GENERAL OVERVIEW
The past week was very good for the cryptocurrency market. BTC price even pushed over 13’000 USD and managed to close slightly lower in one of the best weeks in recent times.
The rally was fueled by the news that PayPal is going to integrate BTC and crypto payoments on its platform. The news is both a great one in terms of recognition from a huge payments business player like PayPal and in terms of effective crypto usefulness given how wide PayPal network is. BTC was trading in a lateral phase and this was exactly the kind of news needed in order to take a clear direction.
In the meantime, traditional financial markets are waiting for the US elections and eventually a deal on an additional stimulus package for the US economy. In the meantime, Europe in particular is dealing with a second wave of Covid infections which could worsen the economic outlook for the area.
Bitcoin had a great week as already mentioned, closing the period with a price of 12’932 USD and a +14.16% performance w/w. The 13’000 USD level was tested for a couple days. It is impressive and worth mentioning that BTC does not close a week above 12’000 USD on Binance since January 2018.
Overall, BTC performed far better than top altcoins as represented by our indexes.
TOP PROJECTS
All the top coins reported a positive result, with six double-digit gains. The median return was +6.44%, an eight points increase from the last week.
Litecoin (LTC) was the best performer, reporting a +16.30% return w/w for a price of 54.8 USD per coin. The coined benefited greatly from the inclusion in the list of cryptocurrencies that are going to be initially available in the Paypal platform.
Tezos (XTZ) was the weakest project of our group after being the best during the previous one, reporting a +1.18% performance w/w in order to close at 2.215 USD.
On a wider period, Monero (XMR) still keeps the top spot in terms of return while Chainlink (LINK) keeps showing a huge amount of volatility.
TECHNICALS
Looking at the last seven days’ prices, all the coins seem to be trading in the upper half of their price range apart from Tron (TRX) and Iota (IOTA) which are lagging the upward movement at the moment.
On a weekly basis, we can see how the top coins are showing now a positive setting in terms of moving averages’ difference, while MACD is also nearing an inversion in most cases. The situation have also improved considerably on a wider time horizon, even if a lot of the coins appear to be in overboughte territory there.
The situation on a monthly basis sees again Neo (NEO) as the coin clearly suffering the most in terms of positioning with respect to its price range.
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. LINK, ETH and BTC . On a wider period, just Chainlink (LINK) is trading favourably with respect to BTC.
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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 23th 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
