XRP growth and reduction in bitcoin share in investor portfolios – market analysis from EXMO.Com
Cryptocurrency Exchange Exmo.COM published the results of a study of cryptorrhoids for the third quarter of 2022.
We talk about the mood of traders, trading volumes and activity of the site users. Full version of the report – in the blog of the trading platform.
- The volumes of trading in the market decreased by 16%, and the total capitalization of the cryptorrhist increased by 11%.
- Growth leaders among top altcoins are XRP, Uniswap and Ethereum, which added to a cost of 51.2%, 30% and 24.6%, respectively.
- Bitcoin closed the quarter with a small minus of 1.3%.
Main indicators: market moods, capitalization growth and a drop in bitcoin dominance
The mood in the market improved: in the third quarter, the median value of the index of fear and greed has grown to 26 points (“Fear”). In the previous reporting period, its median value was 14 points (“extreme fear”).
The capitalization of cryptocurrencies in the third quarter increased by 11%. The corresponding indicator for silver decreased by 18.2%, gold – 7.5%, index S&P 500 – 5.6%.
Nevertheless, the statistical relationship of digital assets with S&P 500 remained high-the value of the 30-day correlation index was mainly higher than 0.8.
In the first half of the quarter, cryptocurrencies were restored faster than s&P 500, and in the second markets moved more synchronously.
The dominance of bitcoin per quarter weakened by 5%. The share of digital gold in the market by the end of the period was 39.6%. At the same time, Ethereum increased by 2% (up to 17.3%), the share of other cryptocurrencies – by 3% (up to 43.1%).
Trading volumes: recovery after collapse, XRP growth and reduction of cryptocurrency correlation
Analysts Exmo.COM note that after the update of The Merge, Ethereum trading volumes increased, but turned out to be less expected, despite the media lighting of this event.
The profitability of investment (ROI) in the third quarter has become positive for many cryptocurrencies. The largest growth was observed in July, as the market was restored after a collapse in the previous quarter.
The growth leader became XRP. Against the background of progress in the trial of the US Securities and Exchange Commission (SEC) against Ripple, the price of token increased by 51.2%.
“There was a hope for a quick completion of the trial between Ripple and SEC. Obviously, most market participants believe in a favorable outcome of the case, ”comments the EXMO team.Com.
The largest losses were incurred by investors in Dogecoin (-8.7%), Polkadot (-6.3%) and Tron (-6.3%).
The volatility of cryptocurrencies has significantly decreased compared to previous quarters.
“Tron demonstrated the smallest volatility: even Bitcoin managed to get around Altcoin. However, for TRX, this is a negative signal, given the reduction in the volume of bidding and the decline in the course, ”the Exmo report said.Com.
The correlation between the cryptocurrencies was significantly weakened and did not exceed 0.9. In the second quarter, the relationship between courses was very strong: the value of the coefficient in almost all cryptocurrencies exceeded 0.95.
The exception was XRP: it demonstrated a complete discrepancy with the market due to 30% growth in September.
EXMO user activity.Com: Reducing Batcoin Batcoin shares in investors portfolios
EXMO user balance.COM for most cryptocurrencies decreased. This was facilitated by the growth of some altcoins.
XRP balance reduced by 8%, Uniswap (UNI) – by 19%, ChainLink (Link) – by 20%, although the cost of tokens increased by 51%, 30%and 23%, respectively.
The number of NEAR holders (+9.4%) increased the most growing. Investors actively sold decred (-12.3%), Maker (-11.8%) and Wirex (-11.2%).
The share of bitcoin in the portfolio of long -term holders decreased from 38% to 35%.
During the quarter, bidding in the BTC/USDT pair took place between 18 700 USDT and 24 700 USDT with a relatively even distribution of volumes.
More than half of Ethereum trading volume (ETH) had to increase the course from 1500 USDT to 1800 USDT. At the price of the asset above 1800 USDT, only 13% of transactions were made.
The main event of the quarter was the Ethereum transition to the Proof-Of-Stake https://gagarin.news/news/central-bank-of-mexico-has-postponed-the-launch-of-the-digital-peso/ consensus algorithm. The update has positively affected the price of the asset.
Progress in the SEC proceedings against Ripple has favorably affect the XRP course. Against the background of the growth of altcoins, investors actively reduced balances.
Long -term investors on EXMO.COM reduced the share of bitcoin in a portfolio by 3% – from 38% to 35%. The most unprofitable of large cryptocurrencies were Dogecoin, Polkadot and Tron.
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