2100NEWS WEEKLY CRYPTO REPORT
Written by Branko on April 8, 2019
In the last week, the fifth attempt to breakout succeeded, and the crypto market experienced a large spike on April 2. Total (NWST1100) index increased by 22.65%. Cortex (CTXC) is the NWSL100 crypto index member which made the biggest jump in our ranking. In the 2100News weekly crypto report, we try to understand why the crypto universe is as it is in order to understand where we go. We gauge the crypto market breadth and direction of the market by showing charts 2100NEWS Digital Assets Total Index (NWST1100) which represent top 1100 Digital Assets.
We can see on the (NWST1100) chart, the buyers carried out long-term accumulation just below the important resistance marked with the red dashed line, which we marked on the graph. In the band above this level in the past, there was no significant trading, which was anotated as Volume Gap. In the fifth attempt, the breakout succeeded, and the crypto market experienced a large spike on April 2, initiated by bitcoin’s sudden price increase by approximately 20% against the USD. This simultaneously pulled the rest of the market upwards, increasing trading activity and general positive sentiment. Many crypto traders and investors are currently anticipating the end of the crypto winter. The sudden price increase also caused a short squeeze which occurs when a sudden price increase liquidates a large number of short positions.
Looking ahead to the next week. The indicators give us the following signals: we can see that RSI is bullish and oversold. PPO wave could go up and PPO histogram could be positive in the next few days. Breadth indicator McClellan summation index is rising, ADVP a breadth statistic based on Net Advancing Volume is rising too. This set up means that we expect markets to go up to the target near 680 points (10%). Ater massive rally consolidation will follow, which will have great oscillations, which means that the markets can lose 15% in a very short time.
Performance of different groups of Digital Assets (Coins and Tokens)
Looking at the table, you can see that Total (NWST1100) index soared by 22.65% last week. Coins represented by 2100NEWS DA Coin Index (NWSCo100), has been the best performing index last week, it surged by almost 30%. Looking at the chart below we can see that NWSCo100 experienced a large spike, initiated by bitcoin’s sudden price increase.
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. This year average crypto vs. W1Dow rose about 20%, last two months crypto had much better performance than global equity.
Indexes Revision 4-05-2019
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 TTC Protocol, Cortex, and Celer Network have improved their rankings they were added to NWSL100 and deleted from NWSM200. Aurora, Monaco, and Cosmo Coin were deleted from NWSL100. They are new members of NWSM200. New mid-caps are DeepBrain Chain, Orbs, Top Network… Other weekly additions and deletions this week for the other indexes from the family are available here.
We select the member in the NWSL100 crypto index with the biggest jump in our ranking. We can see from the chart that Cortex (CTXC) has performed better than average coin or token which is a member of NWSL100 index, its price performance has soared by about 45% vs. NWSL100 in the last 30 days.
2100NEWS ranking: 77, Large cap Ethereum based Token, Index member: NWST1100, NWSL100, NWSTo100, NWSET100, NWSDM100
In Cortex, due to the nature of open source and competitive mechanisms, the best model as an intelligent agent will survive to enhance the intelligence level of the Blockchain network. Cortex’s main mission is to provide the state-of-the-art machine-learning models on the blockchain in which users can infer using smart contracts on the Cortex blockchain. One of Cortex’s goals also includes implementing a machine-learning platform that allows users to post tasks on the platform, submit AI DApps (Artificial Intelligence Decentralized Applications).
— Cortex Labs (@CTXCBlockchain) April 3, 2019