The last seven days saw positive performances overall in the cryptocurrency market led by Bitcoin pushing well over 11’000 USD. BTC overperformed all indexes, with Large coins just moderately underperforming and Mid-caps and Small caps reporting negative results on aggregate.
The mood of the market improved during the week together with the improving performance of BTC.
The level of correlation between the three groups was significantly low. Small-cap and Large-cap coins registered the lowest level of correlation once again.
The Large projects, i.e. our selection of coins with a high market capitalization, performed positively for the week and were the best of the three indexes.
13 coins registered a positive result, with twelve of them also reporting a double-digit gain. Overall, the results were in a range between -3.53% and +32.33%, with the median result being +16.80%, an outstanding +17.00% with respect to the previous report. Overall, losses were not significant and no coin reported a double-digit loss.
The intra-group correlations were in line with last week at 0.51 on average, with BTC posting the lowest level at circa 0.32.
Ethereum (ETH) had the best week among all the top projects, rising 32.33% to 322 USD. ETH market capitalization is now over 36 billion USD.
On the other hand, the worst performing project was Tezos (XTZ), which closed the week with a -3.53% w/w result.
Our selection of Mid-cap coins reported a moderately negative performance overall, in line with the Small-caps. The performances ranged from -11.29% to +19.71%. The median performance was -1.50% w/w, circa 1.5 points lower than the previous one. 7 coins reported positive results, with two double-digit gains.
The intra-group correlations for Mid-cap coins were in line with last week with an overall average value of 0.39. FTX Token (FTT) posted the lowest value at 0.21.
The best performing project was ZCash (ZEC), closing the week at +19.71% w/w with a price of 73.36 USD and a market capitalization of over 700 million USD.
On the other hand, Algorand (ALGO) was the worst performer of the group, closing the past seven days at 0.3152 USD for a -11.29% w/w return and around 245 million USD market capitalization.
Our selection of small-cap coins had as well a moderately negative performance in line with the Mid-caps with results ranging from -22.41% to +12.70% w/w and a median value of -3.64%, circa 4 percentage points lower than last report. Just one coin out of sixteen finished the week with a double-digit positive result, with three posting a double-digit loss.
The correlation between small projects was the lowest among our groups with an average of 0.26, with Mco (MCO) even posting a slightly negative value.
The best performer of the week in the group was Harmony (ONE), closing the period at 0.00861 for a +12.26% w/w return and a market capitalization of over 50 million USD.
Mithril (MITH) was the worst performer of the week and recorded a -22.41% result and a price of 0.00942 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 29th 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