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 very positive performances overall in the cryptocurrency market, with improvements coming at all levels of market capitalization. The second half of the week actually saw even an acceleration of the trend, which gained positive momentum.
Cryptocurrencies benefited from the improvement of mood in traditional financial markets. Bitcoin pushing more and more far from USD 9’000 also played a role and contributed to the positive mood.
The level of correlation between the three groups was significantly low. Small-cap and Mid-cap coins registered the lowest level of correlation at 0.1.
The Large projects, i.e. our selection of coins with a high market capitalization, were the third-best performing group during the past seven days, still registering very positive results all over the field.
All the coins registered indeed a positive result, with six of them also reporting a double-digit gain. Overall, the results were in a range between +1.65% and +34.4%, with the median result being -+8.27%. Overall, losses were pretty not worrisome. Considering that BTC had a positive but not impressive week, Large-cap results were on the other hand pretty impressive.
The intra-group correlations were low at 0.62 on average, with Chainlink (LINK) posting the lowest level at circa 0.43.
Cardano (ADA) had the best week among all the top projects, rising 34.4% to 0.126 USD. ADA market capitalization is now over 3.3 billion USD.
On the other hand, the worst performing project was Bitcoin itself, which still closed the week with a +1.65% w/w price increase.
Our selection of Mid-cap coins reported the best performance overall. The performances ranged from -0.15% to +110.7%. The median performance was +10.72% w/w. Eleven coins reported double-digit gains, while only one reported a loss, namely Basic Attention Token (BAT).
The intra-group correlations for Mid-cap coins were low with an overall average value of 0.33. Dogecoin (DOGE) posted the lowest value at 0.15.
On the other hand, Basic Attention Token (BAT) was the worst performer of the group, closing the past seven days at 0.26 USD for a -0.15% w/w return and around 385 million USD market capitalization.
Our selection of small-cap coins had the second-best performance among our aggregates with results ranging from +0.95% to +37.58% w/w and a median value of +11.36%. Nine projects out of sixteen finished the week with a double-digit positive result, with none pposting a double-digit loss.
The correlation between small projects was the lowest among our groups with an average of 0.19, with Nuls (NULS) posting the lowest level approaching 0.13.
The best performer of the week in the group was Harmony (ONE), closing the period at 0.00637 for a +37.51% w/w return and a market capitalization approaching 40 million USD.
Mco (MCO) was the worst performer of the week and recorded a +0.95% result and a price of 4.35 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 15:00 UTC on the 8th 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