Here are the Top Coins and Losers in Binance
The giant Bitcoin exchange Binance offers a new look at the behavior of crypto traders on its platform. In the second quarter report, Binance said that trading volumes fell in the second quarter, and small cryptocurrencies outperformed Bitcoin and Ethereum. The stock market made the following statement regarding the subject:
THE TRADING VOLUMES WERE SLIGHTLY LOWER IN THE SECOND QUARTER OF 2020 THAN IN THE FIRST QUARTER, AND SHOWED A SIGNIFICANT DOWNWARD TREND FOR LARGE CAPITAL ASSETS (ESPECIALLY EXCLUDING BITCOIN AND ETHEREUM). SIMILARLY, ALL OF THE BEST SECOND QUARTER PERFORMANCES WERE IN MEDIUM-SIZED ALTCOINS LIKE LEND, BNT, ERD, AND EDO. EACH OF THESE ASSETS ROSE CLOSE TO 500% OR MORE… THERE WAS A NOTICEABLE DECLINE IN SPOT TRADING DOMINANCE IN THE LAST QUARTER, AS ETH’S RALLY INCREASED AND RELATIVE INCREASES IN THE TRADE OF ALTCOINS, INCLUDING LINK AND ADA.
Binance: Ripple is the fifth worst performer!
Cryptocurrencies with great market value, Bitcoin and Ethereum, received 42% and 69.7% returns in three months, while XRP remained stagnant. XRP reduced the transaction volume by half and achieved a minimal return of 0.5%. XRP was the fifth worst performing asset after MCO, Tierion (TNT), STP Network (STPT) and Bread (BRD). On comparing Bitcoin with traditional financial markets, Binance reveals zero correlation between Bitcoin and gold. The narrative is changing compared to the Bitcoin S&P 500. The stock market made the following statement regarding the subject:
APPLYING THE SAME METHOD TO THE DAILY RETURNS OF BTC AND S&P 500 SHOWS A DIFFERENT PICTURE. AFTER A LONG PERIOD (ABOUT 8 MONTHS) WHEN THE CORRELATION IS VERY LOW OR WITHOUT CORRELATION, THE CORRELATION COEFFICIENT INCREASES TO ABOUT 0.6 IN FEBRUARY / MARCH 2020. ONE POSSIBLE COMMENT REFLECTS THE PERFORMANCE OF THE DISTRESSED FINANCIAL CAPITAL MARKET IN THE US, WHILE COVID-19 GENERATED HIGH UNCERTAINTY AND LAUNCHED A FLIGHT TO LIQUID ASSETS. ALSO, THIS CORRELATION SEEMS TO HAVE DROPPED TO PRE-COVID-19 LEVELS IN LATE JUNE. NOW THIS SEEMS TO BE TURNING INTO A MORE ‘NORMAL’ STATE WHERE BTC AND S&P 500 ARE NOT RELATED.