GENERAL OVERVIEW
The past week was an average one for the cryptocurrency market, which saw some very good performances among top projects together with moderately negative performances from the rest of the group. Bitcoin was right in the middle.
Three very good performers skew the overall result and make altcoins index overperform BTC for the week. However, altcoins performance was for sure not as widespread as it was during the past week.
Overall, BTC dominance keeps falling and the crypto market is seemingly experiencing a positive trend among smallest projects which is not necessarily the same trend that we are observing in traditional financial markets.
Bitcoin had a moderately negative week, weakening in the final couple of days to finish the period just shy of 9’152 USD and a +-1.01% performance w/w. The critical 9’000 USD level was not touched despite the relative weakness and BTC keeps being in a lateral trading phase.
Overall, the general index performed better than BTC as it is reflected in our indexes.
TOP PROJECTS
Five of the top coins reported a positive result, with three of them reporting a double-digit gain. The median return was -1.31%.
Chainlink (LINK), Tezos (XTZ), and Stellar Lumens (XLM) were able to separate themselves from the peers, crossing the 20% mark in terms of returns.
Chainlink (LINK) was the best performing coin and reported a 41.51% rise w/w. LINK even reached its all-time high price and is experiencing an uptrend for months now, clearly accelerating in the last weeks and separating himself from the peers.
On the other hand, Bitcoin Cash was the worst project in our sample.
On a wider period, LINK took the top spot after prolonged weeks of Cardano domination.
TECHNICALS
Looking at the last seven days’ prices, we see how XLM is the coin nearest to the top of its trading range.
On a weekly basis, several coins are near to an overbought setting according to RSI.
On a monthly basis, XLM still shows the strenght which we already found in a weekly setting.
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. XLM and LINK are exploring new fair price level with respect to BTC according to what we described in the previous section. The same can be seen in a wider period.
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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 17th 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.
