In this report, we try to provide an overview of the crypto market during the last week with a particular focus on three main categories of cryptocurrency projects: currencies, platforms, and tokens. For each category, we provide insights into the overall performance of the sector, the correlation between the various sectorial components, and a special focus on the best/worst performing projects of each sector.
The last seven days were average overall for the cryptocurrency market, with half our sectors registering performances in the green. Platforms and Tokens overperformed BTC. Tokens were the best performing sector bu far, with Platforms second. Currencies were slightly below but basically on par with BTC.
Bitcoin dominance keeps falling and is now at 62%, with altcoins overperformance continuing the trend of the past weeks.
Sectors showed an overall low level of correlation.
Tokens and Currencies registered the lowest level at 0.19.
Projects whose main feature is to be used as a medium of exchange have shown overall positive results during the last seven days, with performances ranging from -7.03% to +1.60%. The median value was a negative -2.34% w/w, down 8 percentage points from the previous week.
Two coins were able to finish the week with a gain. BTC was slightly negative and closed at 9’173 USD.
Currency projects showed a low level of correlation, with an average of circa 0.49. Dogecoin (DOGE) showed again the lowest correlation with its peers, approaching 0.29.
HyperCash was the best performing coin among currencies, closing the week at 1.2939 USD, good for a 1.60% w/w return.
The following graph shows the frequency distribution of the value of the currency projects with respect to BTC. Several coins which experienced recent weakness are exploring new fair price levels with respect to BTC, Monero (XMR) and Ripple (XRP) most of all.
The Platforms category was the second best sector. Platforms performances were not very good on average, with results ranging from -13.80% to +35.39% w/w and a median result of -1.96 w/w, 16 points lower than the very positive performance of the past week.
Just 13 coins out of 36 finished the week with a positive result. 7 coins reported a double-digit gain, with 4 double-digit losses. .
Correlations have been consistently low in the group overall even if higher than last week, with an average level approaching 0.39. Harmony (ONE) posted the lowest correlation with peers at 0.19.
Waves (WAVES) was the best project of the week, rising to 1.63 USD with a +35.39% positive performance.
Tokens were the best sector during the period, with 8 coins out of 18 closing with a positive result. Performances ranged from -7.36% to +73.36% and resulted in a -1.71% median value, down 7 points from the last week. Five of the coins finished with a double-digit gain.
The intra-sectoral correlation has been significantly low as usual for Tokens, with an average level of 0.25. Dent (Dent) registered the lowest level approaching 0.14.
Kava (KAVA) was the best performer of the sector, closing the period at 3.09 USD with a 73.36% positive performance w/w.
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 20th 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.