Crypto Market Update
My weekly crypto market update uses a standard set of information sources.
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 10 and Total Market down over 16% against USD over the past week
- Both Remain up over 20% over last 30 days
- Even Indexes roughly down the same amount as weighted indexes over last week
- Platform, Application, and Currency indexes all down against USD and BTC.
- Currency has performed best recently and is up over 25% vs BTC over last 90 days
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: $410.58 billion
Market Share of Top Cryptocurrencies
Bitcoin’s market share has declined to ~36%, close to all-time lows. This continues a long-term declining trend, with new currencies such as EOS and BCH taking some of that market share.
Marketshare of top 20 cryptocurrencies
The top 20 currencies (by market cap) currently make up roughly 85% of the total crypto market share.
TradingView Technical Indicators
Based on data and info from TradingView (Click for 30% off a pro subscription)
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 turned much more negative in the short-term, while the 30-day technical analysis remains very positive
- ETH remains postive vs USD, albeit less strongly than last week.
- BTC down over 7.5% vs USD over last week
- BTC up 418% in last year – and “only” 35% in last 6 months.
Google Trends have mostly flattened out after falling significantly in February.
I’m tempted to stop tracking this, as I believe there will be fewer searches as the public gains knowledge. However, significant price action could still lead to search volume surges.
NVT Ratio – This long-term cycle tracking ratio has mostly continued a downward trend, although a slight uptick in the past few days. Regardless, the ratio is quite high and suggests a further downturn is due.
NVT Signal -This short-term signal has moved down significantly over the past week from 142 to 126. It appears to be breaking a support trend, suggesting bearish price movement in the short term.
In the original post introducing NVT Signal, 150 was indicated as an overbought signal.
Willy Woo recently gave is own update using the two charts above in a Twitter post. Great insight as to how he reads these charts. His take:
Putting it all together, BTC is still unwinding from mania, I think we are on the plateau of another dead cat, I put the next downward move, more gentle this time in the window of 7-14 days from now. /7
But price-wise I don’t think we are that far from the bottom. So not far to go on the short side, lots of long to go when it fully unwinds and sets up in the second half of this year. /8
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 – Similar to NVT Signal, Kalvichikin’s has begun to trend downward both both BTC and ETH.
Articles of Note
Here’s a post from Vitalik Buterin inspired Eric Posner and Glen Weyl’s new book, Radical Markets,
First, although I spend most of my time in the blockchain/crypto space heading up the Ethereum project and in some cases providing various kinds of support to projects in the space, I do also have broader interests, of which the use of economics and mechanism design to make more open, free, egalitarian and efficient systems for human cooperation, including improving or replacing present-day corporations and governments, is a major one.
Consider a system where property owners themselves specify what the value of their property is, and pay a tax rate of, say, 2% of that value per year. But here is the twist: whatever value they specify for their property, they have to be willing to sell it to anyone at that price.
Crypto isn’t as secure as many believe, as shown in this inside look at fighting criminals using crypto.
Once multiple accounts have been linked to the same owner, you can try to figure out who that owner is. Linking Bitcoin accounts to real-world identities is possible because information tends to leak out. Regulated cryptocurrency exchanges—generally those in the US or Europe—must follow know-your-customer and anti-money-laundering rules, which require people to hand over identification before using their services. Some people are even so careless as to post their supposedly private Bitcoin addresses in online forums. “What people forget is that the blockchain is just one half of the equation,” says Knottenbelt.
Regardless of the price, blockchain will have major implications, as predicted in this piece on how this is a shirt akin to the advent of double ledger bookkeeping.
A new form of bookkeeping might seem like a dull accomplishment. Yet for thousands of years, going back to Hammurabi’s Babylon, ledgers have been the bedrock of civilization. That’s because the exchanges of value on which society is founded require us to trust each other’s claims about what we own, what we’re owed, and what we owe. To achieve that trust, we need a common system for keeping track of our transactions, a system that gives definition and order to society itself. How else would we know that Jeff Bezos is the world’s richest human being, that the GDP of Argentina is $620 billion, that 71 percent of the world’s population lives on less than $10 a day, or that Apple’s shares are trading at a particular multiple of the company’s earnings per share?
users need a place to more easily buy and sell those items.
It turns out OpenSea wasn’t alone: the decentralized online marketplace for physical itemsOpenBazaar has plans to open up its platform for digital items such as CryptoKitties as well, plus OPSkins recently created Wax, a platform for spinning up decentralized exchange services for these items.
JP Morgan’s boss of blockchain project says more to come
NYSE owner planning bitcoin swaps and crypto exchange
Former Goldman Sachs president backs blockchain
The top ten ICOs have been very successful in gaining early positive attention around their projects; however, many on this list have had lackluster performances in the time since their ICOs.
Bitcoin and the crypto markets more widely look susceptible to a short term price drop. Long term, there are are still many positive signs that it will “blow up.”
For me, I grew up listening to hip hop, I grew up in Oakland. It’s a little bit more like, “let’s try to make something that doesn’t suck, let’s try to do great stuff, let’s try to make big things”. But it’s a little bit less of, “let’s create an in-crowd and define all the things that that in-crowd hates so that we all feel closer to each other”.