2100NEWS WEEKLY CRYPTO REPORT
Written by Branko on May 28, 2019
In the last week, digital assets surged, total (NWST1100) index by 9.64%. Since dropping to $6,400, the bitcoin price has recovered by more than 25 percent within a 48-hour span. Matic Network (MATIC) is the NWSL100 crypto index member which made the biggest jump in our ranking. 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. 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.
We can see on the (NWST1100) chart, that digital assets surged in the last week. As the breakout rally faded on May 17th, the crypto market went into consolidation as we predicted. Since dropping to $6,400, in less than two days, the bitcoin price has recovered to $8,000, by more than 25 percent within a 48-hour span. The immediate absorption of the decline demonstrates the significant improvement in the sentiment around the cryptocurrency market.
Looking ahead to the next week. The indicators give us the following signals: we can see that RSI is bullish and oversold, the PPO wave could change direction, PPO histogram could be positive in the next few days. Breadth indicator McClellan summation index is raising, ADVP a breadth statistic based on Net Advancing Volume is raising, too. This set up means that is likely expected a new wave up. NWST1100 1,000 points region (+12%) could be considered a reasonable target in near-term.
Performance of different groups of Digital Assets (Coins and Tokens)
Looking at the table and the chart below, you can see that Total (NWST1100) index surged by 9.64% in the past week. On the chart below we can also see indexes rotation called “Alt season”. We experienced this phenomenon in March until bitcoin’s parabolic rise from the beginning of April to 13th May shattered many altcoins to the point of capitulation. With many large-cap coins suffering tremendous losses. Large Caps’ (NWSL100) bullish explosion began on May 13th. This is a normal index rotation because tokens and coins vs Bitcoin and Ether are now cheaper than they were 6 weeks ago. “Alt season” is a period when altcoins go through exponential growth, often at the expense of Bitcoin. The NWSBE Index is topping off while the altcoin Large cap Index NWSL100 is gearing for the next move up.
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 soared about 75% and with this growth, it replaced all the losses that arose last November.
Indexes Revision 5-24-2019
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 Matic Network, Celer Network, aelf, … have improved their rankings they were added to NWSL100 and deleted from NWSM200. Factom, Aurora, MEDIKEY, … were deleted from NWSL100. They are new members of NWSM200. New mid-caps are Fetch, Cosmo Coin, Tierion… 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 Matic Network (MATIC) price performance has soared vs. average coin or token which is a member of NWSL100 index in May.
2100NEWS ranking: 65, Large cap Ethereum based Token, Index member: NWST1100, NWSL100, NWSTo100, NWSET100, NWSDM100
Matic Network describes itself as is a Layer 2 scaling solution that uses sidechains for off-chain computation while ensuring asset security using the Plasma framework and a decentralized network of Proof-of-Stake (PoS) validators. Matic aims to be the de-facto platform on which developers will deploy and run decentralized applications in a secure and decentralized manner. Matic Network claims to have worked on implementations of Plasma MVP (Minimum Viable Plasma), WalletConnect protocol, and the Ethereum event notification engine – Dagger. Matic intends to provide Matic wallet, payment APIs and SDKs, products and other solutions that will allow developers to design, implement, and migrate DApps built on platforms like Ethereum. Matic plans to support other blockchains in the future to offer interoperability alongside scalability to existing public blockchains.
We are so happy to announce the ongoing integration of Matic’s Plasma + PoS sidechain network with the @decentraland ecosystem. Matic will be used for trading assets on the Metaverse, to enable and run game logic and a bunch of exciting stuff. https://t.co/m4LNX8eNm6
— Matic (@maticnetwork) May 16, 2019