In the past week, the NWST1100 declined by 3.51%. The index has trended sideways. Last Wednesday NWST110’s price found a floor, the index hit 6 months low then it rebounded into the territory between 10-days and 25-days EMA. Horizen (ZEN) Coin 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 sideways trend was more likely, with a lot of resistance (10-days, 25-days EMA), so the market could linger between 10-days and 25-days EMA for a few days. In the bearish scenario, NWST1100 could test the support near 555 points (-10%). On the NWST1100 chart above, we can see, the index has trended sideways. Last Wednesday NWST110’s price found a floor, the index hit 6 months low then it rebounded into the territory between 10-days and 25-days EMA.
Looking ahead to the next week: The indicators give us the following signals: we can see that RSI is 47 – neutral, PPO histogram bars could continue sloping positively in the next few days. It is likely to pick up stronger upside momentum. The Breadth indicators could start rising. One may interpret this as hopium dealing but at Christmas times, investors can expect the birth of a small Christmas rally (target +10%).
Performance of different groups of Digital Assets (Coins and Tokens)
At the table you can see, by investing in crypto you have most likely not made money in the last three months. The Total (NWST1100) index declined by 3.51% over the past week. The worst performing digital assets were Coins represented by NWSCo100.
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. This year average crypto vs. W1Dow surged 17% but in the second half of the year, crypto has fallen over 53% vs. global equity. Last week NWST1100 vs. W1Dow continued falling.
Indexes Revision 12-20-2019
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 Waves, Horizen, DigixDAO… have improved their rankings they were added to NWSL100 and deleted from NWSM200. Silverway, Lisk, Ren … were deleted from NWSL100. They are new members of NWSM200. New mid-caps are Velas, CryptoVerificationCoin, QCash. 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 Horizen (ZEN) with 2100NEWS Digital Assets 100 Large Cap Index (NWSL100). Looking at the chart below, at the top we can see the ZEN vs. NWSL100, in the middle of the chart is the original ZEN price, at the bottom of the chart are NWSL100 and correlation between ZEN and NWSL100. Purple area graph shows, ZEN has beaten NWSL100, it has soared by 148% vs. NWSL100 in the last three months. However, the correlation graph gives us an explanation that the correlation is weak and negative (Pearsons correlation coefficient = -0.46). For 60% of the time, it was moving in the same direction as the NWSL100, but over the last five weeks, it was moving in the opposite direction, so it has not been a typical representative of the NWSL100 index in terms of price changes.
Horizen (ZEN) Website: https://www.horizen.global
ZEN Large-cap Coin is 64 in the 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWSCo100, NWSDM100
2100NEWS DA Orderbook Quality Evaluation Grade: Ordinary: 11.7 (Average for Large caps: 12.1)
Over the past week, the average market cap was 54.7 million $, average daily volume was 1.6 million $.
Horizen’s blockchain technology platform empowers users to transact and communicate securely through Sphere by Horizen, their flagship application. Horizen’s native cryptocurrency, ZEN, uses advanced (“zero-knowledge”) cryptography for optional privacy. Their sidechain implementation and Software Development Kit (SDK) enables the development of public or private secure and scalable blockchain applications utilizing Horizen’s open source technology and public infrastructure.