Welcome to the Stocktwits Crypto Data Dive for Week 12 of 2023!
This data-centric issue aims to keep track of the overall crypto market’s progress and highlight new and old trends. 🤩
The Stocktwits Crypto Data Dive serves three main purposes:
- Tracks the crypto total market cap every week.
- Tracks the 25 best-performing cryptocurrencies of the week.
- Tracks the top 10 cryptocurrencies in each of the three best-performing indices of the week. Our custom indices include “Proof of Work,” “Web 3,” “Smart Contracts,” and more!
So without further adieu, let’s get into the data from week 12:
Total Market Cap
Total Market Cap Update
What is the broader trend within the crypto market? The simplest way to track that is using a total market capitalization chart. So let’s see what we’ve got. 🔭
From the highest all-time market cap close of $2.834 trillion, crypto is down -41.40%, versus -63.89% from last week.
*the price levels and performance values may be very different from what you read in your mailbox vs. what’s happening in the live market. This is especially true when crypto faces a new bull or bear run.
Top 25 Cryptocurrencies
Top 25 Cryptocurrency Update
There were ten changes in the Top 25 this week.
In: $XRP, $LTC, $ADA, $LINK, $UNI, $MANA, $DOGE, $EOS, $ALGO, and $XMR
Out: $GRT, $IMX, $XTZ, $BNB, $THETA, $ATOM, $BCH, $TRX, $MATIC, and $CRO
Overall, the Top 25 cryptocurrencies were up for the week by +11.1% versus +18.3% prior. 👍
*The universe used to construct the Top 25 list consists of all cryptocurrencies with at least $1 billion in market cap, excluding stablecoins.
Stocktwits Crypto Index RRG
Stocktwits Crypto Index RRG
Relative Rotation Graphs (RRG) are useful visual tools to identify how an instrument or a sector performs against a benchmark. The RRG image below shows eleven customized crypto indices. Each contains the top ten by market cap (excluding stablecoins and some exchange-based tokens).
They are rebalanced monthly, and the RRG tracks the last seven days’ performance.
Without going into the nitty-gritty details, the four colored sectors can be thought of like this, so imagine you’re in a race:
- Leading Quadrant (green) – You are in 1st, 2nd, or 3rd place. You are leading the pack. You’re going to medal. Anthems will be sung, tears will fall, and you may or may not pass a doping test.
- Weakening Quadrant (yellow) – You’re losing your momentum and out of breath. You just realized that your spouse or your mom didn’t show up to watch you, sapping your enthusiasm. You’re falling back and in the middle of the pack.
- Lagging Quadrant (red) – You pulled a hamstring. You pulled a Michael Scott and ate five pounds of fettuccine alfredo an hour before your race. You fell down. You’re dead last. No anthems will be sung, but tears will fall, and no one will remember your name.
- Improving Quadrant (blue) – You see your spouse or your mom in the stands. The crowd starts to see you get up. Emotional music begins, and the camera pans to the crowd in slow motion. You’re back on your feet and in the middle of the pack, gaining on the leaders.
Despite the strong gains over the past two weeks, there are some noticeable turns south across the board. Whether this is a warning of profit-taking or incoming consolidation is something we’ll have to watch out for.
The A.I. Index is definitely losing momentum, along with the Web3 Index. However, they’re still in the lead.
The Metaverse and Lending indices continue to lag the rest of the market.
The GIF below shows the past seven weeks of movement on the RRG.
Proof-Of-Work
1. Proof-Of-Work Index
The Proof-Of-Work Index is a collection of cryptocurrencies that, you guessed it, are blockchains that use Proof-Of-Work as their primary consensus mechanism. Bitcoin is the most well-known and biggest Proof-Of-Work cryptocurrency.
We construct this index by limiting the assets in this space to a minimum market cap of $100 million.
There were 5 changes this week.
Out: $RVN, $BCH, $BTG, $DOGE, and $SC
In: $CFX, $LTC, $DASH, $ZEC, and $DGB
Current week’s performance: +12.9%
Last week’s performance: +21.4%
Privacy
2. Privacy Coins/Tokens Index
Privacy coins/tokens are cryptocurrencies that either focus on creating complete anonymity with transactions or offer anonymity as an option when performing transactions.
We construct this index by limiting the assets in this space to a minimum market cap of $10 million.
There was 1 change this week.
Current week’s performance: +9.5%
Last week’s performance: +7.1%
Web 3
3. Web 3 Index
The Web3 Index comprises cryptocurrencies focusing on the next generation of the internet: blockchain, publicly distributed ledgers, transparency, openness, decentralization, and tokenonomics.
