GOin Market Watch #6, insights for digital assets investors.

Alice de GOin
Mar 8 · 10 min read

Every Week, GOin gives the keys to understand trends in the Crypto Market to investors

GLOBAL MARKET OVERVIEW

Period from March 04th 2018 to March 03rd 2019 — GMT close

Over the past two weeks, global market capitalization have risen from USD 122.7 bn as of February 17th to USD 128.9 bn as of March 3rd 2019. The growth has been driven by strong performances on February 18th (+7.2%) and February 24th (+3.0%) but mitigated by a sharp downturn on February 23rd (-9.5%).

The period has also been notable for its high traded volumes, as global traded volumes have reached their annual peak on February 24th — USD 38.3 bn compared to a USD 16.1 bn average over the year.

In the news:

  • Fusang to launch Asia’s first Security Token Exchange in Malaysia
  • NASDAQ has integrated BTC and ETH indices into its Global Index Data Services

1-year evolution of global market capitalization

As of March 3rd, 2019 — GMT close in USD

Source: www.coinmarketcap.com, GOin

Global market capitalization has decreased by 72.2% over the past year

Over the past two weeks, global market capitalization has increased by 5.1%:

  • BTC has almost been in line with the market (+4.9%), and still represents 52% of global market capitalization
  • XRP and ETH have both underperformed (+3.6% and -0.8% respectively)

1-year evolution of global traded volumes

As of March 3rd, 2019 — GMT close in USD

Source: www.coinmarketcap.com, GOin
  • Over the past two weeks, weekly traded volumes have increased by 30.2%
  • While BTC and ETH traded volumes have ‘only’ increased by 26.7% and 23.3% respectively, XRP ones have surged with a +71.3% increase in weekly traded volumes
  • Weekly traded volumes have reached USD 30.2 bn as of February 24th, almost meeting their annual peak — USD 30.6 bn as of April 30th, 2018

1-year evolution of 60-day volatility

As of March 3rd, 2019 — GMT close in USD

Source: www.coinmarketcap.com, GOin

Market volatility has pursed its downward trend: as of March 3rd, 60-day market volatility stood at 58.1% compared to 137.1% one year ago

Over the past year, all major crypto assets have been experiencing decreasing levels of risk, as:

  • ETH 60-day volatility has decreased from 135.6% to 88.0%
  • BTC 60-day volatility has decreased from 126.7% to 48.8%
  • XRP 60-day volatility has decreased from 196.0% to 64.0%, its lower rate on the period

ZOOM ON TOP 50 SAMPLE

The Top 50 sample is determined every week according to the following methodology:

1) Ranking of crypto assets by market capitalization

2) Elimination of crypto assets that:

  • Have less than 3 months of trading history
  • Are stable coins
  • Are subject to publicly known issues — trading or storage failures, fraud suspicions, technical flaws in the underlying technologies

The complete list of currently eliminated crypto assets can be found here: https://www.goin-invest.com/index/fuseki/.

3) The remaining 50 largest market capitalizations are selected for analysis

14-day performance

As of March 3rd, 2019 — GMT close in USD

Source: www.coinmarketcap.com, GOin
  • Good performance over the last couple of weeks for the Top 50 sample with a 4.1% median performance
  • RVN and THETA strong performances have both been generated over the past week (respectively +129.0% and +48.2% 7-day performance as of March 3rd)
  • In the meantime, ONT good performance over the first week (+55.0% 7-day performance as of February 24th) has been reduced during the following week (-11.7% 7-day performance as of March 3rd)

14-day traded volumes

As of March 3rd, 2019 — GMT close in USD

Traded volumes have been particularly high compared to the previous observed period (USD 277.9 m average weekly traded volumes as of February 17th) :

  • USD 411.0 m average weekly traded volumes as of February 24th
  • USD 351.7 m average weekly traded volumes as of March 3rd

EOS is outpacing LTC again thanks to a strong increase in its weekly traded volumes (from USD 889.7 m weekly traded volumes as of February 17th to USD 1,376.4 m as of March 3rd)

