GENERAL OVERVIEW
The past week was another positive one overall for the cryptocurrency market, with some very impressive performances among the top cryptocurrencies. Bitcoin was in the middle of the pack in terms of performance and is steadily losing ground with respect to its dominance.
BTC dominance is indeed a full point below 60% now, a level which was seen for the last time in June 2019. Volumes are experiencing an unusual period of summer growth after the decline of June and the last time that the total market capitalization excluding BTC was this high was in July 2018.
Traditional financial markets are in the meantime trying to figure out if the economy is in a recovery track from Covid-19 or if more struggles are coming.
Bitcoin had a moderately good week, closing the period with a price of 11’740 USD and a +1.31% performance w/w. BTC is now in a lateral phase, trying to find the steam to push over 12’000 USD while the rest of the market grows more significantly.
Overall, as already said, the general index performed better than BTC as it is reflected in our indexes.
TOP PROJECTS
Ten of the top coins reported a positive result, with six of them reporting a double-digit gain. The median return was +1.31%, down seven points from last week but still positive.
Chainlink (LINK) overperformed its peers for the second consecutive week, crossing the 70% mark in terms of return. None of the other coins even crossed a 30% result, even if Tron (TRX), Tezos (XTZ, and Iota (IOTA) in particular posted very convincing results.
Cryptocurrencies whose main objective is to be used as a medium of exchange underperformed platforms overall, with legacy names like Ripple (XRP), Litecoin (LTC) and Bitcoin Cash (BCH) not performing well.
Dash (DASH)) was the worst-performing coin losing 7.48% of its value.
On a wider period, LINK is still holding the top spot in terms of returns but it is impressive to see how Ethereum (ETH) is well above 80% in terms of performance in the last 30 days with a much more contained volatility.
TECHNICALS
Looking at the last seven days’ prices, we see how ETH and TRX are trading basically at their top price of the period’s range.
On a weekly basis, the coins that are not showing a positive setting in terms of moving averages’ differences are seemingly near an inversion, while there is no clear indication from RSI. On a wider period, both LINK and ETH look overbought.
The situation on a monthly basis basically mirrors the past 7 days, with ETH and TRX showing the same strenght.
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. ETH and TRX are exploring new fair price levels with respect to BTC, with Cardano (ADA) showing unusual 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 14th 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.
