GENERAL OVERVIEW
The last week has been a very crazy one, even by crypto market’s standards. A trend started in traditional financial markets consisting of subreddits pushing some small-caps stocks higher and higher. Hedge funds and traditional investors in general were caught off-guard, stop loss were triggered on short positions and volatility rose unexpectedly. On the same note, the crypto market experienced a burst in volatility near the end of the week. Subreddits played a role as well, particularly pushing Dogecoin to levels never seen before. Tron was another crypto investors’ favourite, while BTC even benefited from an Elon Musk’s tweet.
We were seemingly experiencing some kind of Altseason beginning, with BTC dominance falling and other projects gaining ground with respect to it. However, after the latest events, Bitcoin seems again in full charge.
BTC pushed again near 40’000 USD, actually touching 38’000 USD after a dramatic rise on Friday. It then experienced a correction in order to close at 36’039 for an 11.48% w/w result. However, an uptrend is seemingly re-established and the shift in tone was surely clear in the whole market. 30’000 USD acted as a strong support and we are now probably heading north in terms of price, reddit and twitter permitting.
Overall, BTC performed far better than top altcoins as represented by our indexes.
TOP PROJECTS
13 of the 17 cryptos we cover reported a positive result, with just four losses. The median return was +3.12%, which is nothing to scoff at in this phase.
Tron (TRX) has been the best performer, reporting a +17.07% return w/w for a price of 0.033 USD per coin. Justin Sun, TRX founder, promised to buy 1mm of GameStop stocks, the reddit fans ‘favourite stock of the week. This put him, and in turn the project, in the spotlight and prompted the price to rise partially because of users enthusiasm.
Iota (IOTA) was the last crypto in terms of return. It reported a -9.58% performance w/w in order to close at 0.411 USD.
On a wider period, Stellar (XLM) is still the best project in terms of return, with only Chainlink (LINK), Ethereum (ETH), and Cardano (ADA) coming close.
TECHNICALS
Looking at the last seven days’ prices, the market is not clearly skewed upward or downward, with an apparent equilibrium overall. BNB is the closest crypto to the top of its range.
Looking at technicals, the situation on a 30-days timeframe looks pretty bright, with Moving Averages’ differences clearly showing a positive setting and MACD looking ready for an uptrend.
On a monthly basis, Ethereum is showing the healthiest situation overall, while Eos looks particularly weak.
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 outpaced its peers once again during the past week, with TRX the only coin able to put on a fight.
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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
