The cryptocurrency market has taken a breath during the past week after several weeks of very good performances. Some of the altcoins still posted good results, but the general context was for sure weaker than it was a week ago.
BTC dominance recovered a little but is still below 60%. There isn’t any particular news or development triggering the pause of the upward movement, therefore there is no actual reason to suppose that the positive mood of the market in the last month is coming to an end. This looks more like a lateral week for the market. BTC even tried to push over 12’000 USD and then came back, possibly causing the cool-off of altcoins as well.
Traditional financial markets are trading near their record levels and Covid worries do not seem to affect them significantly at the moment.
Bitcoin had a week on par, closing the period with a price of 11’735.75 USD and a -0.04% performance w/w. BTC is still in a lateral phase and attempted to push over 12’000 USD this week just to be rejected in basically 24 hours.
Overall, differently from the past weeks, BTC performed in line with altcoins as represented by our indexes.
8 of the top coins reported a positive result, with just one of them reporting a double-digit gain. The median return was -0.04%, down 1.5 points circa from last week.
Neo (NEO) clearly overperformed the field, reporting a 22.45 return w/w for a price of 18.454 per coin. The coin was not particularly on the spotlight among platform projects during the past months and its overperformance was in line with other recent underperformers like Eos (EOS) and Litecoin (LTC), which we were not used to seeing among the best performing coins during recent weeks.
After several weeks of domination with respect to the field, Chainlink (LINK) finally caught a break and was the worst-performing coin of the week, reporting a loss of 16.56% of its value
On a wider period, LINK keeps its top spot in terms of return while NEO replace Ethereum (ETH) as the most interesting coin in terms of risk/return ratio.
Looking at the last seven days’ prices, we see how the situation is pretty different with respect to the past weeks. Neo and Monero (XMR) are the only coins trading in the upper half of their trading range of the period, while all the other coins suffered because of the BTC pullback.
On a weekly basis, MA differences and MACD are not giving encouraging signals, while the situation improves if we consider a 30-days period. RSI, on the other hand, is not giving a clear indication on either timeframe.
The situation on a monthly basis sees ETH and IOTA joining NEO and XMR as the healthiest coins.
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. LINK is clearly failing to find a stable ground at this point but this is pretty normal considering the recent run. In a wider period, Cardano (ADA) keeps being pretty weak.
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 21th 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