GENERAL OVERVIEW
The last seven days showed another great performance for altcoins. All kind of cryptocurrency sectors overperformed BTC according to our indexes. Among the different sectors, Tokens took first place in terms of results, just barely overperforming Platforms. Cryptocurrency currency projects finished third, despite still beating Bitcoin.
Bitcoin dominance is under 59%, following a favorable trend for altcoins slowly going on since the beginning of May.
Cryptocurrency sectors showed a moderate level of correlation overall.
Tokens and Currencies reported the lowest level at 0.58.
CURRENCIES
Cryptocurrencies whose main feature is to be used as a medium of exchange have shown overall good results during the last seven days, with performances ranging from -5.71% to +9.32%. The median value was a positive +4.53% w/w.
All the coins but two were able to finish the week in gain. BTC was positive, consolidating its price level with a +2.22% w/w return.
Currency cryptos showed a relatively low level of correlation, with an average of circa 0.46. Beam (BEAM) showed once again the lowest correlation with its peers, approaching 0.28.
Litecoin (LTC) was the best performing coin among currencies, closing the week at 63.95 USD, good for a 9.32% w/w return.
The following graph shows the frequency distribution of the value of the cryptocurrencies of the sector with respect to BTC. Among all the currencies, ZCash is the only crypto showing weakness, albeit moderately.
PLATFORMS
The Platforms category was the second-best of our cryptocurrency sector and very positive overall. Crypto Platforms performances were indeed very good on average, with results ranging from -5.72% to +124.96% w/w and a median result of +9.31 % w/w. Platforms are a sector that usually thrives in an altseason and this week was another showing of that kind of behavior.
Just 5 cryptos out of 36 finished the week with a negative result. 16 cryptos reported a double-digit gain, with 6 performances over 20%.
Correlations have been lower than usual, with an average level approaching 0.28. Waves (WAVES) posted the lowest correlation with other cryptocurrency Platforms at 0.09.
Waves (WAVES) was the best crypto Platform project of the week, rising to 4.498 USD for an impressive +124.96% positive performance w/w
TOKENS
Cryptocurrency Tokens were the best crypto sector of the week according to our sectorial indexes. Performances ranged from -7.08% to +56.20% and resulted in a +9.42% median value, the highest among our three crypto aggregates. 9 of the cryptocurrencies finished with a double-digit gain.
The intra-sectoral correlation has been the lowest among our cryptocurrency sectors, with an average level of 0.25. Ren (REN) registered the lowest level approaching 0.16.
Ren (REN) was the best performer of the Tokens sector, closing the period at 0.2.8089 USD with a 56.20% positive performance w/w.
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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 15:00 UTC on the 17th 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.