The top 5 still represents 59.4% of global traded volumes and 87.5% of the top 50 sample

Average daily traded volumes/market capitalizations

As of March 3rd, 2019 — GMT close in USD

Source: www.coinmarketcap.com, GOin
  • Stable top 5 with QTUM, ZEC, AE and EOS remaining at the top positions
  • NEO has integrated the top 5 thanks to a 52.0% increase of its weekly traded volumes (from USD 182 m weekly traded volumes as of February 17th to USD 277 m as of March 3rd)
  • LTC is now ranked 6th due to a lower increase of its weekly traded volumes (+5.2% between February 17th and March 3rd)

14-day annualized volatility

As of March 3rd, 2019 — GMT close in USD

Source: www.coinmarketcap.com, GOin

Annualized volatility has been uneven between the two weeks:

  • As of February 24th, average 7-day annualized volatility has reached 113.9% and median 7-day annualized volatility 106.8%
  • As of March 3rd, average 7-day annualized volatility has reached 58.5% and median 7-day annualized volatility 40.0%

The different levels of volatility can be illustrated through BTC: the coin’s 7-day volatility has stood at 81.4% as of February 24th (compared to 13% over the previous week), before going back to its usual lower levels, reaching 15.0% as of March 3rd

90-day correlation to BTC

As of March 3rd, 2019 — GMT close in USD

Source: www.coinmarketcap.com, GOin
  • Correlation to BTC has been pursuing its decrease: median 60-day correlation to BTC has decreased from 0.806 as of February 17th, 2019 to 0.710 as of March 3rd, 2019
  • Over the same period, average correlation has remained relatively stable (+0.007)
  • No crypto asset with a negative correlation to BTC

ZOOM ON GOin’s INDICES

As of March 3rd, 2019 — GMT close in USD

Source: www.coinmarketcap.com, GOin
  • February 18th — February 24th. The week has mostly benefited the FUSEKI and FUSEKI WL due to the higher weight of BNB; on the other side, the FUSEKI WP and FUSEKI WPX have underperformed due to the higher weights of XTZ and BAT
  • February 25th — March 3rd. The week has been positive for all the FUSEKI indices thanks to February 25th’ bullish market

7-day performances as of February 24th

Constituents’ contributions to index performance

As of February 24th, 2019 — GMT close in USD

*February 18th, 2019 — Source: GOin

Upwards pulling:

  • Rebalance day. All index constituents have performed well on February 18th (from +2.1% for XEM to +6.6% for BTC), contributing positively to the weekly performance
  • BNB. Strong performance over the whole week (+9.7%) that has contributed to the performance of all FUSEKI indices (from +0.74 points for the FUSEKI to +2.49 points for the FUSEKI WPX)

Top downwards pulling:

  • BAT. Bad 6-day performance (-3.5% as of February 24th) that has particularly affected the FUSEKI (-1.14 points) and FUSEKI WP (-2.59 points)
  • LSK. Bad 6-day performance too (-7.2%) that had a strong impact on the FUSEKI (-1.06 points) and the FUSEKI WP (-2.16 points)
  • XRP. Bad 6-day performance too (-6.3%) that has particularly affected the FUSEKI WL (-1.34 points)
  • XMR. Though it only entered the FUSEKI WPX for 4 days during the week, XMR had the strongest negative impact on the index performance (-3.55 points) due to its -5.2% 6-day performance

7-day correlation of index constituents

As of February 24th, 2019 — GMT close in USD

Source: GOin
  • Week characterized by extremely high levels of correlation: coefficients have varied from 0.86 average correlation to QTUM to 0.97 average correlation to XRP, XLM, BSV and DASH
  • Correlation to BTC has also been particularly high: 0.96 average value (compared to 0.35 over the previous period) and 0.98 median value (compared to 0.68)

Rebalancing

As of February 25th — At rebalancing price

Source: GOin
  • No change in the top 2 given their relatively low volatility levels compared to other crypto assets
  • Out: LSK, BAT and BNB as their volatility rates have stayed stable in a market characterized by decreasing volatility
  • In: DASH, WAVES and BSV as their volatility rates have decreased