$LINK.X and $GNT.X are examples of assets in this category.
We construct this index by limiting the assets in this space to a minimum market cap of $50 million.
80% of the index changed this week.
In: $NU, $GTC, $LPT, $API3, $AUDIO, $LINK, $BAND, and $STORJ
Out: $FET, $RNDR, $GRT, $OCEAN, $GLM, $SC, $HIVE, and $THETA
Current week’s performance: +9.3%
Last week’s performance: +17.1%
Smart Contracts
4. Smart Contracts Index
The Smart Contracts Index includes cryptocurrencies whose blockchains allow for smart contracts. Ethereum and Cardano would be examples of cryptocurrencies that fall into this index.
We construct this index by limiting the assets in this space to a minimum market cap of $250 million.
There were 7 changes to the index this week.
In: $CFX, $XRD, $QTUM, $ADA, $NEO, $SOL, and $ETC
Out: $KAVA, $MINA, $XTZ, $ZIL, $ROSE, $ETH, and $ASTR
Current week’s performance: +7.7%
Last week’s performance: +15.0%
DEX
5. Decentralized Exchange Index (DEX)
The DEX Index (Decentralized Exchange) comprises the cryptocurrencies and tokens that make up the DEX space.
We construct this index by limiting the assets in this space to a minimum market cap of $100 million.
There were 3 changes this week.
Current week’s performance: +7.7%
Last week’s performance: +7.1%
Metaverse
6. Metaverse Index
The Metaverse Index is a collection of cryptocurrencies that focuses on virtual worlds and environments, including the Play 2 Earn and gaming class of cryptocurrencies.
We construct this index by limiting the assets in this space to a minimum market cap of $10 million.
There were 2 changes this week.
$GOG and $ILV replaced $DVI and $GF
Current week’s performance: +7.4%
Last week’s performance: +8.6%
Proof-Of-Stake
7. Proof-Of-Stake Index
The Proof-of-Stake Index includes any cryptocurrency that has a Proof-of-Stake consensus mechanism.
We construct this index by limiting the assets in this space to a minimum market cap of $100 million.
80% of the assets in the index changed this week!
Out: $GRT, $FET, $CFG, $XTZ, $NMR, $ROSE, $TFUEL, and $SKL
In: $QTUM, $ADA, $AUDIO, $SOL, $AVAX, $KSM, $RUNE, and $CTSI
Current week’s performance: +7.2%
Last week’s performance: +10.9%
DeFi
8. Decentralized Finance (DeFi)
The DeFi Index (Decentralized Exchange) comprises the cryptocurrencies and tokens that make up the DeFi space. Cryptocurrencies such as Curve Finance, yearn.finance, and Clover are examples of assets that make up this index.
It’s not uncommon to see cryptos that also the DEX Index also in the DeFi Index.
We construct this index by limiting the assets in this space to a minimum market cap of $200 million.
There were six changes this week.
Out: $INJ, $LQTY, $SNX, $DFI, $JST, and $COMP
In: $XRD, $BAL, $UNI, $CRV, $RUNE, and $YFI
Current week’s performance: +5.3%
Last week’s performance: +8.7%
NFT
9. The NFT Index
The NFT Index is made up of cryptocurrencies that offer non-fungible tokens.
We construct this index by limiting the assets in this space to a minimum market cap of $50 million.
There were 7 changes this week.
Out: $IMX, $ALI, $LYXE, $WAXP, $FLOW, $BIT, and $SLP
In: $PYR, $YGG, $UOS, $GODS, $AXS, $ILV, and $GHST
Current week’s performance: +3.9%
Last week’s performance: +12.1%
Lending
10. Lending Index
The Lending Index comprises cryptocurrencies and platforms where users can offer their cryptocurrency for liquidity or loans for a return.
We construct this index by limiting the assets in this space to a minimum market cap of $50 million.
There were 3 changes this week.
Current week’s performance: +2.3%
Last week’s performance: +5.6%
A.I.
11. A.I. Index
The A.I. Index comprises cryptocurrencies dedicated to making the Battlestar Galactica, 2001 Space Odyssey, I Robot, and the Terminator universes very real.
We construct this index by limiting the assets in this space to a minimum market cap of $20 million.
There were 2 changes this week.
$DATA and $PHA replaced $FET and $CQT.
