CryptoQuant Weekly Round-Up [07-11-23 -- 07-18-23]
The highest gainer of the week was XRP-USD with a staggering 58.66% gain, demonstrating a resurgence from its previously held value. The weekly risk associated with XRP-USD was 0.362866 (standard deviation of returns), indicating a substantially higher risk when compared to the S&P 500 benchmark of 0.00861. Despite its volatile week, XRP-USD has shown a promising year to date (YTD) gain of 118.21%.
On the flip side, the most significant weekly loss was experienced by BCH-USD, which dropped by 10.83%. However, even with this dip, it's important to note that BCH-USD has shown great YTD growth, amounting to 149.98%. As for its weekly risk, the figure stands at 0.099546, revealing a riskier bet than the S&P 500.
BTC-USD, often considered as the market trendsetter, had a negative week with a 2.81% drop but maintained a moderate risk profile of 0.045108, which is higher than the S&P 500 but less than many of its crypto counterparts. Its YTD growth sits at a respectable 81.33%.
ETH-USD and LTC-USD, major players in the market, showed a minimal weekly change of 0.65% and a drop of 5.96% respectively. The weekly risks associated with these cryptocurrencies were 0.057420 and 0.095571, indicating higher risks compared to the S&P 500, but they were in the lower range within the crypto market.
In terms of weekly correlations to other cryptocurrencies, XLM-USD and XRP-USD demonstrated a very high correlation of 0.89, indicating that they often move in the same direction. The lowest correlation this week is witnessed between BCH-USD and XLM-USD with a correlation of 0.09, implying that the price moves between these cryptocurrencies were largely unrelated to one another.
On the riskier side, XRP-USD and XLM-USD were at 0.362866 and 0.322322, showing more risk compared to the S&P 500. However, TRX-USD, BTC-USD, and ETH-USD were on the lower end of the spectrum with 0.047735, 0.045108, and 0.057420 respectively, denoting less risk, but still more compared to the S&P 500.
Overall, the crypto market showed significant fluctuations this week, with various currencies experiencing noteworthy ups and downs. These substantial changes and high volatility emphasize the speculative nature of these assets, demonstrating the importance of thorough research and careful consideration when entering the crypto market. It's essential to keep a close eye on the risk levels and correlations to better understand the potential for both gains and losses.
<YBC Quant Team>