The NWST1100 index has dropped by 7.33% over the previous week; the crypto market (excluding Ether and Bitcoin) dropped even more. Toncoin (TON), Large-cap Ethereum-based Token, is a member of the NWSL100 crypto index, making the most significant jump in our ranking over the last two weeks.
*Below, we present a standardized weekly report and next week’s outlook, prepared based on the Theory Swingtum of intelligent finance. We gauge the crypto market’s breadth and direction by showing charts 2100NEWS Digital Assets Total Index (NWST1100), which measures 1100 (by market capitalization) significant crypto assets’ performance. 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 last week’s assumption. “A sideways trend was likely till Wednesday, then a breakout from the pink range has been possible.” The NWST1100 chart shows the index price got stuck between 10-Day EMA and 25-Day EMA, then dropped after FED and ECB had hiked interest rates half a point to the highest level in 15 years. The rest of the crypto market (excluding Ether and Bitcoin) declined three to four times more than Bitcoin and Ether. Momentum indicators at the top show PPO lines and RSI, which changed direction, and the PPO histogram, which has fallen; the Breadth indicators (at the bottom of the chart) have started falling.
The chart on the right shows The percentage of digital assets trading above a 50-day moving average breadth indicator: All four A50R lines are oversold, but they have risen.
* 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
The waves are at least partially predictable due to their quasi-periodic nature. If we look ahead, the Momentum indicators give us the following signals: RSI is 35; RSI, PPO histogram, PPO lines, and the Breadth indicators at the bottom of the first charts (NWST1100) may change direction ahead of Christmas. Based on this setup, I think a test of the previous lows and rebound ahead of Christmas is likely.
Performance of various groups of Digital Assets (Coins and Tokens)
The table shows that the total (NWST1100) index has dropped by 7.33% over the last week. In the chart below, we can see Bitcoin, Ether, and the 2100NEWS Indices, which measure the performance of Ethereum-based tokens (NWSET100), Large caps (NWSL100), and Coins (NWSCo100). Bitcoin has been the best-performing during the previous thirty days (+0.44%).
Crypto (Digital Assets) compared with global equity
The chart compares the performance of the average Digital Asset (Coins, Tokens) represented by our NWST1100 index with the average global share represented by the Dow Jones Global W1Dow index. Their quotient hit a record high 13 months ago. The Percentage Change Marks on the chart show that NWST1100 lagged behind W1Dow by 65.5% over the last 12 months, while this year, NWST1100 was 64.4% lower. The blue curve is the average index price during the previous twelve months. We can see that the NWST1100 spot price is 47.5% lower than twelve months index’s average price. That means: If we bought one NWST1100 every day over the last twelve months, our investment is recording a 47.5% loss today. Global equity (W1Dow) spot price is only 6.8% lower than twelve months index’s average price.
*The box in the middle of the chart shows the original NWST1100 price; at the bottom is W1Dow.
Indices Revision 12-16-2022
The Bi-weekly revision updates the amount of each asset publicly available and any additions and deletions from the indexes. Frax Share and Osmosis improved their ranking; they were added to NWSL100 and deleted from NWSM200; BinaryX and KuCoin Token were deleted from NWSL100. The new mid-caps are Optimism, Moonbeam, Chia Network, etc. Additions and deletions for the other indices from the family are available in each index presentation.
We gauged the Toncoin (TON) Large-cap Ethereum-based Token with 2100NEWS Digital Assets 100 Large Cap Index (NWSL100) to make an appropriate peer comparison. On average (violet area chart), the relationship between NWSL100 and TON has shown that TON was more potent over the last two months, and TON has beaten NWSL100 by 133% during the previous ten weeks. First, let’s compare the TON green area graph with the index (orange area graph) while observing the correlation graph. The correlation graph explains the weak negative correlation (Pearson’s correlation coefficient = -0.56). 60% of the time, it was moving in the same direction as the NWSL100; however, it has been a poor representative of the NWSL100 index regarding price changes.
*We elect the member of the NWSL100 crypto index with the most significant jump in our ranking. We will examine how the market rates the project’s progress in case of price changes. It seems important to us whether the project is out of the ordinary tide of crypto project prices. Peer comparison should be efficient and effective, considering an investor’s point of view.
Toncoin (TON) Website: https://ton.org/
Toncoin (TON), Large-cap Ethereum-based Token, is 31st in the 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWSTo100, NWSET100
2100NEWS DA Orderbook Quality Evaluation Grade: Poor, 10.5 (Average for Large-caps: 18.1)
Over the last week, the average market cap was $3,030.6 million, and the average daily volume was $53.8 million.
TON blockchain-based ecosystem is a fast, secure, and scalable blockchain and network project, capable of handling millions of transactions per second if necessary and both user-friendly and service provider-friendly. Apart from processing millions of transactions per second, TON blockchain-based ecosystem has all the chances to give rise to a genuine Web3.0 Internet with decentralized storage, anonymous network, DNS, instant payments, and various decentralized services. The founding team aims for it to be able to host all reasonable applications currently proposed and conceived. One might think of TON as a vastly distributed supercomputer, a vast “superserver” intended to host and provide various services. The TON Blockchain’s principal cryptocurrency, particularly its masterchain and basic workchain, is the TON Coin. It is used to make deposits required to become a validator; transaction fees, gas payments (i.e., smart-contract message processing fees), and persistent storage payments are usually collected in TON coins.
*The chart below shows the TON compared to NWSL100 at the top, the box in the middle of the chart shows the original price, and at the bottom of the chart, we see NWSL100 and the correlation between TON and NWSL100.