GENERAL OVERVIEW
The past week was a great one for the cryptocurrency market, which saw impressive performances among top projects overall . Bitcoin kept providing boost to all the other top coins, definitely crossing the dynamic resistance which was limiting its upside since the end of 2017.
Some of the projects which were recently under the radar have also shown convincing results and overperformed BTC, contributing to keep BTC dominance under control.
In the meantime, traditional financial markets keep struggling in a global context which is seeing a difficult recovery from Covid 19, if any in terms of number of cases.
Bitcoin had an outstanding week week, turning up at the half to finish the period with a price of 11’346 USD and a +18.50% performance w/w. A consolidation north of 11,000 USD is currently in progress and we are witnessing levels not seen since a year ago.
Overall, the general index performed better than BTC as it is reflected in our indexes.
TOP PROJECTS
Fifteen of the top coins reported a positive result, with eleven of them reporting a double-digit gain. The median return was 14.45%, up ten points from last week.
Litecoin (LTC) and Bitcoin Cash (BCH) were able to separate themselves from the peers, crossing the 25% mark in terms of returns.
Litecoin was the best performing coin and reported a 30.49% rise w/w. LTC was never among the top coins in our reports and was due to a relative overperformance first or then. Its performance was part of a wider one which saw some of the biggest “legacy” top coins overperforming the market, namely, Eos (EOS), Ripple (XRP), Bitcoin Cash (BTC) and Ethereum (ETH).
On the other hand, Tezos (XTZ) was the worst performing coin losing 8.92% of its value
On a wider period, LINK is still holding the top spot in terms of returns fbut ETH is clearly very appealing in terms of return/risk ratio.
TECHNICALS
Looking at the last seven days’ prices, we see how BTC and BCH are the coins nearest to the top of their trading range, followed by ETH and LTC.
On a weekly basis, basicall all the coins are looking very healthy according to moving averages’ differences and a lot of them are nearly overbought according to RSI. The situation looks even stronger according to MACD in a wider period.
On a monthly basis, top names in terms of price proximity to the range top are basically the same of the weekly range with the addition of Monero (XMR).
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. BCH and LTC in particular are consolidationg in 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. Cardano (ADA) and Tezos (XTZ) are 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 31th 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.
