In the past week, the NWST1100 dropped by 3.95%. Crypto markets were nearing a test of their April high and peaked. Bitcoin was the main driver behind gains. Then a strong pullback happened in the last two days. Hyperion (HYN) 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.
The previous report showed, that our assumption for the past week had been: a move downward in the bigger sideways trend was more likely, the price could test the support represented by 143-day EMA (working days). Technical indicators indicated the possibility of a short-term correction. On the NWST1100 chart above, we can see: In the first five days of the week, bulls maintained the index above the upper Keltner line. Crypto markets were nearing a test of their April high and peaked. Bitcoin was the main driver behind gains. Then a strong pullback happened in the last two days. Bears have propelled the index down to 143-day EMA which was acting for a while as support (red curve).
Outlook for this week
Looking ahead to the week, the indicators give us the following signals: we can see that RSI is 51 (falling). PPO histogram bars could continue sloping down in the next few days. Breadth indicators could continue falling. Bears will control crypto markets. The most important question is “will the support level represented by 143-day EMA (working days) hold or fail?” Will the index remain above its red line. This set up is the basis for my opinion: the continuation of falling is more likely. NWST1100 index price could continue sloping downward to the target marked on the chart.
Performance of different groups of Digital Assets (Coins and Tokens)
Looking at the table, you can see crypto markets peaked and changed the trend in the last week. The total (NWST1100) index dropped by 3.95%.
Crypto (Digital Assets) compared with global equity
On the chart below, the performance of the average Digital Asset represented by our NWST1100 index is compared with the average global equity represented by Dow Jones global index W1Dow. This year the NWST1100 had beaten W1Dow by 60% twice. In January then pair experienced pullback in collapse caused by corona pandemic, crypto markets had fallen more than equity and lost their advantage. Since 18th March NWST1100 vs. W1Dow pair had rebounded and peaked over the last week. This year crypto investment represented by NWST1000 has beaten global equity by 60.5%. In the box in the middle of the chart is the original NWST1100 price, at the bottom of the chart is W1Dow. The blue curve is the average index price last twelve months. We can see that the NWST1100 price is above the average while W1Dow price is below the average.
Indexes Revision 5-8-2020
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 Aave, BitcoinHD, and Streamr DATAcoin have improved their rankings they were added to NWSL100 and deleted from NWSM200. Swipe and PundixXwere deleted from NWSL100. They are new members of NWSM200. New mid-caps are WhiteCoin, Counus X, HBC Token … 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. We will look at how the market, with price changes, evaluates project progress. It seems important to us if the project is out of the ordinary tide of crypto project prices. Considering an investor’s point of view, peer comparison should be efficient and effective. To make appropriate peer comparison we gauged the Hyperion (HYN) Token with 2100NEWS Digital Assets 100 Large Cap Index (NWSL100). Looking at the chart below, at the top we can see the HYN vs. NWSL100, in the box in the middle of the chart is the original HYN price, at the bottom of the chart are NWSL100 and correlation between HYN and NWSL100. Purple area graph has shown that HYN was stronger in the rally in April. HYN has beaten NWSL100 by 650% in the last four months. However, the correlation graph gives us an explanation that the correlation is weak (Pearsons correlation coefficient = 0.03). HYN was moving in the same direction as the NWSL100 but in the rally phase, it grew faster. So, it has been a poor representative of the NWSL100 index in terms of price changes.
Hyperion (HYN) Website: https://hyn.space/
HYN Large-cap Coin is 38th in the 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWSTo100, NWSET100, NWSDM100
2100NEWS DA Orderbook Quality Evaluation Grade: Ordinary: 13.3 (Average for Largecaps: 13.9)
Over the past week, the average market cap was 152.0 million $, average daily volume was 23.7 million $.
Hyperion is an open blockchain-based mapping architecture. Hyperion aims to fundamentally disrupt existing mapping systems by providing the infrastructure to support a completely decentralized, self-governing global map that users anywhere can contribute to, edit or utilize for their own needs, and share the economic value. Hyperion, a decentralized map platform, aims to achieve the “One Map” vision – to provide a unified view of global map data and service, and to make it universally accessible just like a public utility for 10B people. Built on the Spatial Consensus Protocol which encloses not just spatial information but also value transfer, Hyperion fundamentally redefines the way we create and consume map services, conforming to our first principles to make maps aggressively open and decentralized.