2100NEWS WEEKLY CRYPTO REPORT
Written by Branko on February 4, 2019
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. 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 last week, markets dropped almost 5% on Monday and then kept on moving sideways, with very low volatility. We have had a series of fake-outs trapping both longs and shorts last month. As you can see on the above chart and left PF chart 2100NEWS Digital Assets Total Index (NWST1100), this type of market forms a range bound horizontal or slightly angled channel. The recent retracement has given back about 80% of the swing in December and there is still room to push lower. The wave of PPO and PPO histogram was negative, RSI is bearish.
Looking ahead to next week. ADVL and McClellan summation index – Breadth indicators are declining. We expect short term bearish trend (target near 350 points on the chart). The RSI (less than 40) will confirm the bearish trend but the wave of PPO histogram shows that it can follow a few days of a positive wave. So rebound in a bearish trend is possible (reversal on the chart). The challenge with rebound is you never know when a trend will evolve, could result in getting caught in abreakout and the formation of a
Performance of different groups of Digital Assets (Coins and Tokens)
Last week we saw a downtrend in the slightly angled channel. 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 after Christmas rally, for over six weeks. It fell 6.5%. At the same time Total market (NWST1100), Bitcoin, and Ether (NWSBE) fell from 11% to 13%.
Total (NWST1100) index dropped by 5.10% last week.
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 four weeks crypto vs. W1Dow lost more than 19%.
Indexes Revision 2-1-2019
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. Mixin, GXChain, and Crypto.com Chain have improved their rankings they were added to NWSL100 and deleted from NWSM200. Metaverse ETP, Digital Futures, and KuCoin Shares were deleted from NWSL100. They are new members of NWSM200. New mid-caps are Everus, FOAN Protocol, Waves Community Token … 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 Mixin (XIN) has performed better than average coin or token which is a member of NWSL100 index, after Christmas rally its price performance is over 40% better than NWSL100.
|2100NEWS ranking: 77, Large cap Ethereum based Token , Index member: NWST1100, NWSL100, NWSTo100, NWSET100|
Mixin is a trusted blockchain network that is built on the BFT-DAG network and connects blockchains that already are in operation with an unlimited throughput. The Mixin Network brings to market a multilayered platform built to enhance the speed, privacy, and security of transactions between digital assets across multiple distributed ledgers. With bold claims of over a billion transactions per second, 0% transaction fees, and infrastructure for cross chain Dapp development; Mixin is positioning itself to be the dominant solution to the blockchain scalability problem.
— Mixin Network (@Mixin_Network) January 29, 2019