GENERAL OVERVIEW
It finally happened. After three long years, BTC approached again the 20’000 USD level. In December 2017, it wasn’t able to catch it. Even worse, 20’000 acted as a strong resistance and Bitcoin fell back rapidly. This time around, things went differently. BTC crossed 20’000 USD on December 16th and didn’t stop there. It actually approached USD 24’000 in a crazy two-days rally. Bitcoin eventually fell down but was still able to close at around 22’500 USD.
Top altcoins generally followed the trend, even if BTC is clearly the one leading the pack once again.
Traditional financial markets experienced a good week as well, even if some tensions between USA and China are looming. Still, the general mood of investors appears to be very positive going into 2021. The recovery from the Covid-induced crisis is going to be the main theme of the year and the tech sector appears to be well-positioned, being capable of interpreting at best the transformation of society going on and accelerated in some sense because of the virus.
20’000 is no more. Bitcoin closed the period with a price of 22’549 USD and a +25.42% performance w/w, the all-time-high close on a seven days period for our data series. It touched an absolute all-time-high price of 23’806 on December 17th. Obviously, any technical analysis consideration right now faces a totally uncharted territory. It is going to be a very interesting period going forward, and we are going to experience a mix of enthusiasm, technical predictions, institutional buying and probably a lot of volatility. Still, it has been a great journey, and it’s thrilling to be here.
Overall, still BTC performed better than top altcoins as represented by our indexes.
TOP PROJECTS
Thirteen of the seventeen cryptos we cover reported a double-digit positive result, with no losses at all. The median return was +13.55%, up more than 20 points from a week ago after a downward swing of the same magnitude two weeks ago.
Litecoin (LTC) has been the best performer, reporting a +46.24% return w/w for a price of 105.1 USD per coin. The coin is still far from its all-time high price and we can expect it to be joined by several other projects in the coming days if BTC holds north of 20’000 USD. Alts are due for some dominance recovery, and top projects typicall follow closely after such outbursts.
Ripple (XRP) was the last crypto in terms of return. It reported a +2.2% performance w/w in order to close at 0.56 USD.
On a wider period, however, Ripple (XRP) itself and Stellar (XLM) are still the best projects in terms of return, with only Chainlink (LINK) slightly negative for the period.
TECHNICALS
Looking at the last seven days’ prices, a correction for the highs seems evident, with LTC still leading the group. At the same time, no coin is actually near the the lower edge of the range.
Looking at technicals, both on a 7-days period and on a 30-days one moving averages differences are giving very encouraging signals. On the shorter timeframe, MACD seems also generally near to a positive signal.
On a monthly basis, Litecoin and Bitcoin are the nearest to their upper range bound.
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. Bitcoin clearly outpaces its peers, with only LTC trading favaourably in relative terms.
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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 13th November 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
