Weekly Crypto Report, ADA is the coin in charge

Table of Crypto performance jul 3

GENERAL OVERVIEW

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

The market keeps being in a lateral phase. After several attempts at USD 10’000, Bitcoin does not seem to have the strenght to make another push. Volumes are lowering more and more with each week. Still, total market capitalization is not dropping significantly and BTC’s dominance is not increasing either. In other words, we are not in a typical crypto bear market scenario.

Traditional financial markets had a good week despite Covid-19 registering its record daily cases in the USA. The labour market is signaling a recovery and investors are focusing more and more on the tech sector, with growth companies resulting particularly appealing in a low-interest rates framework.

Bitcoin price graph  jul 3

Bitcoin had a flat week, closing at 9’086 USD,  down 1.32% w/w.

From a technical point of view, BTC tested the USD 9’000 level downward two times this past week but the support was at the end able to held. This kind of testing, combines with the low volumes, is not encouraging by any means. However, crypto market is coming from months of rally and a lateral trend was to be expected at some point.

Overall, top coins performed in line with BTC and this is reflected in our indexes below.

Crypto Index Performance Graph jul 3

TOP PROJECTS

Six top coins were able to significantly overperform BTC this week, albeit only three significantly. The top performers were Tron (TRX), Iota (IOTA), and Cardano (ADA).

crypto return standard deviation scatter jul 3

Cardano (ADA) posted the best result once again, finishing the seven days period with a 20.62% w/w increase and a price of 0.0982 USD. On July 7th, the long-awaited Shelley upgrade of Cardano’s mainnet will finally launch. This is the biggest matter of discussion for weeks now among tech developments of major projects and we will see how ADA price will react after the date.

ADA price graph jul 3

On the other hand, Tezos (XTZ) was the worst project in our sample, losing 9.21% of its value during the week after its hard fork.

In the last 30 days, ADA and Chainlink (LINK) are the only coins registering a positive return, confirming the weakness of the market.

crypto returns volatility jul 3

TECHNICALS

Crypto price range jul 3

Looking at the last seven days’ prices, we see how ADA and LINK are trading near the top of their respective price range. XTZ and Dash (DASH) are showing the weakest setting.

crypto top projects technical signals weekly jul 3
crypto top projects technical signals monthly  jul 3

On a weekly basis, the majority of the coins reflect the lack of movement seen in the market. Some of them are approaching an overbought level according to RSI but this is not supported by good volumes. On a monthly basis, XRP is looking oversold.

30 days price range top crypto projects jul 3

On a monthly basis, ADA and LINK stand out as the healthiest coins as already mentioned.

weekly price frequency distribution crypto bitcoin  jul 3

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. Apart from the already mentioned projects, it is interesting how both Eos (EOS) and Monero (XMR) are trying to find new fair price level with respect to BTC with respect to what we have seen in the past seven days.

30 days ratio histogram vs bitcoin jul 3

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 03th of July 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.