The last week saw again the crypto market in full swing. All the top projects recorded good performances. With respect to this, we have to note how even the mood in traditional financial markets has switched again to positive. In this phase, it looks like cryptos are benefiting from a similar dynamic to that of the other risky assets, with low rates overall not providing interesting yield opportunities. In this context, new technologies and interesting projects catch the eyes of a wider amount of investors looking for valid alternatives or simply the best opportunity in terms of potential growth.
Altcoins are gaining ground fast with respect to BTC, with dominance levels approaching 60% after a spike at the beginning of January north of 70%. The market is, however, not rebalancing but simply adding capitalization, which is at its all-time high level. We are now near to the 1 Trillion USD level, which not as crazy as it could seem given that BTC’s dominance is still at a pretty high level in a historical perspective.
BTC was pretty volatile during the week but finished with a good +5.33% increase w/w . We already saw during the last day of the past week how the mood of the market was shifting in a positive direction and BTC provided good support for the overall movement.
The level of 40’000 USD is still the strongest resistance at this time and is well within reach, with BTC going through a lateral phase in the past week.
Overall, altcoins clearly overperfomed BTC as represented by our indexes.
All of the cryptos we cover reported a positive result. The median return was +14.12%, which is eleven points better than last week.
Ripple (XRP) has been the best performer, reporting a +59.03% return w/w for a price of 0.44726 USD per coin. During the week, XRP provided a first answer to the SEC allegations of last December. It was an important first step in a case that is going to give interesting details in terms of how regulators intend to approach the crypto world in the future. The initial upwards movement was far greater than the final result as well, with the coin able to reach 70 USD cents during the week.
Tron (TRX) was the last crypto in terms of return. It reported a +4.52% performance w/w in order to close at 0.0349 USD.
On a wider period, Cardano (ADA) and Chainlink (LINK) are the best projects in terms of return, ., while XRP is showing the highest volatility by far.
Looking at the last seven days’ prices, XRP and TRX are experiencing the biggest correction from the top of their range, while the other projects are still very much skewed upwards.
Looking at technicals, on a 30-days setting the inversion in MACD which was apparent last week actually materialized. the situation is still looking bright going ahead, both looking at MACD and at moving averages’ difference.
On a monthly basis, platform projects are leading the group, with Ethereum, Chainlink, Binance Coin and Cardano trading at the top of their ranges..
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. Among top projects, Bitcoin Cash (BCH) looks like the weakest projects with respect to BTC.
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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