Over the last week, NWST1100 rose by 4.11%. Much more Coins and Tokens were involved in the growth, so an upward shift in the crypto markets was wider. Over the last two weeks crypto markets experienced broad and massive rally.
*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 the last week had been: a move upward was more likely, the bullish momentum might lead the market to test the previous high (1.358 points), the index could reach R2 resistance. The NWST1100 chart shows that the assumption proved to be correct, the index moved up and reached R2. Momentum indicators: PPO lines at the top and Breadth indicators at the bottom are sloping up.
Over the last two months, Bitcoin and the other markets have decoupled. Their prices did not follow Bitcoin because they were providing fuel for Bitcoins rally.
Chart shows (marked with a pink ellipse) that ten days ago that kind of thing ended.
All four A50R lines moved to neutral. Much more Coins and Tokens are involved in the growth, so an upward shift in the crypto markets is wider.
* The percentage of digital assets trading above a specific moving average is a breadth indicator that measures internal strength or weakness in the underlying index. The chart on the right side compares the percentage of DA trading above 50 days EMA for:
- 100 Large-caps members of NWSL100 (top box)
- 1100 members of NWST1100
- 100 Ethereum Tokens members of NWSET100
- 100 Coins members of NWSCo100 (bottom box)
Outlook for this week
Looking ahead, the Momentum indicators give us the following signals: the RSI is 82 (bullish and oversold); PPO lines and Breadth indicators may continue upward direction in the coming days. This constellation is the basis for my opinion: an upward move is more likely, but the pullback could be 10%.
Performance of different groups of Digital Assets (Coins and Tokens)
The table shows that the total (NWST1100) index rose by 4.11%. Over the last two weeks crypto markets experienced broad and massive rally.
Crypto (Digital Assets) compared with global equity
We have already shown the superiority of crypto investments as a new investment class. For the sake of objectivity, we review various timespans, however, the chart shows that crypto investments are superior over various timespans. The chart below 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. The Percentage Change Marks on the chart shows that this year NWST1100 outperformed W1Dow by 117.7% while over the last 12 months, NWST1100 was 63.3% higher. The blue curve is the average index price over the last twelve months. We can see that the NWST1100 spot price is 58.8% 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 58.8% gains today.
*The box in the middle of the chart shows the original NWST1100 price, at the bottom of the chart is W1Dow.