SOL lost the most value in November due to its close ties with FTX. BNB lost only 8% in value last month, which is logical now that one of Binance’s largest competitors is bankrupt — we can expect users and trading volume to flow from FTX to Binance (and other large exchanges like Coinbase). In the last quarter, BNB is up +9%. Only XRP increased more in price with its +24% returns in the past three months.
The best-performing index last month was the BOLD Index, thanks to its heavy allocation to gold which increased by 7% last month. Most indexes have the same return during November, between -16% and -22%. In most markets, correlations go up during a crisis. The crypto market is no different. Arcane research wrote two days ago in their recurring post Ahead of the curve that the “30-day correlation between ETH and BTC sits at unusually high levels of 0.96 and has only been higher 3% of the time since December 2016. The only periods affiliated with higher correlations between ETH and BTC occurred in late November 2018, early March 2019, after the Covid crash, and after the 3AC meltdown.”
Here is a quick description of each index in the table, with links to the relevant methodology.
- VNMC10: Vinter Top 10 market cap weighted.
- VNEQ10: Vinter Top 10 equal weighted.
- HODLX: Top 10 market cap weighted.
- HODL: Top 5 equal weighted.
- ALTS: Top 10 excl. the largest two assets, market cap weighted.
- LAYER1: The largest layer 1 crypto assets, market cap weighted.
- DEFI: 50% DeFi dApps and 50% DeFi blockchains, then market cap weighted within each set.
- MOON: Top 10 layer 1 assets weighted by Github, Social and market data.
- BOLD: Bitcoin and gold, equal risk weighted.
- VDAB10: Top 10 capped market cap weighted.
- VTRXBC: Top 10 smart contract platforms, market cap weighted.
- PANDO6: Top 6 weighted by the square root of market cap.
- DDV30: Top 30 market cap weighted.
- VHASHMOM: Top 12 by market cap weighted by their momentum score times their risk parity score.
The reference rates (“Ref rate”) are calculated using Vinter’s single-asset reference rate methodology.
