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 moderately positive performances overall in the cryptocurrency market. All the indexes overperformed BTC, which finished the week with a negative result. No one overperformed the others and the only clear trend going on is the overperformance of Altcoins with respect to BTC.
The mood of the market deteriorated in the final days of the analysis’ period at all levels of capitalization after reaching a peak during Jul 13th.
The level of correlation between the three groups was significantly low. Small-cap and Large-cap coins registered the lowest level of correlation at 0.14.
The Large projects, i.e. our selection of coins with a high market capitalization, performed positively for the week and in line with the other three indexes.
Six coins registered a positive result, with three of them also reporting a double-digit gain. Overall, the results were in a range between -6.3% and +35.11%, with the median result being -1.87% and the overall performance skewed by the top performers. Overall, losses were not significant and no coin reported a double-digit loss.
The intra-group correlations were in line with last week at 0.6 on average, with Chainlink (LINK) posting the lowest level at circa 0.44.
Chainlink (LINK) had the best week among all the top projects, rising 35.1% to 8.40 USD. LINK market capitalization is now approaching 3 billion USD and the coin registered its all-time high price this week.
On the other hand, the worst performing project was Bitcoin Cash, which closed the week with a -6.3% w/w result.
Our selection of Mid-cap coins reported a positive performance overall, in line with the other groups. The performances ranged from -21.27% to +17.28%. The median performance was -0.025% w/w, circa 10 points lower than the previous one. Ten coins reported positive results, with five double-digit gains.
The intra-group correlations for Mid-cap coins were in line with last week with an overall average value of 0.37. Ravencoin (RVN) posted the lowest value at 0.26.
The best performing project was Cosmos (ATOM), closing the week at +17.28% w/w with a price of 3.97 USD and a market capitalization of over 750 million USD.
On the other hand, Dogecoin (DOGE) was the worst performer of the group, closing the past seven days at 0.003098 USD for a -21.27% w/w return and around 390 million USD market capitalization.
Our selection of small-cap coins had as well a positive performance in line with the other aggregates with results ranging from -17.17% to +23.80% w/w and a median value of +1.42%, circa 10 percentage points lower than past week. Four projects out of sixteen finished the week with a double-digit positive result, with six posting a double-digit loss.
The correlation between small projects was the lowest among our groups with an average of 0.19, with Mithril (MITH) posting the lowest level approaching 0.14.
The best performer of the week in the group was Holocoin (HOT), closing the period at 0.000703 for a +23.8% w/w return and a market capitalization approaching 120 million USD.
Nuls (NULS) was the worst performer of the week and recorded a -17.17% result and a price of 0.4736 USD.
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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 15th 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