Digital Assets Weekly: June 9th, 2020

Jun 9, 2020 • 4 Min Read

Market Analysis

This week, Bitcoin’s price volatility dropped to its lowest level since the Black Thursday crash on March 12th; indicating a sustained lack of definitive direction in the market over the past few weeks.


Following Black Thursday, Bitcoin rallied over 150% leading up to the mining reward halving, but has yet to establish a prolonged break above its key $10K resistance level. As of June 8th, it was trading at $9,771.



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Bitcoin remains firmly ahead of gold as the best performing asset class on a YTD basis with a 36% gain to date. As of June 8th, the S&P 500 was flat on a YTD basis.


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Bitcoin Cash led all other major crypto assets over the past week by 2% - 4%.


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FS Crypto FX 40 was the best performing index last week and was up 2.7%. Major contributors to the outperformance of the FS Crypto FX 40 were Crypto.com Coin (+16%), and Cardano (+6.5%).


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The table below shows the returns of the largest assets and the FS Size Indexes over the year. 


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Fundamental Valuations

Bitcoin’s P/CMR valuation stood at 9.8x as of 6/8 vs 10.3x as of last week. This value remains slightly below the levels from Mar-19 through present.


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Bitcoin’s market cap to realized value (MV/RV) multiple was 1.7x as of 6...

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