Last week, NWST1100 increased by 1.46%. Crypto markets were hovering above 10-days EMA, tokens have been pushing higher each week. iExec RLC Token is a member of the NWSL100 crypto index that made the biggest jump in our ranking in the last two weeks.
*We gauge the crypto market breadth and direction of the market by showing charts 2100NEWS Digital Assets Total Index (NWST1100) which represents the top 1100 Digital Assets. The information-laden chart is difficult to read at first glance but the chart shows key price information, important decisive price levels, momentum, trading volumes, and crypto market breadth.
The previous report showed that our assumption for last week had been: a more likely course was a move up inside the upper Keltner Band. The NWST1100 chart shows that the index was hovering above 10-days EMA. The bar graph on the right, which represents the volume, shows the largest bar, that we denoted by “Accumulation”. Bulls were strong and they were accumulating their longs and building a long position.
Outlook for this week
Looking ahead, the Momentum indicators give us the following signals: the RSI is 59 (neutral); PPO lines and the Breadth indicators, at the bottom of the chart, may continue flattening in the coming days. This constellation is the basis for my opinion: the sideways trend is more likely, the market could linger between 800 and 880 points.
Performance of different groups of Digital Assets (Coins and Tokens) – Digital Assets decoupling
The total (NWST1100) index increased by 1.46%. On the table above we can see, that tokens (NWSTo100, NWSET100, NWSOT50) have been pushing higher each week. Their prices did not follow Bitcoin and Ether represented by the NWSBE.
Crypto (Digital Assets) compared with global equity
The chart below compares the performance of the average represented by our NWST1100 Digital Asset index with the average global share represented by Dow Jones global W1Dow index. This year the NWST1100 outperformed W1Dow twice by 60%. The first wave up was an extended Christmas rally, then the pair suffered a collapse caused by the corona pandemic, and the crypto markets had fallen more than the equity markets and lost their advantage. Since March 18th NWST1100 vs. W1Dow pair had rebounded and peaked ten weeks ago. This year, crypto investment represented by NWST1000 beat global equity by 46% while over the last 12 months NWST1100 was 12% lower. The box in the middle of the chart shows the original NWST1100 price, at the bottom of the chart is W1Dow. The blue curve is the average index price over the last twelve months. We can see that the NWST1100 price and W1Dow price are above average, but the NWST1000 average is 14.75% lower than 12 months ago.
Indexes Revision 7-17-2020
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 NWSL100, and NWSM200. As we can see on the tables iExec RLC, Ampleforth, Insight Chain, … have improved their rankings they were added to NWSL100, they were deleted from NWSM200. SOLVE, BitcoinHD, MaidSafeCoin, … were deleted from NWSL100, they are new members of NWSM200. New mid-caps are Celo, UMA, Stakenet … Other additions and deletions this week for the other indexes from the family are available in each index presentation.
We elect the member of the NWSL100 crypto index with the biggest jump in our ranking. We will look at how the market, rates the progress of the project in case of price changes. It seems important to us whether 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. In order to make appropriate peer comparison, we gauged the iExec RLC (RLC) Token with 2100NEWS Digital Assets 100 Large Cap Index (NWSL100). In the chart below, we see the RLC compared to NWSL100 at the top, the box in the middle of the chart shows the original RLC price, and at the bottom of the chart we see NWSL100 and the correlation between RLC and NWSL100. On average (violet area chart), the relationship between RLC and NWSL100 has shown that it was stronger during July. RLC has beaten NWSL100 by 306 % over the last three months. However, if we compare the RLC green area graph with the orange index area graph while observing the correlation graph, the correlation graph gives us an explanation that the correlation is strong (Pearson’s correlation coefficient = 0.74). ). For 75% of the time, it was moving in the same direction as the NWSL100. It has been therefore a good representative of the NWSL100 index in terms of price changes.
iExec RLC (RLC) Website: https://iex.ec/
RLC Large-cap Ethereum based Token is 67th in the 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWSTo100, NWSET100
2100NEWS DA Orderbook Quality Evaluation Grade: Poor: 10.4 (Average for Largecaps: 15)
Over the last week, the average market cap was 102.0 million $, the average daily volume was 12.6 million $.
iEx.ec is a blockchain-based decentralized cloud computing system where creators can rent computing power, data centers, and servers and make their unused resources available via a unique marketplace on the Ethereum blockchain. This currency is the native coin of the iEx.ec cloud platform. By exchanging RLC tokens, users can use rent servers, data, and applications to execute their distributed applications. The goal of iEx.ec is to provide decentralized applications running on the peer-to-peer blockchain network. This technology uses the Ethereum smart contracts and enables to build a virtual Cloud infrastructure that provides high-performance computing services on demand.