The last seven days saw a significant negative performance for BTC and for altcoins of all levels of market capitalization as well. Some turbulence spilled over from traditional financail markets to cryptocurrencies and caused a fair amount of market turmoil.Large-cap cryptos held better than their peers, with mid-caps second and small-caps finishing last in terms of return.
The Large projects, i.e. our selection of cryptocurrencies with a high market capitalization, performed negatively for the week on aggregate, despite being the best aggregate.
Just one coin registered a positive result, with five of them reporting a double-digit loss on a total of sixteen. Overall, the results were in a range between -24.07% and +0.04%, with the median result being -8.06%, almost ten points lower than the past week.
The intra-group correlations were in line with last week at 0.68 on average, with Neo (NEO) posting the lowest level at circa 0.57.
Xmr (XMR) had the best week among all the top projects, rising 0.04% to 90.12 USD. XMR market capitalization is at the moment over 1.5 billion USD.
On the other hand, the worst performing project was Chainlink (LINK), which closed the week with a -24.07% w/w result.
Our selection of Mid-cap coins reported a bad performance as well, in line with our other aggregates. The performances ranged from -24.55% to +11.07%. The median performance was -11.65% w/w. Almost all the cryptocurrencies reported positive results, with eleven double-digit losses.
The intra-group correlations for mid-cap coins were lower than large-caps with an overall average value of 0.53. Hedera Hashgraph posted the lowest value at 0.42.
The best performing project was Theta (THETA), closing the week at +11.07% w/w with a price of 0.569 USD and a market capitalization of almost 500 million USD.
On the other hand, Ontology (ONT) was the worst performer of the group, closing the past seven days at 0.62 USD for a -24.55% w/w return and around 420 million USD market capitalization.
Our selection of small-cap coins had the worst performance among our aggregates with results ranging from -30.86% to +26.24% w/w and a median value of -14.31%, which is ten percentage points worse than past week’s result. Just one coin out of sixteen finished the week with a positive result. Twelve coins reported a double-digit loss.
The correlation between small projects was higher than past week with an average of 0.45, with Mithril (MITH) posting the lowest value at 0.27.
The best performer of the week in the group was Tomochain (TOMO), closing the period at 0.78 for a +26.24% w/w return and a market capitalization of almost 60 million USD.
Ren (REN) was the worst performer of the week and recorded a -30.86% w/w result and a price of 0.18 USD and around 150 million USD marketcap.
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 23th of 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