The last seven days were great overall for the cryptocurrency market, with all the sectors riding BTC upward. Currencies were the best sector overall, followed by Tokens and Platforms, with all the indexes basically increasing more than 10 points.
Bitcoin dominance is down to 60%, with a very healthy market in general and altcoins rolling.
Sectors showed an higher level of correlation with respect to last week.
Tokens and Currencies reported the lowest level at 0.72.
Projects whose main feature is to be used as a medium of exchange have shown overall great results during the last seven days, with performances ranging from +6.06% to +44.59%. The median value was a positive +13.56% w/w, up almost six percentage points from the previous week.
All the coins were able to finish the week in gain. BTC was significantly positive, even in last in terms of return, and closed at 11’370 USD.
Currency projects showed a moderate level of correlation, with an average of circa 0.62. Beam (BEAM) showed again the lowest correlation with its peers, approaching 0.47.
Ripple (XRP) was the best performing coin among currencies, closing the week at 0.311 USD, good for a 44.59% 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, BEAM and DOGE are in the weakest position with respect to BTC.
The Platforms category was the third best sector but still very positive overall. Platforms performances were indeed very good on average, with results ranging from -2.18% to +27.93% w/w and a median result of +11.05 % w/w, 15 points higher than the performance of the past week. Gien that Platforms were the worst sector overall, this is a clear misure of the strenght of the market.
Just 2 coins out of 36 finished the week with a negative result. 19 coins reported a double-digit gain, with 4 performances over 20%.
Correlations have been higher than last week, with an average level approaching 0.49. Harmony (ONE) posted again the lowest correlation with peers at 0.20.
Blockstack (STX) was the best project of the week, rising to 0.1809 USD with a +27.93% positive performance.
Token were the second-best sector during the period, with all the coins but one reporting a positive result. Performances ranged from -5.24% to +34.29% and resulted in a +8.84% median value, up 19 points from the last week. 8 of the coins finished with a double-digit gain.
The intra-sectoral correlation has been significantly higher than last week, with an average level of 0.34. Pundi X (NPXS) registered the lowest level approaching 0.14.
Ren (REN) was the best performer of the sector, closing the period at 0.1966 USD with a 34.49% positive performance w/w.
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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 3rd August 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.