GENERAL OVERVIEW
The past week was another very positive one for the cryptocurrency market, which saw the another seven days of impressive performances all over the place . Bitcoin was just moderately up at the end of the week but tried to push to USD 12’000 a couple times, providing boost to the market.
An altseason is officially going on at this point and we struggle too see any sign of real weakness among top projects.
Traditional financial markets are more in a lateral phase on the other hand, but cryptocurrencies do not seem to be affected.
Bitcoin had a good week, closing the period with a price of 11’630 USD and a +2.50% performance w/w. After the stellar performance of the previous seven days, it took a breath and managed to consolidate its position over 11’000 USD, which is a very important sign for the market.
Overall, the general index performed better than BTC as it is reflected in our indexes.
TOP PROJECTS
Sixteen of the top coins reported a positive result, with eight of them reporting a double-digit gain. The median return was +8.95%, down six points from last week but very positive nonetheless.
Chainlink (LINK) was able to clearly overperform the field, crossing the 30% mark in terms of return and resuming an uptrend which does not seem to know an end after months.
Ripple (XRP) was able to build on its parevious week’s performance and crossed the 20% increase mark w/w. On the other hand Eos (EOS) and Litecoin (LTC), which were among the top coins of the past seven days, were not able to preserve such a positive impulse despite still closing in positive territory.
Ethereum Classic (ETC) was the worst performing coin losing 4.61% of its value.
On a wider period, LINK is still holding the top spot in terms of returns but ETH keeps being very appealing in terms of return/risk ratio.
TECHNICALS
Looking at the last seven days’ prices, we see how almost all the coins are in the upper part of their trading range, with only LTC and ETC suffering.
On a weekly basis, basicall all the coins are looking very healthy again according to moving averages’ differences, while RSI and MACD leave ample margin for a prosecution of the positive trend. Basically the same situation can be observed in a wider period.
On a monthly basis, the situation is even more polarized near the top, with only ETC being left near the middle of its trading range.
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, Dash (DASH), and Iota (IOTA) in particular are consolidating new fair price levels with respect to BTC, with the first particularly impressive also in a wider period. Cardano (ADA) is, on the other hand, showing some relative weakness.
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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 7th 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.
