TECHNICALS

Crypto price range jun 19

Looking at the last seven days’ prices, we see how none of the coins is too near to its max or low of the respective range. All the coins are in the middle zone, reflecting the relative quietness of the market.

crypto top projects technical signals weekly jun 19
crypto top projects technical signals monthly jun 19

On a weekly basis, the majority of the coins reflect the lack of movement seen in the market. Moving averages differences and MACD are not providing clear indications either. On a monthly basis, we have some coins approaching the oversold level according to RSI.

30 days price range top crypto projects jun 19

On a monthly basis, ADA is the only coin significantly trading in the upper hand of their range.

weekly price frequency distribution crypto bitcoin jun 19

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. DASH (DASH) is certainly showing weakness with respect to BTC together with Binance coin (BNB), which is the same setting we can observe on a wider period.

30 days ratio histogram vs bitcoin jun 19

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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 19th of 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.