This is a jubilee hundredth weekly crypto report, if you follow us you know that our outlooks are generally coming true, as was the one from last week. Last week, NWST1100 surged by 5.96%, the index price tested the support represented by 143-days EMA then has bounced off. WhiteCoin (XWC) 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: the sideways trend was more likely, the index could test for a third time if the support represented by 143-days EMA holds. In this case, the index would turn around sharply as it did twice in September. The NWST1100 chart shows that assumption was true. The index price had tested support at 970 points during the first four days of the week then bounced off. At the top we see momentum indicators: PPO lines, RSI, and PPO histogram have risen (green arrow).
Outlook for this week
Looking ahead, the Momentum indicators give us the following signals: the RSI is 61 (bullish); PPO lines and PPO histogram bars may continue direction (up) in the coming days. The Breadth indicators, at the bottom of the chart (green arrow), may slope positively. The volume profile is an advanced charting Indicator on the left side of the chart. It displays trading activity and plots a histogram on the chart which reveals dominant and significant price levels based on volume and in essence gives a clear indication of what was bought and sold at those current levels. It is extremely versatile and can be used for finding areas of supports and resistances, as well as finding areas where we can expect rapid price movements. This constellation is the basis for my opinion: a strong move upward is more likely, the market could reach R1 resistance +11%.
Performance of different groups of Digital Assets (Coins and Tokens)
The total (NWST1100) index surged by 5.96%. The table below shows, that the coins and midcaps have recorded the biggest gains since the end of September.
Crypto (Digital Assets) compared with global equity
With such a chart, we have already shown the superiority of crypto investments as a new investment class in many recent reports. For the sake of objectivity, we review various timespans. The chart compares the performance of the average represented by our NWST1100 Digital Asset index with the average global share represented by the Dow Jones global W1Dow index. The Percentage Change Marks on the chart shows that this year NWST1100 outperformed W1Dow by 65.6% while over the last 12 months, NWST1100 was 21.9% higher. 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 NWST1100 spot price is 27% higher than twelve months index average price. This means: If we bought one NWST1100 every day over the last twelve months, our investment is recording 27% gains today.
*The box in the middle of the chart shows the original NWST1100 price, at the bottom of the chart is W1Dow.
Indexes Revision 10-9-2020
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 Avalanche, NEST Protocol, and WhiteCoin have improved their rankings they were added to NWSL100, they were deleted from NWSM200. Curve DAO, Crypto.com Chain, and MonaCoin were deleted from NWSL100, they are new members of NWSM200. New mid-caps are Bridge Oracle, SUN Token, Basid Coin… Other additions and deletions this week for the other indexes from the family are available in each index presentation.
In order to make an appropriate peer comparison, we gauged the WhiteCoin (XWC) Coin with 2100NEWS Digital Assets 100 Large Cap Index (NWSL100). On average (violet area chart), the relationship between XWC and NWSL100 has shown that it was stronger. XWC has beaten NWSL100 by 107% over the last three months. However, if we compare the XWC 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 weak (Pearson’s correlation coefficient = 0.25). Only 50% of the time, it was moving in the same direction as the NWSL100. It has been therefore a poor 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.
WhiteCoin (XWC) Website: https://www.whitecoin.info/
XWC Large Cap Coin is 91st in the 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWSCo100
2100NEWS DA Orderbook Quality Evaluation Grade: Poor: 18 (Average for Largecaps: 17.2)
Over the last week, the average market cap was 66.9 million $, the average daily volume was 1.2 million $.
Whitecoin is a community-based decentralization project with more than five years of history. The project was launched in early 2014. The main members of the original development team are from the Netherlands, Germany, Finland, Australia, and other countries. Whitecoin is a public chain that utilizes interconnection between blockchains through the innovative Multi Tunnel Blockchain Communication Protocol (MTBCP) protocol. The newly upgraded Whitecoin will adopt RPOS mechanism to realize the functions such as cross-chain asset management, cross-chain transfer, exchange, and cross-chain value transfer. The upgraded Whitecoin public chain provides three main functions: cross-chain assets management, smart contracts, decentralized exchanges, and the core feature: community governance mechanisms. The team claims that it is the largest cross-chain public chain in the world. It aims to provide a benchmark and demonstration for breaking the barriers among various public chains.
*The chart below shows the XWC compared to NWSL100 at the top, the box in the middle of the chart shows the original XWC price, and at the bottom of the chart we see NWSL100 and the correlation between XWC and NWSL100.