7-day performances as of March 3rd

Constituents’ contributions to index performance

As of March 3rd, 2019 — GMT close in USD

*February 25th, 2019 — Source: GOin

Top upwards pulling:

  • On rebalance day. Same as the previous week, all index constituents have performed well on rebalance day (February 25th), from +1.2% for XTZ to +11.7% for BSV and thus have contributed positively to the weekly performance on that day

Null impact:

  • XMR and XLM. Almost null 6-day performances as of March 3rd (+0.1% and -0.1% respectively) that had no impact on the FUSEKI indices performances

Downwards pulling:

  • XTZ. Bad 6-day performance (-5.8%) that had a strong impact on the FUSEKI (-0.85 points)
  • XRP. Bad 6-day performance (-4.9%) that has affected all FUSEKI indices, from -0.40 points for the FUSEKI WPX to -1.06 for the FUSEKI WL

7-day correlation of index constituents

As of March 3rd, 2019 — GMT close in USD

Source: GOin
  • Correlation coefficients have gone back to lower levels: 0.52 average correlation to BTC (compared to 0.96 on the previous week) and 0.30 median correlation to BTC (compared to 0.98)
  • Coefficients vary from -0.01 average correlation to XTZ to 0.58 average correlation to XRP

Rebalancing

As of March 4th — At rebalancing price

Source: GOin
  • As one of the most traded crypto asset and one of the less volatile, BTC has remained at the first rank
  • Out: BSV due to its too high volatility and WAVES due to a decrease in its traded volumes
  • In: ZRX and LSK due to decreasing volatility rates

Average rotation rates

As of March 3rd — At rebalancing price

Source: GOin

Slight increase of average weekly rotation rates over 1 year, especially for the FUSEKI WP

February 19th — February 25th. Very high rotation rates due to:

  • The entrance of 3 crypto assets (DASH, WAVES and BSV) to replace LSK, BAT and BNB
  • Important changes in constituents weighting

February 26th — March 4th. High rotation rates for all indices except for the FUSEKI WL, as 2 crypto assets have entered the indices (ZRX and LSK) to replace BSV and WAVES

1-year performances compared to BTC and ETH

As of March 3rd — At rebalancing price

Source: www.coinmarketcap.com, GOin
  • BTC and ETH prices have decreased by 66.5% and 84.6% respectively over the past year.
  • In the meantime, the FUSEKI indices have decreased by between 73.3% (FUSEKI WPX) and 77.4% (FUSEKI WL)

DISCLAIMER

This publication is for discussion and informational purpose only. No statement nor information presented in this document shall be considered an investment advice.

No statement nor information presented in this document shall be considered a solicitation to buy or an offer to sell a security, or any other product or service, to any person in any jurisdiction where such offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction.

The data provided and calculation presented are for illustrational purpose only, and GOin shall not have any liability, contingent or otherwise, for the accuracy, completeness, timeliness or correct sequencing of any information provided by GOin or for any decision or action taken by you in reliance upon such information. Past performance does not guarantee future results.

GOin, a French SAS registered in Paris, France under French law owns a) all registered design, trademark, service mark rights and copyright; b) all intellectual property and any other rights and interests in this publication.

Crypto asset markets are young and highly volatile, which means crypto asset investments are particularly risky. Before investing in crypto assets, you need to be aware of and accept that you might be exposed to the following risks: a) market risk; b) risk of partial or total loss of capital; c) currency risk; d) liquidity risk; e) regulatory risk; f) technological risk; g) risk of theft or fraud; h) any other risk related to crypto asset investment.

To learn more about GOin and its offer you can visit www.GOin-invest.com, and connect with us on social media to stay up to date with the latest news:

GOin-Invest

Built on top of a state-of-the-art trading platform, GOin provides performing crypto asset investments.

Alice de GOin

Written by

I represent the amazing GOin project across social networks. We aim at simplifying investments into crypto assets. I would be happy to answer your questions :

GOin-Invest

Built on top of a state-of-the-art trading platform, GOin provides performing crypto asset investments.

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