The long-awaited Altcoin Season is still to wait. Nevertheless, we were able to win this year, already some of the Altcoin projects are neat to drive. Among the winners in the second quarter of this year SwissBorg (CHSB) and Bancor (BNT) are to be found again.
SwissBorg (CHSB) was able to since 1. April a price increase of approximately 395% present. Behind SwissBorg a Swiss cyber-Bank is hidden. On the other side of the Bancor, the liquidity for the Smart Token, increased, in the last three months about 500%. Both crypto-currencies currencies according to the market capitalization of the Top 100 Crypto-and thus also bring the necessary attention.
Two Altcoins are the biggest winners this quarter
The entire crypto market depends mainly on the Bitcoin exchange rate. Therefore, BTC gets the most attention, and many Altcoin projects quickly faded into obscurity. However, there are some exciting projects, on a closer look seems to be paying off.
In the second quarter of 2020 is nearing its end, but already now the winner of the last three months can be identified. This SwissBorg (CHBS) and Bancor (BNT) are clearly the best of them. Both crypto-currencies have recorded a profit of approximately 400% and more.
Bancor is since 1. April to an incredible 500%b increased, the momentary all-time high on July 24. June was reached to 1.19 USD. Currently, BNS is trading at USD 1.08.
SwissBorg, however, could be observed in the last three months a price increase of almost 400% and reached on may 22. June his previous all-time high of 0,14435 USD. CHSB is currently trading at $0,112.
Both crypto-currency show a negative correlation to Bitcoin
Apart from the above-average price increase, shows a more interesting measure for the recent price development. Both Altcoins show a very low correlation with Bitcoin.
While the majority of the crypto depends on the market extremely from the Bitcoin course, there are always outliers to swim against the current.
An analysis of into theblock, the 30-day price calculated correlation between the price of a token and the price of Bitcoin. A correlation coefficient (R) between 1 and 0.5 indicates a strong correlation between the price of the tokens and Bitcoin. This means that it tends to move in the same direction. A correlation below 0.5 points, indicates that a moderate to low correlation, while a negative correlation shows that the price movements of the token in the opposite direction from Bitcoin to move.
Of the two Altcoins Bancor (BNT) seemed to correlate most strongly with BItcoin, although the R-coefficient at 25. June to up to a -0.28 fell.
In addition, Coinbase recently announced that they are considering to list Bancor, together with 12 other Altcoins on their exchange. This could provide a further Momentum and the rate in addition to boost.
SwissBorg, however, has currently a correlation coefficient of -0,32. This shows that there is evidence of a slight inverse relationship between its price and Bitcoin.
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Bitcoin is still the clock
Nevertheless, one should not be happy here the Altcoin investors to early. Because currently the dependency on the Bitcoin exchange rate is still extremely high. No wonder if the market dominance of BTC at around 64%, according to CoinMarketCap. Other calculations even assume that the Bitcoin dominance is about 90%.
Therefore, it is in Bancor and SwissBorg to temporary outliers. Both tokens must first prove in the next few months, they are still uncorrelated to BTC. Until then, it is currently only an exception. In addition, you should be Investing carefully, if the Asset has already been able to grow 400-500% in the last few months. A strong correction is increasingly likely.
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(Image Source: Shutterstock, Into Theblock)
The comments in this article do not represent any trading recommendations or investment advice.