The past week was very positive for the cryptocurrency market, which saw good performances all over the Place among top projects. It Is interesting to note how all the coins we follow consistently overperformed Bitcoin in the last seven days.
BTC dominance is falling and we could be already looking at the birth of an altseason. Surely, such a positive trend for altcoins put the focus out of Bitcoin and is a healthy sign for the market. We are indeed still observing historically high levels of dominance. In such a contest, top coins overperformance with respect to BTC could represent an effective recognition on behalf of investors of the goodness of blockchain technology.
The cryptocurrency market seems not ti be too much affected by a covid situation which Is still not under control worldwide. On the contrary, while traditional financial markets appear to be trying to establish a fair price level after a months-long bull run, cryptos seem even stronger.
Bitcoin had a positive week, pushing over 9’400 USD and falling back in the final couple of days to finish the period just shy of 9’200 USD and a +1% performance w/w. During the past weeks, BTC showed some weakness falling below 9’000 USD. However, the level held and this probably brought some confidence to the whole crypto market.
Overall, top coins performed clearly better than BTC and this is reflected in our indexes below.
SAltcoins had a very positive week, with all the coins bar BTC finishing the week with at least a 4% return for the period.
The overperformance was significant and well widespread among top projects and investors probably got back at coins recently less under the spotlight coins.
Stellar Lumens (XLM) was the best performing coin and reported a 26.9% rise w/w. XLM broke a significant resistance in order to realize this week’s performance and the social mentions for the coin reached values not seen for months. The platform projects were overshadowed by peers in the last months and its comeback is in line with the whole altcoins behavior of the past week. Other platform coins like Cardano (ADA) and Chainlink (LINK) showed very positive performances, while also Ripple (XRP) realized a double-digit gain after a prolonged period of relative weakness.
On the other hand, BTC was the worst project in our sample.
On a wider period, platforms still dominate the field with Cardano comfortably holding the top spot in terms of returns in the last 30 days together with LINK.
Looking at the last seven days’ prices, we see how all the coins are trading near the middle of their respective price range.
On a weekly basis, the majority of the coins represent a positive setting according to the difference between MA50 and MA200.
On a monthly basis, BNB and LINK stand out as the healthiest coins.
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 Binance Coin (BNB) and Monero (XMR) are showing a healthy price level with respect to BTC.
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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 14:00 UTC on the 10th 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.