Current week’s performance: +1.5%
Last week’s performance: +29.5%
The table below is the current (March 25, 2023) staking yield rates of the top ten Proof-Of-Stake cryptocurrencies by market cap.
Staked % is what percent of the total supply of that cryptocurrency is currently used to earn staking rewards – sometimes called ‘Lock-Up.’
The Lock-Up Period is how long crypto must stay staked before you can withdraw it and/or any rewards earned.
Nominal Yields are the rewards listed, whereas Real Yield is the expected return when factoring in other costs, factors, or changes like inflation rates (not listed).
It should also be noted that calculations and factors for Real Yields can vary substantially from one week to the next. Additionally, the Nominal Yield may have an expected range but is not guaranteed. For example, Polkadot’s ($DOT.X) Nominal Yield is advertised/listed between 8% to 14%.
Another factor to consider is that the rewards are not in US Dollars but in token/crypto your stake. Staking Cardano ($ADA.X) rewards you in ADA and so forth.
This table is updated weekly.
| Crypto | Nominal Yield % | Real Yield % | Staked % | Lock-Up Period |
|---|---|---|---|---|
| Ethereum (ETH) | 4.05% (+0.13) | 4.48% (+0.01) | 15.40% (+0.10) | 12+ Months |
| BNB (BNB) | 2.83% (-0.02) | 7.99% (-0.01) | 15.46% (+0.38) | 7 Days |
|
Cardano (ADA)
|
3.26% (-0.07)
|
0.12% (-0.04) |
69.13% (-0.33)
|
None
|
|
Polygon (MATIC)
|
9.10% (+2.61)
|
4.27% (+1.28)
|
39.88% (+0.36)
|
21 Days
|
| Polkadot (DOT) | 14.33% (-0.68) | 6.65% (-0.53) | 47.08% (+1.90) | 28 Days |
|
Internet Computer (ICP)
|
7.49% (-0.01)
|
-2.41% (+0.03)
|
73.45% (+0.79)
|
180 Days
|
|
TRON (TRX)
|
3.82% (+0.05) |
1.75% (+0.05)
|
42.83% (+0.01)
|
3 Days
|
|
Avalanche (AVAX)
|
8.94% (-0.08)
|
3.16% (-0.03) |
53.59% (+1.83)
|
14 Days
|
|
Cosmos (ATOM)
|
24.81% (+0.40)
|
6.47% (+0.09) | 62.03% (+0.04) | 21 Days |
|
Solana (SOL)
|
6.59% (-0.12)
|
-0.93% (-0.27)
|
70.91% (+1.06) |
5 Days
|
Source: www.stakingrewards.com
There were no changes to the top ten list this week.
Still no explanation on what happened with the -82% drop in $BNB‘s staked % from last week.
$ICP remains the only asset with a negative real yield.
Summary
Putting It All Together
A quick little prefatory statement, the following charts utilize the Ichimoku Kinko Hyo system, if you’d like to learn about it, then head over to your Ichimoku 101 article here.
In Monday’s Litepaper (March 20), the Technically Speaking article talked about a possible pullback or pause due to a combination of price, oscillator, and time cycle factors. 🧠
On Monday’s daily chart below, Bitcoin was out of equilibrium on the candlestick chart and in the Composite Index.
Since Monday, equilibrium has been restored with time moving to price. 👍
Now, let’s take a look at the weekly chart because this is where things in the crypto world could get ugly – not bad or good, just ugly. 💩
Why would Bitcoin and the broader crypto market get ugly? Because Bitcoin is inside the Ichimoku Cloud – that big red blob in the image above. 🟥
Before we get into why the Cloud is the worst thing since mayo and peanut butter sandwiches, there are some positive takeaways.
Bitcoin closed last week in the Cloud for the first time since the week of April 2022 – that’s a good thing. If bulls want to keep it a good thing, they’ll need to keep Bitcoin inside the Cloud.
But the Cloud represents volatility, indecision, whipsaws, broken hearts, broken dreams, Vladimir Putin, every bad decision to eat Taco Bell after a night of drinking, sexually transmitted diseases, and everything bad in the world.
In other words, when an instrument is inside the Cloud, analysts expect price action to be choppy and ugly as hell until the bulls or the bears get Bitcoin out of the Cloud – let’s see what next week brings! 🕵
Again, if you’re interested in learning a little about the Ichimoku Kinko Hyo system, check out our Ichimoku 101 article!
See You Next Saturday!
Credits & Feedback
Today’s Litepaper was written by Jon Morgan. Let him know how he did: