Crypto Market Update 07.23.2018

Crypto Market Update 07.23.2018

Our weekly crypto market update uses a standard set of information sources in an effort to get a less biased opinion of the market. 

 

CRYPTO INDEX PERFORMANCE

The Bletchley Indexes “offer the most thoughtful and consistent approach to index construction” according to CoinMetrics. 

Original “top X” indexes were launched in June 2017, followed by a market-wide index in December 2017 and sector specific indexes in February 2018. In total, there are 13 Bletchley indexes, with charts over various timetables available for each on their site.

Below is an alternate view of the performance based on the downloadable data made available by Bletchley. This view is intended to give a side-by-side snapshot of a handful of indexes.

Bletchley Crypto Indexes Performance 07-23-2018

Observations

  • Total market index up nearly 10% in past week
  • All indexes underperformed vs BTC over last 30 days, while mostly positive vs USD

 

Global Crypto Charts

For a quick look at the global markets from another perspective, Coinlib.io provides simple charts with a lot of info, including Bitcoin marketshare, a visualization of the top 20 currencies by volume and market cap, and more.

Total Market Cap of Cryptocurrencies: $287.87 billion  ( up from $262.05 billion 1 week ago)

crypto total market cap 07.23.18

Market Share of Top Cryptocurrencies

Top 5 cryptocurrency marketshare 07.23.2018

Bitcoin’s market share is up to 44%, up from a low of 34% in early May.

Market share of top 20 cryptocurrencies

Top 20 cryptocurrency marketshare 07.23.2018

The top 20 currencies (by market cap) currently make up roughly 89% of the total crypto market share.

TradingView Technical Indicators

Based on data and info from TradingView (Click  for 30% off a pro subscription)

crypto tradingview technical signals 07.23.18

Scores based on the cumulative total of positive and negative technical indicators signals over three time horizons on Trading View. Scores are weighted by multiplying total as follows: daily (x 1) weekly (x 2), and monthly (x 3). 

  • BTC has improved significantly vs last week
  • ETH has turned more negative

 

CRYPTO PERFORMANCE

Crypto Performance 07.23.2018

  • BTC/USD up over 16% over last week, over 20% in last month
  • ETH up slightly (3%) vs USD over last week

 

Google Trends

 

Google Trends Bitcoin + Crypto 07-23-2018

Google Trends showed a slight, brief uptick last week amid coinciding price surge.

WooBull Charts

Bitcoin NVT Ratio - 07.23.2018

NVTRatio –  179 – This long-term cycle tracking ratio has mostly sideways over the last few months and remains at a very high level, suggesting a “high speculative value.”

Bitcoin NVT Signal Chart 07.23.2018

NVT Signal -This short-term signal has spiked to 145, up from 118 a week ago.

In the original post introducing NVT Signal, 150 was indicated as an overbought signal.

While the short-term trend may continue upward, the 145 signal indicates a correction in price may be coming.

CoinMetrics Charts

CoinMetrics has provides great charting tools for a number of top cryptocurrencies. Kalvichkin’s NVT is a regular check for checking short term trading signals. 

Kalvichkin's NVT - BTC ETH 07.23.2018

Kalvichkin’s NVT – Kalvichikin’s NVT has moved sideways recently, similar to NVT Signal. This remains at a very high level historically.

Articles of Note

 

— Is Mastercard getting ready to offer a crypto-backed credit card?

“MasterCard has moved one step closer to developing a cryptocurrency-backed credit card”

Crypto Credit Card? MasterCard Wins Blockchain Payments Patent
Sam Bourgi Hacked: Hacking Finance

“According to the filing with the U.S. Patent and Trademark Office, MasterCard has received the green light to develop a proprietary method for “managing fractional reserves of blockchain currency.”

How is crypto changing the art world?

“Whether driven by fintech or funds, today’s finance-driven art world makes it quite easy to forget that” in the center of it all is artists

How Financial Products Drive Today’s Art World
The New York Times

“But the challenge for tokenization ventures such as Look Lateral is finding works of art of sufficient quality to hold their value after being exposed to fractional trading. The art market puts a premium on “blue chip” works that have not been overtraded, and these tend to be bought by wealthy individuals, not by fintech start-ups.

 The Case For Financial Business Documents as NFTs

‘To paraphrase Naval: “The internet gave us digital ubiquity. Blockchains now give us digital scarcity.”

Business NFTs – Financial Business Documents As Tokens On Decentralized Networks
Medium

“For example, invoices and purchase orders originate in a digital financial system and are processed in many other systems during the lifecycle of each set of data. As with the digital version of a song the problems of duplication, verification of document authenticity, or tracking of “ownership” (e.g. who should receive the money when an invoice finally gets paid) are very real challenges. We are not even scratching the surface of creating traceable, unique, certifiable derivative documents (the “mixes” of different information) based on today’s documents of the Financial Supply Chain.

– Investor Mike Maples Jr on how crypto will be no different than other forms of investing, with the biggest winners being the most patient.

“Mark my words: Slow Money founders, builders, and investors will be the biggest winners in crypto”

Slow Money Crypto – Mike Maples, Jr. – Medium
Medium

““Slow Money” investors treat the market like it is a weighing machine. They try to make money by owning a part of a great business that will appreciate faster than the broader market over a very long time. Liquidity matters less to such investors because they might hold for decades.

– On how blockchain can create new decentralized businesses through double network effects

“How businesses built around network effects are about to undergo a radical transformation that will impact us all”

The Future Of Network Effects: Tokenization and the End of Extraction
Medium

“Together, these factors suggest that network effects businesses of the future will be organized not as centralized for-profit corporations built on extractionary business models, but rather as decentralized token-based economies with incentive alignment between network owners and participants.

— Cuy Sheffield lays out his vision of how NFTs may develop into a multi-billion dollar market by bringing digital scarcity to e-sportsNFTs

“there is the potential for NFTs to become a multi-billion dollar market in the next few years”

NFTs and the Future of Digital Memorabilia – Hacker Noon
Hacker Noon

“I’m excited about the potential of the intersection of eSports and non-fungible tokens (NFTs) to create a new digital economy of cryptogoods and digital memorabilia that could become one of the first mainstream uses of cryptoassets.