Binance Research: Is the Crypto Market Turning into a Kangaroo Market?

Bitcoin’s price has moved like a kangaroo for the past 45 days, moving between $8,700 and $10,200, according to the latest report from Binance Research.

Binance Research, the market research and analysis arm of Binance, recently published a report that analyzes market movements for Bitcoin and other major cryptocurrencies during the second quarter of 2020, which was marked by a generally sideways market for Bitcoin, even during one of the best quarters in history for the leading cryptocurrency.

“While Bitcoin’s performance was +42% in Q2, most of its price appreciation occurred in the first 45 days of the second quarter. Bitcoin’s price has moved like a kangaroo for the past 45 days, moving between $8,700 and $10,200,” according to the new report titled “Is the Crypto Market Turning into a Kangaroo Market?”

The report also covered market action and analysis for other major cryptocurrencies, including Ethereum’s market performance, which topped Bitcoin’s during the second quarter, as well as substantial price returns shown by decentralized finance (DeFi)-related assets like LEND and BNT. Meanwhile, there’s a new token on the top 30 token rankings by CoinMarketCap: COMP, the governance token of Compound.

Binance Research added, “Crypto correlations remained high in the crypto industry but slightly lower than in the first quarter in 2020. The rolling 90-day correlation between S&P 500 and BTC remained significant and positive. However, its strength decreased sharply in the second half of June.”

In addition, the report included statistics on the futures contracts on Binance Futures. The platform’s open interest increased significantly in the recently-concluded and reached a new high of 560,000,000 USDT in June. Nevertheless, it remains dominated by the BTC/USDT perpetual contract, making 65% of the platform's open interest.

Read the full report here.