2100NEWS WEEKLY CRYPTO REPORT
Written by Branko on January 28, 2019
The family of cryptocurrency indexes, 2100NEWS DA (Digital Assets) Indexes, Factor Indexes, and Crypto Market Breadth Indicators serve for general and deep insight into crypto markets and measure for their current and past movements. In the 2100News weekly crypto report, we analyze and gauge the entire crypto market to understand why the crypto universe is as it is in order to understand where we go.
In the last week, we kept on moving sideways, moves up and down along neckline (red dashed line) and very low volatility. Correctional moves are always the most confusing ones, also where traders tend to lose most of their trading capital because the moves are extremely random most of the time. As you can see on the above chart and left PF chart 2100NEWS Digital Assets Total Index (NWST1100) (neckline) support held although the wave of PPO and PPO histogram was negative.
Looking ahead to next week. ADVL and McClellan summation index – Breadth indicators are declining. We expect short term bearish trend because support will not hold. Given that a tight price range in which most cryptocurrencies were relatively stable in for weeks will be broken, volatility to the downside is expected in the upcoming week. The wave of PPO histogram shows that it can follow a few days of an extended negative wave. The RSI (less than 40) will confirm the bearish trend. Assuming the trend is down, it could mean we could drop some more the coming days. Therefore, for the next few days, there is a greater likelihood that the index will move down to the target near 350 points.
Performance of different groups of Digital Assets (Coins and Tokens)
Last week we saw a sideways trend. On the table below, you can see that digital assets, Tokens based on Ethereum represented by 2100NEWS DA Ethereum Tokens Index (NWSET100), have been the best performing group since early January, for over three weeks. It rose 6.5%. At the same time Total market (NWST1100), Bitcoin, and Ether (NWSBE) were practically unchanged.
Total (NWST1100) index decreased by 1.00%.
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 average global equity represented by Dow Jones global index W1Dow. As you can see since November 13th crypto has lost the ground vs. global equity. Last three weeks crypto vs. W1Dow lost more than 15%.
Indexes Revision 1-25-2019
The 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 that two DA changed their membership. Tenx and Zcoin have improved their rankings they were added to NWSL100 and deleted from NWSM200. Dentacoin, Buggyra Coin, and Hyperion were deleted from NWSL100. They are new members of NWSM200. New mid-caps are Quantum Resistant Ledger, Qubitica, SaluS … Other weekly additions and deletions this week for the other indexes from the family are available here.
We select the member in NWSL100 crypto index with the biggest jump in our ranking. We can see from the chart that TenX (PAY) has performed better than average coin or token which is a member of NWSL100 index last two weeks when its price performance is 100% better than NWSL100.
|2100NEWS ranking: 80, Large cap Ethereum based Token, Index member: NWST1100, NWSL100, NWSTo100, NWSET100|
TenX is a virtual currency built by TenX – a Singapore-based startup with a vision to offer the solution of money conversion – its Visa debit card. Their PAY token will be tradeable first on Bittrex. With the card, users can instantly exchange digital currencies into fiat money including the Dollars, Yen or Euros. Regarding digital currency, first, the card supports eight crypto tokens such as Bitcoin, Dash, and Augur. However, more coins will be available with this card in the future. After their ICO in mid-2017, TenX raised $80 million, half of which will be distributed to expand the business, and the other half shall be used to give liquidity for coins exchange. For each transaction with the card, users will be charged a fee of 2% cut. Each card is limited to $2,000 per year, but the customers can raise the limit after their identity validation. By July 2017, the firm has achieved multiples goals, and it is aiming at higher and more difficult tasks. TenX’s focus should be on growing services.
— TenX (@tenxwallet) January 16, 2019