In the past week, the NWST1100 index price has continued hovering near the upper Keltner Channels indicator’s line. The index did not establish any kind of sustained attempt to break above. NWST1100 declined by 2.6%. VSYS V Systems coin is the NWSL100 crypto index member which made the biggest jump in our ranking last two weeks.
*We gauge the crypto market breadth and direction of the market by showing charts 2100NEWS Digital Assets Total Index (NWST1100) which represent the top 1100 Digital Assets. The chart overwhelmed with information is at first glance difficult to read but on the chart is the most important price information, important decisive price levels, momentum, volume of trading, and crypto market breadth.
In the previous report, it was said that our assumption for the past week had been: “a move to resistance at 858 points was likely”. On the NWST1100 chart, we can see, the index price has continued hovering near the upper Keltner Channels indicator’s line. NWST1100 did not establish any kind of sustained attempt to break above. The move lower was simply an inevitable stop run that occurred due to leveraged long positions being taken on by overly enthusiastic traders who were in FOMO on a higher index move. The Breadth indicator McClellan summation index has been rising. At the same time, daily PPO lines have turned negative, PPO histogram bars crossed below the zero lines, the RSI was close to 50, which suggested a balance between demand and supply.
Looking ahead to the next week: since the beginning of October, a positive trend began to emerge within the larger negative. The indicators give us the following signals: we can see that RSI is 50, showing a balance between demand and supply, PPO histogram bars could change the slope to positive in the next few days. It is likely to pick up stronger upside momentum. The Breadth indicators are rising. This set up is the basis, in my opinion, this would give a higher probability to attempt a significant move higher over resistance at 853 points.
Performance of different groups of Digital Assets (Coins and Tokens)
At the table, you can see that the Total (NWST1100) index declined by 2.6% over the past week. Leading digital assets were Coins represented by NWSCo100.
Crypto (Digital Assets) compared with global equity
On the chart below, the performance of the average Digital Aset represented by our NWST1100 index is compared with the average global equity represented by Dow Jones global index W1Dow. This year average crypto vs. W1Dow soared 51.7% but over the past 4 months, we were observing a pullback. Three weeks ago NWST1100 vs. W1Dow rebounded, last week quotient has been ranging at the top half of the Bollinger Bands.
Indexes Revision 11-8-2019
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 Bytom, V systems, Cryptonex … have improved their rankings they were added to NWSL100 and deleted from NWSM200. MEXC Token, Tierion, Electroneum … were deleted from NWSL100. They are new members of NWSM200. New mid-caps are Houbi Pool Token, Enzo, Carry Protocol … Other additions and deletions this week for the other indexes from the family are available in each index presentation.
We select the member in the NWSL100 crypto index with the biggest jump in our ranking. Considering an investor’s point of view, peer comparison should be efficient and effective. To make appropriate peer comparison we gauged the V Systems (VSYS) coin with 2100NEWS Digital Assets 100 Large Cap Index (NWSL100). Looking at the chart below, at the top we can see the VSYS vs. NWSL100, in the middle of the chart is the original VSYS price, at the bottom of the chart are NWSL100 and correlation between VSYS and NWSL100. However, the correlation graph gives us an explanation, for 80% of the time, it was moving in the same direction as the NWSL100. Over the last four months, it had a strong correlation with NWSL100, so it was a typical representative of the NWSL100 index in terms of price changes. Since the mid of October VSYS has rebounded.
V Systems (VSYS) Website: https://www.v.systems
VSYS as Large-cap Token is 49 in the 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWSCo100
2100NEWS DA Orderbook Quality Evaluation Grade: Good: 14,3 (Average for Large caps: 11.3)
Over the past week, the average market cap was 131.5 million $, average daily volume was 3.5 million $.
V SYSTEMS describes itself as a blockchain infrastructure provider with a focus on database and cloud services. Powered by the Supernode Proof-of-Stake (SPoS) consensus algorithm, each supernode is elected in a decentralized network according to Proof-of-Stake (PoS) principles. According to the team, it provides high-performance minting, transaction processing, and smart contract functions. VSYS is the native currency for the V SYSTEMS blockchain platform with use cases such as transactions, staking, and minting on the network. V SYSTEMS aims to deliver decentralized cloud database technology with high scalability, durability, and performance. With Sunny King as the lead architect, V SYSTEMS has already designed and implemented SPoS Consensus, which the team claims to be an efficient distributed consensus algorithm with a resistance to 51% attacks. The network plans to operate as a cloud platform based on modular systems that can support the efficient and agile development of a host of applications such as finance (DeFi), entertainment, and social network.