Last week, NWST1100 soared 20.97%; Bitcoin price went vertical and hit a new high. Theta Fuel (TFUEL) Coin 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), representing the top 1100 Digital Assets. The information-laden chart is difficult to read initially, 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: a sideways trend was more likely. The NWST1100 chart shows that assumption proved to be incorrect. The index price had trended sideways the first five days; the next two Bitcoin rallies happened, followed by much slower growth in the rest of the market because this growth was internal, and traders were selling other digital assets buy Bitcoin. At the top, we see momentum indicators: PPO lines, RSI, and PPO histogram changed direction.
A50r chart on the right shows that two of four A50R lines moved to overbought territory. Tokens, which are the largest group by number and NWST110, are still in the neutral range.
* 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)
Intermarket relationships show that the crypto market cycle is in stage 2: Bitcoin consolidation; investors start buying Coins at the same pace as Bitcoin.
Outlook for this week
Looking ahead, the Momentum indicators give us the following signals: the RSI is 79 (overbought and bullish); PPO lines and PPO histogram bars may change direction (down) in the coming days. The Breadth indicators, at the bottom of the chart, may continue sloping positively. My opinion is based on this constellation: a sideways trend is more likely; a 10% rise or fall from this level is equally likely.
Performance of different groups of Digital Assets (Coins and Tokens)
The total (NWST1100) index soared 20.97%. The table below shows that the Bitcoin and Ether represented by the NWSBE index recorded massive gains over the last week.
Crypto (Digital Assets) compared with global equity
We have already shown the superiority of crypto investments as a new investment class. The chart 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. Last week a new record high was hit. The Percentage Change Marks on the chart show that this year NWST1100 outperformed W1Dow by 193%. 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 107.2% 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 107.2% 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 12-18-2020
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 NWSL100 and NWSM200. As we can see on the tables: ThataFuel, Bitcoin Cash ABC, and Oasis Network have improved their rankings; they were added to NWSL100, they were deleted from NWSM200. Verge, ZB Token, and Aave were deleted from NWSL100, and they are new members of NWSM200. New mid-caps are SKALE Network, Cover Protocol, Bridge Oracle… Other additions and deletions this week for the other indexes from the family are available in each index presentation.
We gauged the Theta Fuel (TFUEL) Coin with 2100NEWS Digital Assets 100 Large Cap Index (NWSL100) to make an appropriate peer comparison. On average (violet area chart), the relationship between TFUEL and NWSL100 has shown that it was weaker, but TFUEL rebounded over the last three weeks. NWSL100 has beaten TFUEL by 12% over the last three months. However, if we compare the TFUEL green area graph with the orange index area graph while observing the correlation graph, the correlation graph explains that the correlation is semistrong (Pearson’s correlation coefficient = 0.59). 65% of the time, it was moving in the same direction as the NWSL100, so it has been 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.
Theta Fuel (TFUEL) Website: https://www.thetatoken.org
TFUEL LArge Cap Coin is 83rd in the 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWSCo100, NWSDM100
2100NEWS DA Orderbook Quality Evaluation Grade: Ordinary, 16.6 (Average for Largecaps: 17.2)
Over the last week, the average market cap was 71.9 million $, and the average daily volume was 17.4 million $.
The Theta Network and protocol aim to solve various challenges the video streaming industry faces today. Theta Fuel is the operational token of the Theta protocol. TFUEL powers on-chain operations like payments to relayers to share a video stream or deploy or interact with smart contracts. Relayers earn TFUEL for every video stream they relay to other users on the network. You can think of Theta Fuel as the “gas” of the protocol. At Mainnet launch on March 15th, TFUEL will be created as a native token on the Theta blockchain. The Theta Network and protocol aim to solve various challenges the video streaming industry faces today. Theta Fuel is the operational token of the Theta protocol. TFUEL powers on-chain operations like payments to relayers to share a video stream or deploy or interact with smart contracts. Relayers earn TFUEL for every video stream they relay to other users on the network. You can think of Theta Fuel as the “gas” of the protocol. At Mainnet launch on March 15th, TFUEL will be created as a native token on the Theta blockchain.
*The chart below shows the TFUEL compared to NWSL100 at the top, the box in the middle of the chart shows the original TFUEL price, and at the bottom of the chart, we see NWSL100 and the correlation between TFUEL and NWSL100.