GENERAL OVERVIEW
The past week was overall positive for the cryptocurrency market, despite not all the top coins posting positive performances. BTC catched the bulk of investors’ attention pushing to 11’000 USD. Some of the altcoins, however, were even able to beat its performance and catch a fair share of the spotlight.
BTC dominance rose up to 57%. As already mentioned, BTC was among the top performer and this is a direct consequence of that. A healthy BTC is still good for the market long term, therefore altcoins supporters should welcome a BTC uptrend as a very good sign.
Traditional financial markets are in a consolidation phase. Covid is still very much a theme for investors and an eventual vaccine would remove some uncertainty from an already nebulous context.
Bitcoin had a positive week, closing the period with a price of 10’945 USD and a -6.07% performance w/w. After keeping the 10’USD level during the past week, BTC has found the boost to push back up. Even if the first attempt at 11’000 USD failed, the situation looks surely brighter than it was seven days ago.
Overall, BTC performed better than altcoins as represented by our indexes.
TOP PROJECTS
Eight of the top coins reported a positive result, with three of them reporting a double-digit gain. The median return was -0.61%, just half point better than the past week.
Neo (NEO) was the best performer, reporting a +26.38% return w/w for a price of 25.30 USD per coin. NEO benefited from the enthusiasm resulting from the imminent launch of Flamingo, the finance protocol of the NEO blockchain. Some more details about the go live are expected in these days and this is warming investors.
Chainlink (LINK) was the weakest project of our group, reporting a -14.90% performance w/w in order to close at 10.68 USD.
On a wider period, NEO catches the top spot in terms of return while LINK is experiencing a bad performance and the highest level of volatility.
TECHNICALS
Looking at the last seven days’ prices, we see how the coin prices are split among their ranges. Neo (NEO) is showing particular strength together with Monero (XMR), while on the other hand, LINK and DASH looks like the weakest projects.
On a weekly basis, we can see how the top coins are split in two halves, with MAs representing a positive framework for some of them and a negative one for the others, same for RSI. Looking at the situation of the last 30-days, the market looks much more healty overall.
The situation on a monthly basis highlight even more the difference among NEO and its competitors.
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. The weakness of LINK is particularly captivating given the strong uptrend of the coin in the past months.
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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 18th 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
