Crypto Sectors, a fall in unison

GENERAL OVERVIEW

The last seven days were negative for the cryptocurrency market, which is struggling to find traction despite BTC comfortably trading over 11’000 USD. All our sectors were negative, with tokens underperforming both currencies and platforms.

CURRENCIES

Cryptocurrencies whose main feature is to be used as a medium of exchange were the second-best sector during the last seven days. the overall performance was still negative overall, with performances ranging from -14.00% to +3.20%. The median value was a negative -3.82% w/w.

Just two currencies finished the week with a positive result, with noo double-digit gains. BTC was slightly positive, closing at 11’684 USD for a +1.15 w/w gain.

Currency cryptos showed a moderately high level of correlation at 0.60. Beam (BEAM) showed the lowest correlation with its peers, approaching 0.50.

Bitcoin Cash (BCH) was the best performing crypto among currencies, closing the week at 250.02 USD, for a +3.20% w/w return. The project was under the spotlight given the growing buzz for a fork of BCH in November.

The following graph shows the frequency distribution of the value of the cryptocurrencies of the sector with respect to BTC. Monero (XMR) is the only coin trading on the right side of its relative price distribution with respect to BTC.

PLATFORMS

The platforms category was the best performer of our sectors. This still has not amounted to much given the negative performance of all the sectors. Results ranged from -14.35% to +19.85% w/w and a median result of -4.62 % w/w.

Just three cryptos out of thirty-six finished the week with a positive result. On the other hand, there were four double-digit losses.

TOKENS

Cryptocurrency tokens were the worst performers among our sectors. Performances ranged from -21.47% to -0.33%% and resulted in a -5.88% median value. Six of the cryptocurrencies finished with a double-digit loss and none with a positive result.

The intra-sectoral correlation has been the lowest among our groups with an average level of 0.37. Pundi X (NPXS) registered at the lowest level approaching 0.23.

FTX Token (FTX) was the best performer of the tokens sector, closing the period at 3.60 USD with a -0.33% positive 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 19th October 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.