Crypto Sectors, currencies overperform in the general debacle

GENERAL OVERVIEW

The last seven days looked moderately negative in terms of performance up until the final 24 hours, when things turned for the worse and ended in a very negative week for all the cryptocurrency sectors.

Platforms and tokens underperformed currencies and BTC fared better than all, in a classical bear market fashion.

CURRENCIES

Cryptocurrencies whose main feature is to be used as a medium of exchange were the best sector during the last seven days, albeit performing negatively, with performances ranging from -23.11% to -2.31%. The median value was a negative -7.78% w/w, down almost 12 points from the previous one.

All the coins finished the week with a loss. BTC was moderately negative, losing 2.51% of its value in order to close at 10’415 USD.

Currency cryptos showed a lower level of correlation with respect to last week, with an average of circa 0.61. Beam (BEAM) showed once again the lowest correlation with its peers, approaching 0.46.

Monero (XMR) was the best performing coin among currencies for the second consecutive week, closing the week at 87.54 USD, for a -2.31% w/w return.

The following graph shows the frequency distribution of the value of the cryptocurrencies of the sector with respect to BTC. The only coin able to rival BTC in terms of relative performance was the aforementioned XMR.

PLATFORMS

The platforms category was the worst performer of our sectors together with tokens. The sector performances were significantly negative on average, with results ranging from -33.84% to +0.68% w/w and a median result of -18.88 % w/w, almost 30 points lower than the previous one.

Just 1 cryptos out of 36 finished the week with a positive result. 29 cryptos reported a double-digit loss, with 15 losses over 20%.

Correlations have been in line with the past week, with an average level approaching 0.52. BitShares (BTS) posted the lowest correlation with other cryptocurrency Platforms at 0.38.

Theta (THETA)) was the only positive crypto platform project of the week, rising to 0.53 USD for a +0.68% positive performance w/w.

TOKENS

Cryptocurrency tokens were the other very bad performer of the week with platforms. Performances ranged from -37.43% to -8.81% and resulted in a -17.85% median value, 25 points lower than the past week. 17 of the cryptocurrencies finished with a double-digit loss.

The intra-sectoral correlation has been in line with past week, with an average level of 0.44. FunFair (FUN) registered at the lowest level approaching 0.32.

Mco (MCO) was the best performer of the Tokens sector, closing the period at 4.23 USD with a -8.81% negative performance w/w.

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 on the 21th 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.