Welcome to the Stocktwits Crypto Data Dive for Week 14 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!
- Indices are tracked for performance from Thursday – Thursday (helps smooth the volatility during the weekend).
So without further adieu, let’s get into the data from week 14:
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 -59.47%, versus -59.89% from last week.
I’ve switched to Bitcoin’s daily chart for this week’s Data Dive because its current price action is important to analyze.
From a daily chart perspective, consolidation is represented by a Bull Flag – which is a bullish continuation pattern. Now, that doesn’t mean that the bullish breakout and move higher is guaranteed, it’s just an indicator that there is a high probability of it continuing.
*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 9 changes in the Top 25 this week.
Out: $XRP, $XLM, $ALGO, $BTC, $QNT, $CRO, $ICP, $BNB, and $LINK
In: $AAVE, $FLOW, $BCH, $MANA, $SAND, $ATOM, $NEAR, $FTM, and $GRT
There’s a noticeable theme going on with crypto: participants aren’t leaving the space, they’re shifting out of CEXs and into DEXs and the broader DeFi space. Just look at the Top 25 lists of the past few weeks. 16 of the 25 are focused in the decentralized finance space, a space outside of governmental intrusion (mostly).
Overall, the Top 25 cryptocurrencies were up for the week by +1.20% versus -0.70% 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.
The daily and weekly RRGs show distinct differences, which can suggest a state of congestion and consolidation. This has been particularly noticeable in the crypto market during the last few weeks.
Another observation that will make more sense when you look at the top-performing indices for week 14 is the DeFi Index on the weekly RRG – it is the only index pointing up.
Despite the significant downward movement indicated by the weekly chart, the daily chart suggests that the market might be transitioning toward an upward continuation.
The GIF below shows the past 10 days of movement on the RRG.
The GIF below shows the past 13 weeks of movement on the RRG.
DeFi
1. 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 7 changes this week.
In: $ZRX, $LQTY, $RUNE, $SNX, $AAVE, $XRD, and $CRV
Out: $JOE, $1INCH, $YFI, $OHM, $GNO, and $SUSHI
Current week’s performance:+6.9%
Last week’s performance: -2.2%
Lending
2. 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.
$MFT, $AAVE, and $CFG replaced $NEXO, $CEL, and $XVS
Current week’s performance: +4.9%
Last week’s performance: -4.8%
DEX
3. 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.
$DYDX, $UNI, and $LRC replaced $JOE, $1INCH, and $DFI
Current week’s performance: +4.1%
Last week’s performance: -2.8%
Biggest Loser - A.I.
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 3 changes this week.
$CQT, $LAT, and $FET replaced $RLC, $SDAO, and $OCEAN
Current week’s performance: -1.0%
Last week’s performance: -2.9%
The A.I. Index was the worst performer for the week and the only index in the red.
The table below is the current (April 08, 2023) staking yield rates of the top ten Proof-Of-Stake cryptocurrencies by market cap.
Staked % is what percent of the total supply of that cryptocurrency is currently used to earn staking rewards – sometimes called ‘Lock-Up.’
The Lock-Up Period is how long crypto must stay staked before you can withdraw it and/or any rewards earned.
Nominal Yields are the rewards listed, whereas Real Yield is the expected return when factoring in other costs, factors, or changes like inflation rates (not listed).
It should also be noted that calculations and factors for Real Yields can vary substantially from one week to the next. Additionally, the Nominal Yield may have an expected range but is not guaranteed. For example, Polkadot’s ($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) | 4.81% (+0.0.3) | 5.04% (+0.01) | 15.64% (+0.12) | 12+ Months |
| BNB (BNB) | 2.69% (-0.08) | 8.28% (+0.12) | 15.34% (-0.07) | 7 Days |
|
Cardano (ADA)
|
3.25% (-0.02)
|
0.14% (-0.01) |
68.12% (-0.69)
|
None
|
|
Polygon (MATIC)
|
5.53% (-2.70)
|
2.92% (-1.43)
|
39.43% (-0.52)
|
21 Days
|
| Polkadot (DOT) | 14.35% (+0.02) | 6.67% (+0.02) | 47.02% (-0.06) | 28 Days |
|
Internet Computer (ICP)
|
7.40% (-0.03)
|
-2.39% (+0.02)
|
73.11% (-0.12)
|
180 Days
|
|
TRON (TRX)
|
3.80% (+0.03) |
1.72% (+0.02)
|
43.26% (+0.32)
|
3 Days
|
|
Avalanche (AVAX)
|
7.95% (-0.99)
|
2.23% (-0.83) |
62.23% (+7.95)
|
14 Days
|
|
Cosmos (ATOM)
|
23.05% (-0.26)
|
4.47% (-0.30) | 62.12% (+0.09) | 21 Days |
|
Solana (SOL)
|
6.47% (+0.05)
|
-1.06% (+0.05)
|
72.97% (-0.24) |
5 Days
|
Source: www.stakingrewards.com
There were no changes to the top ten list this week.
$MATIC experienced a big dip in its Nominal Yield, moving from 8.23% to 5.53%.
Still no explanation on what happened with the -82% drop in $BNB‘s staked % from three weeks ago.
$SOL joins $ICP with assets that currently have a negative Real Yield.
Summary
Putting It All Together
To echo what was talked about in the Top 25 section, one thing has been trending over the last couple of months: massive moves into Decentralized Finance.
Just look at the top 3 indices for the week: DeFi, Lending, and DEX.
This week, the Top 25 has undergone significant changes, with nine changes. Notably, 6 of these new entries belong to the DeFi sector, indicating a growing trend towards decentralized finance by market participants.
On $BTC‘s weekly chart, it shows the third consecutive week in the Cloud. So the kind of price action we’ve been experiencing the past three weeks is likely to continue with more ups and downs until it finally leaves the Cloud.
Again, if you want to learn a little about the Ichimoku Kinko Hyo system, check out our Ichimoku 101 article!
See You Next Saturday!
