Last week, NWST1100 decreased by 2.16%, after the drop index price bounced off the support S2. DFI.Money (YFII) Token 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 move downward was more likely, the index could test again if the support represented by 143-days EMA would hold. In this case, the index would turn around sharply. The NWST1100 chart shows that assumption was true. The index price had tested support at 970 points then bounced off. At the top we see momentum indicators: PPO lines have flattened, RSI and PPO histogram changed direction.
Outlook for this week
Looking ahead, the Momentum indicators give us the following signals: the RSI is 40 (neutral); PPO histogram bars may continue direction in the coming days. PPO lines may change direction. The Breadth indicators, at the bottom of the chart, may flatten. This constellation is the basis for my opinion: a move upward is more likely, the market could move to the upper Keltner band.
Performance of different groups of Digital Assets (Coins and Tokens)
The total (NWST1100) index decreased by 2.16%. The table below shows, that the tokens built on Ethereum represented by 2100NEWS DA Ethereum Based Index (NWSET100) have recorded the biggest gains over the last week.
Crypto (Digital Assets) compared with global equity
The chart below shows the superiority of crypto investments over various timespans. It 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. This year NWST1100 outperformed W1Dow by 70% while over the last 12 months, NWST1100 was 10.5% 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 28.5% 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 28% 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 9-11-2020
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 NWS30, NWSL100, and NWSM200. As we can see on the tables Serum, Storj, bZx Protocol, … have improved their rankings they were added to NWSL100, they were deleted from NWSM200. IRISnet, Horizen, SwissBorg, … were deleted from NWSL100, they are new members of NWSM200. New mid-caps are Centrality, Curve DAO, TomoChain… 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 DFI.Money (YFII) Token with 2100NEWS Digital Assets 100 Large Cap Index (NWSL100). On average (violet area chart), the relationship between YFII and NWSL100 has shown that it was stronger during July and August. YFII has beaten NWSL100 by 340% over the last two months. However, if we compare the YFII 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 = 0.46). For 70% of the time, it was moving in the same direction as the NWSL100. It has been therefore an ordinary 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.
DFI.Money (YFII) Website: https://dfi.money/
YFII Large-cap Ethereum based Token is 71st in the 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWSTo100, NWSET100
2100NEWS DA Orderbook Quality Evaluation Grade: Ordinary: 19 (Average for Largecaps: 16.8)
Over the last week, the average market cap was 157.8 million $, the average daily volume was 468.6 million $.
DFI.Money is a DeFi platform that aims to build products on aggregated liquidity provision, leveraged trading, automated marketing making, developed by yearn.finance which is a decentralized ecosystem of aggregators that utilize lending services such as Aave, Compound, Dydx, and Fulcrum to optimize your token lending. When you deposit your tokens to yearn.finance, they are converted to yTokens, which are periodically rebalanced to choose the most profitable lending service(s). YFII is a fork of YFI project with YIP-8 implementation. The YFII token is the native utility token of the DFI.Money platform. Users can earn it by contributing liquidity to DFI.Money’s aggregated liquidity pool, and use the token for platform governance.
*The chart below shows the YFII compared to NWSL100 at the top, the box in the middle of the chart shows the original YFII price, and at the bottom of the chart we see NWSL100 and the correlation between YFII and NWSL100.