GENERAL OVERVIEW
The past week was a good one for the cryptocurrency market, which saw some very good performances among top projects overall . The dynamic was slightly different with respect to the recent weeks, with Bitcoin providing a nice impulse to the market and a good chunk of altcoins overperforming it, overcoming a kind of juxtapposition trend which we were starting to be used to.
We also observed an underperformance from the projects which were strongest recently, with the market catching up at higher levels in a clear step forward.
It is worth to say that this week crypto market looked a lot healtier than traditional financial markets as well.
Overall, BTC dominance keeps falling and the total crypto market capitalization growing, with the latter adding circa 17 billion USD in the week.
Bitcoin had a positive week, turning up at the half to finish the period with a price of 9’537 USD and a +4.37% performance w/w. The 9’500 USD level was gained back, which was not be seen since basically a month ago.
Overall, the general index performed better than BTC as it is reflected in our indexes.
TOP PROJECTS
Thirteen of the top coins reported a positive result, with two of them reporting a double-digit gain. The median return was 4.20%.
Ethereum (ETH) and Iota (IOTA) were able to separate themselves from the peers, crossing the 10% mark in terms of returns.
Ethereum was the best performing coin and reported a 17.90% rise w/w. Eth broke a crytical technical resistance this week and is was able to build on the gain after a sudden spike on July 23th.
On the other hand, Chainlink (LINK) has taken a breath after leading the group during the past seven days.
On a wider period, LINK is still holding the top spot in terms of returns followed by Cardano (ADA).
TECHNICALS
Looking at the last seven days’ prices, we see how Binance Coin (BNB) and ETH are the coins nearest to the top of their trading range.
On a weekly basis, basicall all the coins are looking healthy according to moving averages’ differences and MACD looks like inverting the recent negative signal, while the situation of the latter looks even better in a wider period.
On a monthly basis, top names in terms of price proximity to the range top are the same ETH and BNB we observed during the past week.
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. ETH in particular is exploring a 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. Dash (DASH) is showing weakness overall.
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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 24th 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.
