Last week, NWST1100 surged by 7.72%, index price bounced off the 10-days EMA which shows that the bulls are aggressively buying the dips. IRIS Network (IRIS) Coin is a member of the NWSL100 crypto index that made the biggest jump in our ranking over 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 for the week was a move above the resistance R1 (4% higher), correction to 10-days EMA (-7%) was either possible. The NWST1100 chart shows that assumption was true. Index price bounced off the 10-days EMA which shows that the bulls are aggressively buying the dips to this support. At the top we see momentum indicators: PPO lines are flattening out, and RSI is in the overbought zone.
Outlook for this week
Looking ahead, the Momentum indicators give us the following signals: the RSI is 80 (overbought ); PPO histogram bars may change direction in the coming days. PPO lines and the Breadth indicators, at the bottom of the chart, may continue rising. This constellation is the basis for my opinion: the next target to watch out for is R2 (7% higher), the market could test the support represented by 10-days EMA (7% lower), breaks below would be the first sign of profit booking.
Performance of different groups of Digital Assets (Coins and Tokens)
The total (NWST1100) index surged by 7.72%. On the table above we can see, that The tokens built on Ethereum represented by 2100NEWS DA Ethereum Based Index (NWSET100) have led the way up.
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 after investors digested the havoc caused by the coronavirus pandemic the NWST1100 outperformed W1Dow by 95% while over the last 12 months, NWST1100 was 17.5% higher. 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 spot price and W1Dow price are above average, but the NWST1000 spot price is 54% higher than twelve months index average price. This means: If we bought one share every day over the last twelve months, our investment is recording 54% gains today.
Indexes Revision 8-14-2020
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 Energy Web Token, Irisnet, Numeraire, … have improved their rankings they were added to NWSL100, they were deleted from NWSM200. HyperCash, Decred, Stratis, … were deleted from NWSL100, they are new members of NWSM200. New mid-caps are Akropolis, Livepeer, Meta … Other additions and deletions this week for the other indexes from the family are available in each index presentation.
In order to make appropriate peer comparison, we gauged the IRIS Network (IRIS) Coin with 2100NEWS Digital Assets 100 Large Cap Index (NWSL100). The chart below shows the IRIS compared to NWSL100 at the top, the box in the middle of the chart shows the original IRIS price, and at the bottom of the chart we see NWSL100 and the correlation between IRIS and NWSL100. On average (violet area chart), the relationship between IRIS and NWSL100 has shown that it was stronger during July and August. IRIS has beaten NWSL100 by 566% over the last three months. However, if we compare the IRIS 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 very strong (Pearson’s correlation coefficient = 0.94). For 85% 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.
*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.
IRIS Network (IRIS) Website: https://www.irisnet.org/
IRIS Large-cap Coin is 83rd in the 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWSCo100, NWSDM100
2100NEWS DA Orderbook Quality Evaluation Grade: Good: 20.8 (Average for Largecaps: 15.8)
Over the last week, the average market cap was 89.8 million $, the average daily volume was 22.1 million $.
IRIS network aims to build a technology foundation that facilitates the construction of distributed business applications. It goes beyond today’s blockchain systems which are mainly for digitalized assets. The IRIS Network is named after the Greek goddess Iris, said to be the personification of the rainbow and the faithful messenger between heaven and humanity. The IRIS network is under development and is being constantly updated, including but not limited to key governance and technical features.