GENERAL OVERVIEW
The last seven days were convincingly positive for cryptocurrencies. All kind of cryptocurrency sectors overperformed BTC according to our indexes. Among the different sectors, Platforms took first place in terms of results, beating Tokens by a small margin. Currency projects finished third, slightly overperforming Bitcoin.
Bitcoin dominance is under 57% and is now falling for four consecutive months.
Cryptocurrency sectors showed a very high level of correlation overall.
Tokens and Currencies reported the lowest level at 0.89.
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 +0.4% to +12.62%. The median value was a positive +4.02% w/w.
All the coins were able to finish the week in gain. BTC was positive, consolidating its price level with a +24.38% w/w return reached thanks to a late rally.
Currency cryptos showed a not so high level of correlation, with an average of circa 0.68. Beam (BEAM) showed once again the lowest correlation with its peers, approaching 0.58.
monero (XMR) was the best performing coin among currencies, closing the week at 89.49 USD, good for a 12.62% w/w return.
The following graph shows the frequency distribution of the value of the cryptocurrencies of the sector with respect to BTC. XMR looks like the only coin which was able to beat BTC late performance.
PLATFORMS
The Platforms category was the best of our cryptocurrency sector and very positive overall. Crypto Platforms performances were indeed very good on average, with results ranging from -46.58% to +49.02% w/w and a median result of +10.66 % w/w.
Just 3 cryptos out of 36 finished the week with a negative result. 19 cryptos reported a double-digit gain, with 8 performances over 20%.
Correlations have been moderat , with an average level approaching 0.50. BitShares (BTS) posted the lowest correlation with other cryptocurrency Platforms at 0.22.
Binance Coin (BNB) was the best crypto Platform project of the week, rising to 32.47 USD for an impressive +49.02% positive performance w/w
TOKENS
Cryptocurrency Tokens were the second-best crypto sector of the week according to our sectorial indexes. Performances ranged from -3.80% to +21.14% and resulted in a +8.67% median value, just two points below Platforms. 8 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 0.49. Civic (CVC) registered the lowest level approaching 0.34.
Chiliz (CHZ) was the best performer of the Tokens sector, closing the period at 0.013 USD with a 21.14% 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 14th 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.
