Last week, NWST1100 soared 29.09%; the broader crypto market intensified; Altcoins contributed the most to the overall market’s growth. BitMax (BTMX) Token is a member of the NWSL100 crypto index that made the most significant 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 essential price information, crucial 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 and move up were more likely; bulls could propel the price to resistance R2 (+5%). The NWST1100 chart shows that the assumption proved to be partly correct, as Coins and Tokens contributed the most to the overall market’s growth, which far exceeded the assumption. At the top, we see momentum indicators: RSI and PPO histogram changed direction.
The chart on the right shows: All four A50R lines were overbought because the broader crypto market intensified last week.
This is the most significant hype in the last twelve months.
* 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 extremely overbought); PPO histogram bars may continue direction down, and PPO lines may change direction (down) in the coming days. All four A50R lines may stay overbought, but power for further growth could run out. My opinion is based on this constellation: a sideways trend and consolidation are more likely; index price could test support represented by 10-Days EMA (10 percent fall).
Performance of different groups of Digital Assets (Coins and Tokens)
The total (NWST1100) index soared 29.40%. The table above shows that Coins were the best performing digital assets last week. However, the table and the chart below show the growth of tokens built on Ethereum. (The 2100NEWS CETF NWSET Token vs. Bitcoin). NWSET is a blockchain-based unit of value pegged to digital assets and 100% backed by a basket of crypto assets on Iconomi, which holds digital assets.
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. A record high was hit last week. The Percentage Change Marks on the chart show that this year NWST1100 outperformed W1Dow by 92.1%, while over the last 12 months, NWST1100 was 336% higher. The blue curve is the average index price during the previous twelve months. We can see that the NWST1100 spot price and W1Dow price are above average, but the NWST1100 spot price is 260.5% higher than twelve months index average price. That means: If we bought one NWST1100 every day over the last twelve months, our investment is recording 260.5% 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 2-12-2021
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: Venus, BitMax Token, and Fetch have improved their rankings; they were added to NWSL100, they were deleted from NWSM200. WaykiChain, Vitae, and Status were deleted from NWSL100, and they are new members of NWSM200. New mid-caps are Flow, Gala, Beefy.Finance… Other additions and deletions this week for the other indexes from the family are available in each index presentation.
We gauged the BitMax (BTMX) with 2100NEWS Digital Assets 100 Large Cap Index (NWSL100) to make an appropriate peer comparison. On average (violet area chart), the relationship between BTMX and NWSL100 has shown that it was more potent over the last two weeks. BTMX has outperformed NWSL100 by 122% during the previous three months. However, let’s compare the BTMX green area graph with the orange index area graph while observing the correlation graph. The correlation graph explains that the correlation is strong (Pearson’s correlation coefficient = 0.93). It was moving in the same direction as the NWSL100, so it has been a good representative of the NWSL100 index in terms of price changes.
*We elect the member of the NWSL100 crypto index with the most significant 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.
BitMax Token (BTMX) Website: https://bitmax.io/
BTMX Large-Cap Ethereum based Token is 84th in the 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWSTO100, NWSET100
2100NEWS DA Orderbook Quality Evaluation Grade: Ordinary, 18.1 (Average for Largecaps: 17.6)
Over the last week, the average market cap was 163.3 million $, and the average daily volume was 10.3 million $.
BitMax is a global operator of digital asset exchanges for diverse groups of clients from retail to institutions. Its native digital cryptographically-secured utility token (Symbol: BTMX) is a major component of the ecosystem on BitMax and is designed to be used solely as the primary token on the platform. The Distributor will initially issue BTMX as ERC-20 standard-compliant digital tokens on the Ethereum blockchain. BTMX is a non-refundable functional utility token used as the unit of exchange between participants on BitMax. The goal of introducing BTMX is to provide a convenient and secure payment mode and settlement between participants who interact within the ecosystem on BitMax.
*The chart below shows the BTMX compared to NWSL100 at the top, the box in the middle of the chart shows the original BTMX price, and at the bottom of the chart, we see NWSL100 and the correlation between BTMX and NWSL100.