The NWST1100 index has plummeted by 10.99% over the previous week. Radix (XRD), Large-cap Coin, 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 NWST1100 chart shows the index had topped above Pivot R1 on Wednesday and then has retraced 11.5%. Momentum indicators at the top show: PPO lines and histogram, and RSI; they have fallen, as well as the Crypto Market Breadth indicators (at the bottom of the chart).
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. They made a swift transition from overbought to oversold territory in one 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
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 41; RSI, PPO histogram, PPO lines, and the Breadth indicators at the bottom of the first chart (NWST1100) may continue falling. Based on this setup, a move to pivot P is likely.
Performance of various groups of Digital Assets (Coins and Tokens)
The table shows that the total (NWST1100) index has plummeted by 10.99% 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). Ether has been the best-performing during the previous thirty days (+1.59%).
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 18 months ago. The Percentage Change Marks on the chart show that NWST1100 lagged behind W1Dow by 42.6% over the last 12 months, while NWST1100 was 40.8% higher regarding W1Dow this year. The blue curve is the average index price during the previous twelve months. The quotient shows that crypto investments are much more successful after rebounding and growing. If we bought one NWST1100 every day over the last twelve months, our purchases are a bargain and highly profitable. That’s why buying (building your investment) was necessary when the price was low. Mean reversion, or reversion to the mean, is a theory used in finance that suggests that asset price and historical returns eventually will revert to the long-run mean (brown dashed line – 8.34). The movement of the quotient will be closer to the mean so that the crypto markets will grow faster shortly.
*The box in the middle of the chart shows the original NWST1100 price; at the bottom is W1Dow.
Indices Revision 4-21-2023
The Bi-weekly revision updates the amount of each asset publicly available and any additions and deletions from the indexes. RTX Token and Lido Staked Ether improved their ranking; they were added to NWSL100 and deleted from NWSM200; UNUS SED LEO and Sushi were deleted from NWSL100. The new mid-caps is TEMDAO. Additions and deletions for the other indices from the family are available in each index presentation.
We gauged Radix (XRD) Large-cap Coin 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 XRD has shown that XRD was more potent over the last two months, and XRD has beaten NWSL100 by 81% during the previous ten weeks. First, compare the XRD green area graph with the index (orange area graph) while observing the correlation graph. The correlation graph explains the semi-strong correlation (Pearson’s correlation coefficient = 0.34). It was moving in the same direction as the NWSL100; however, it has been a good 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.
Radix (XRD) Website: https://www.radixdlt.com/
XRD Large-cap Coin is 54th in the 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWSCo100
2100NEWS DA Orderbook Quality Evaluation Grade: Poor, 14 (Average for Coins: 15.5)
Over the last week, the average market cap was $1,003.3 million, and the average daily volume was $15.8 million.
Radix can refer to a few different things, depending on context: (1) Radix as software: Radix can refer to the Radix Node software, Radix Desktop Wallet, and Radix Explorer; (2) Radix as a protocol: Radix can refer to the Radix Protocol, which is the set of rules that governs validator nodes running Radix Node software. The Radix Protocol is formed of the Radix Engine as its application layer and Cerberus as its consensus layer. It is the first layer 1 protocol specifically built to serve DeFi; (3) Radix as a network: The Radix Protocol running on validator nodes forms the basis of the Radix Public Network – a fully decentralized platform for DeFi dApps and users; (4) Radix as a ledger: The decentralized Radix Public Network maintains the public, immutable and permissionless Radix Ledger; (5) Radix as a project: Radix can refer to the decentralized project being undertaken by the Radix Community, core developer RDX Works, Radix Foundation, and Radix Tokens (Jersey); (6) Radix as an ecosystem: All of the above, including a decentralized community of users, developers, node-runners, and XRD token holders; dApps, partners, and ancillary services, forms the totality of the Radix ecosystem.
*The chart below shows the XRD compared to NWSL100 at the top, the box in the middle of the chart shows the original price, and at the bottom, we see NWSL100 and the correlation between XRD and NWSL100.