The last seven days were good overall for the cryptocurrency market, even if BTC overperformed all of our composite indexes and was the clear catalyst of the movement. Currencies were the best sector overall, followed by Platforms and Tokens, with the latter significantly losing ground after weeks of overperformance.
Bitcoin dominance recovered a little bit and is back over 62%, with the 10’000 USD level reached from BTC which started a significant upward movement.
Sectors showed an overall low level of correlation.
Tokens and Currencies reported the lowest level at 0.25.
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 -12.93% to +16.53%. The median value was a positive +7.96% w/w, up circa 10 percentage points from the previous week.
Six coins were able to finish the week in gain. BTC was significantly positive and closed at 10’332 USD, a level basically not seen since a year ago.
Currency projects showed a low level of correlation, with an average of circa 0.33. Beam (BEAM) showed the lowest correlation with its peers, approaching 0.12.
ZCash (ZEC) was the best performing coin among currencies, closing the week at 67.66 USD, good for a 16.53% w/w return.
The following graph shows the frequency distribution of the value of the currency projects with respect to BTC. Among all the currencies, ZEC is the only one showing relative strength with respect to BTC.
The Platforms category was the second-best sector again. Platforms performances were not very good on average, with results ranging from -26.69% to +36.05% w/w and a median result of -4.37 % w/w, 3 points lower than the performance of the past week. BTC strength affected the performance of the altcoins and Platforms made no exception.
Just 11 coins out of 36 finished the week with a positive result. 4 coins reported a double-digit gain, with 11 double-digit losses. .
Correlations have been lower than last week, with an average level approaching 0.29. Harmony (ONE) posted again the lowest correlation with peers at 0.15.
Harmony (ONE) was the best project of the week, rising to 0.00917 USD with a +36.05% positive performance.
Tokens were the worst sector during the period, with just 3 coins out of 18 reporting with a positive result. Performances ranged from -38.06% to +19.65% and resulted in a -11.80% median value, down 10 points from the last week. 10 of the coins finished with a double-digit loss.
The intra-sectoral correlation has been significantly low as usual for Tokens, with an average level of 0.19. FTX Token (FTT) registered the lowest level approaching 0.10.
FunFair (FUN) was the best performer of the sector, closing the period at 0.004665 USD with a 19.65% 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 27th 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.