Last week, NWST1100 rose 3.68%; the NWSCO100 index (Coins) led the way up. Groestlcoin (GRS) is a member of the NWSL100 crypto index that made the most significant jump in our ranking over the last two weeks.
*Below, we present a standardized weekly report and next week’s outlook. 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 a consolidation were more likely; index price might test resistance R1 (+5%) or/and 10-Days EMA (5 percent fall). The NWST1100 chart shows that the assumption proved to be correct. Index price tested 10-Days EMA and then reached R1. At the top, we see momentum indicators: PPO and PPO histogram continued direction. The Breadth indicators at the bottom of the chart flattened out.
The chart on the right shows: All four A50R lines were still overbought, and NWST1100 ‘s A50R line changed direction in the middle of the week.
* 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 75 (bullish and overbought); PPO histogram bars, PPO lines, and RSI may change direction (down); the Breadth indicators at the bottom of the chart may continue flat, all four A50R lines may still be overbought in the coming days. My opinion is based on this constellation: slow growth is more likely, depending on the rhythm of the waves, we can expect the index could reach resistance R2 (+3%) and test again the support levels 10-Days EMA (5 percent fall) this week.
Performance of various groups of Digital Assets (Coins and Tokens)
The table shows that the total (NWST1100) index rose 3.68% during the last week. However, the table and the chart below show that bears aggressively defended the $60,000 as Bitcoin’s resistance, so Bitcoin’s gain was legging during the last month. Coins, represented by the NWSCo100 index, were the best performing group last month.
Crypto (Digital Assets) compared with global equity
The superiority of crypto investments as a new investment class was continued. 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 171.5%, while over the last 12 months, NWST1100 was 635% 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 223% 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 223% 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 4-9-2021
The Bi-weekly revision update both the amount of each asset publicly available and any additions and deletions from the indexes. Groestlcoin, WazirX, and Helium improved their rankings; they were added to NWSL100, so they were deleted from NWSM200. 1inch, Celsius, and Nexo were deleted from NWSL100. New mid-caps are Klaytn, Flamingo, Strike … Other additions and deletions this week for the other indexes from the family are available in each index presentation.
We gauged the Groestlcoin (GRS) with 2100NEWS Digital Assets 100 Large Cap Index (NWSL100) to make an appropriate peer comparison. On average (violet area chart), the relationship between GRS and NWSL100 has shown that it was more potent over the last three months. GRS has outperformed NWSL100 by 123% during the previous three months. However, let’s compare the GRS 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 = 0.82). However, 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.
Groestlcoin (GRS) Website: https://www.groestlcoin.org/
GRS Large-Cap Coin is 57th in the 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWSCO100, NWSDM100
2100NEWS DA Orderbook Quality Evaluation Grade: Excellent, 25.7 (Average for Coins: 15.5)
Over the last week, the average market cap was 126.6 million $, and the average daily volume was 24.2 million $.
Groestlcoin is a distributed digital coin providing a secure and anonymous transaction platform. Thanks to Proof-of-Work (PoW) algorithm, there is no ASIC currently existed for Groestl. Groestlcoin enables its users to mine effectively, with modest resource consumption.
*The chart below shows the GRS compared to NWSL100 at the top, the box in the middle of the chart shows the original GRS price, and at the bottom of the chart, we see NWSL100 and the correlation between GRS and NWSL100.