The NWST1100 index has fallen by 3.1% over the previous week. Ravencoin (RVN) 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 Swingtum Theory 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. “NWST1100 price was in a bearish continuation; the test support S1 was likely.” The assumption proved to be correct. The NWST1100 chart shows the index price tested the support S1 and has rebounded to 10-day EMA by the end of the week. The chart shows momentum indicators: RSI, PPO histogram changed direction, PPO lines (at the top), and the breadth indicators at the bottom have fallen.
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.
* 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 38; RSI and PPO histogram may continue rising, PPO lines may change direction, and the breadth indicators at the bottom of the chart may flatten in the next few days. Based on this setup, I think the NWST1100 move up to 25-day EMA is likely; however, the odds of another step down are increasing.
Performance of various groups of Digital Assets (Coins and Tokens)
The table shows that the total (NWST1100) index has fallen by 3.10% over the last week. On 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). NWSCo100 index has been the best-performing during the previous thirty days (-9.65%).
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 ten months ago; however, it is 66% lower now. The Percentage Change Marks on the chart show that NWST1100 lagged behind W1Dow by 51.8% over the last 12 months, while this year, NWST1100 was 53.7% lower. The blue curve is the average index price during the previous twelve months. We can see that the NWST1100 spot price is 51.6% 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 51.6% loss today. Global equity (W1Dow) spot price is 16.8% 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 9-23-2022
The Bi-weekly revision updates the amount of each asset publicly available and any additions and deletions from the indexes. NWSL100 did not have any deletions or additions. New mid-caps are Alpaca Finance, Loom Network, Mdex, etc. Additions and deletions for the other indices from the family are available in each index presentation.
We gauged the Ravencoin (RVN) 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 RVN has shown that RVN was more potent over the last two months, and RVN has beaten NWSL100 by 61% during the previous two months. First, let’s compare the RVN green area graph with the index (orange area graph) while observing the correlation graph. The correlation graph explains the weak correlation (Pearson’s correlation coefficient = 0.32). It was moving in the same direction as the NWSL100. So, it has been an ordinary 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.
Ravencoin (RVN) Website: https://ravencoin.org/
Ravencoin (RVN) Large-cap Coin is 56th in the 2100NEWS ranking. It is an Index member: NWST1100, NWSL100, NWSCo100
2100NEWS DA Orderbook Quality Evaluation Grade: Good, 20.5 (Average for Large caps: 17.2)
Over the last week, the average market cap was $471.8 million, and the average daily volume was $101.3 million.
Ravencoin is a blockchain and platform optimized for transferring assets, such as tokens, from one holder to another. Based on the extensive development and testing of the UTXO model of the Bitcoin protocol, Ravencoin is built on a fork of the Bitcoin code. Key changes include a block reward time of one minute, a change in the number of coins issued but not the weighted distribution schedule, and the addition of asset creation and messaging capabilities. Ravencoin is free and open source. All Ravencoin (RVN) are fairly issued and mined publicly and transparently using Proof of Work (POW) using the x16r algorithm created for Ravencoin. No private, public, founder or developer allocation is set aside. Ravencoin is intended to prioritize security, user control, privacy, and censorship resistance. It is open to use and development in any jurisdiction while allowing simple additional features for users based on need.
*The chart below shows the RVN 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 RVN and NWSL100.