Weekly Crypto Report, BNB clearly overperforms the field

GENERAL OVERVIEW

The cryptocurrency market moved laterally during the past week. BTC failed to rebound significantly but still managed to keep the USD 10,000 level. All in all, volatility was moderate and no news revived the market.

BTC dominance kept falling and is now around 56%. Altcoins have reacted better than the past to BTC price correction, which is a good sign for the market in itself. We are probably going to still see interesting projects being liked by the market and this leaves some more margin of analysis with respect to a market entirely driven by BTC.

Traditional financial markets are also experiencing a correction/lateral phase after a hot August. Tech stocks in particular are retracing somehow and this also involved BTC. We will see in the coming weeks if this kind of trend is contingent or if it is going to persist.

Bitcoin had a marginally negative week on par, closing the period with a price of 10’289 USD and a -1.30% performance w/w. The positive signal was Bitcoin’s ability to keep the USD 10’000 level, under which a general selloff is very much possible and some volatility is expected.

Overall, altcoins performed better than BTC as represented by our indexes.

TOP PROJECTS

7 of the top coins reported a positive result, with just one of them reporting a double-digit gain. The median return was -1.12%, highlighting the general quietness of the market.

Binance Coin (BNB) clearly overperformed the field, reporting a +19.13% return w/w for a price of 24.45 USD per coin. It was the only coin reporting a double-digit gain and is benefiting in general from a series of initiatives aimed at developing the exchange and its features. BNB also fell under 20 USD during the week just to rebound strongly and take the first place in terms of returns among our coins.

Eos (EOS) was the weakest project of our group, reporting a -5.13% performance w/w in order to close at 2.79 USD.

On a wider period, Tron (TRX) has the top spot in terms of return while Tezos (XTZ) and Cardano (ADA) are experiencing significant weakness. All in all, the last 30 days have not been very good for the top projects we cover.

TECHNICALS

Looking at the last seven days’ prices, we see how the coin prices are skewed to the right of their ranges. Neo (NEO) is showing particular strength, while on the other hand, no coin seems to be in particularly weak shape.

On a weekly basis, MA differences look like signaling a coming uptrend for the majority of the coins, and MACD likewise. On a wider timeframe, MACD is showing an interesting configuration for almost all the coins, also signaling a possible uptrend coming.

The situation on a monthly basis is much weaker, with only NEO and BNB trading on the right half of their price 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. Stellar (XLM) is joining NEO among the coins trying to gain value with respect to BTC, while on a wider period XLM is replaced by BNB .

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 11th September 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