In the past week, the NWST1100 was trending sideways and surged by 7.36%. Index prices were hovering near 10-days EMA. Numeraire (NMR) Token is the NWSL100 crypto index member which made the biggest jump in our ranking last two weeks.
*We gauge the crypto market breadth and direction of the market by showing charts 2100NEWS Digital Assets Total Index (NWST1100) which represent the top 1100 Digital Assets. The chart overwhelmed with information is at first glance difficult to read but on the chart is the most important price information, important decisive price levels, momentum, volume of trading, and crypto market breadth.
In the previous report, it was said, for the past week our assumption had been: the wide sideways trend was more likely. However, the cause of the bear trend (coronavirus) will not be eliminated, so a breakthrough to 600 points was unlikely. On the NWST1100 chart above, we can see, sideways trend. Index prices were hovering near 10-days EMA.
Outlook for this week
Looking ahead to the week, the indicators give us the following signals: we can see that RSI is 40 – neutral. PPO histogram bars could change the slope and support sellers in the next few days. Breadth indicators and PPO could flatten out. This set up is the basis for my opinion: We can’t say buyers are strong and they control the market, so the continuation of a sideways trend is more likely. NWST1100 index price could linger inside the Keltner channel (green area), meaning about 10% price changes (up or down) from the current price.
Performance of different groups of Digital Assets (Coins and Tokens)
Looking at the table, you can see crypto markets experienced a rebound last weeks. The total (NWST1100) index surged by 7.36% in the past week.
Crypto (Digital Assets) compared with global equity
On the chart below, the performance of the average Digital Aset represented by our NWST1100 index is compared with the average global equity represented by Dow Jones global index W1Dow. In the second half of the last year, crypto has fallen over 50% vs. global equity. This year the NWST1100 had beaten W1Dow by 60% in January then pair experienced pullback (-35%). In the last week’s collapse, crypto markets have fallen more than equity and lost all their advantage form the beginning of the year.
Indexes Revision 3-27-2020
The Bi-weekly revision update both, the amount of each asset publicly available and any additions and deletions from the indexes. On the tables below there are additions and deletions from NWS30, NWSL100, and NWSM200. As we can see on the tables WAX and Numeraire have improved their rankings they were added to NWSL100 and deleted from NWSM200. Insight Chain and iExec RLC were deleted from NWSL100. They are new members of NWSM200. New mid-caps are CRYPTBUCKS, Tachyon Protocol, Insolar. Other additions and deletions this week for the other indexes from the family are available in each index presentation.
We select the member in the NWSL100 crypto index with the biggest jump in our ranking. Considering an investor’s point of view, peer comparison should be efficient and effective. To make appropriate peer comparison we gauged the Numeraire (NMR) Token with 2100NEWS Digital Assets 100 Large Cap Index (NWSL100). Looking at the chart below, at the top we can see the NMR vs. NWSL100, in the middle of the chart is the original NMR price, at the bottom of the chart are NWSL100 and correlation between NMR and NWSL100. Purple area graph shows, NMR has beaten NWSL100 by 200% in the last four months. However, the correlation graph gives us an explanation that the correlation is weak (Pearsons correlation coefficient = -0.19). For 65% of the time, it was moving in the opposite direction as the NWSL100. So, it has been a poor representative of the NWSL100 index in terms of price changes.
Numeraire (NMR) Website: https://numer.ai/
NMR Large-cap Ethereum based token is 91st in the 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWSTo100, NWSET100, NWSDM100
2100NEWS DA Orderbook Quality Evaluation Grade: Poor: 11.1 (Average for Large caps: 14.0)
Over the past week, the average market cap was 32.4 million $, average daily volume was 0.9 million $.
Numeraire is a new cryptographic token that could be employed in a novel auction mechanism with the aim to create overfitting economically irrational. Numeraire is an ERC20 Ethereum token that makes collaboration congenial with self-interest. Last year, a new kind of hedge fund was introduced by Numeraire. This resource enables any data scientist to not only develop machine learning patterns on the team’s data but also offer predictions to manage the capital in the team’s hedge fund. Today, a new money abstraction for Numerai is published. It starts modern commerce with the team’s data scientists based on long-term adjustment not possible with regular money.