Ethereum emerges as the leader as rally shuffles market
The entire cryptocurrency market saw increased volatility over the past week and has been witnessing tremendous ups and downs in terms of the price action. As the largest crypto, Bitcoin bid adieu to the kangaroo market, many other assets also broke away from their sideways movement and rallied in the market. As the week ended, the CMBI Ethereum Index led the CoinMetrics suite of indexes, as it closed the week at $380.51, which was a growth of 23.6%.
According to CoinMetrics’ Bletchley Index reporting weekly USD returns, it could be inferred that Ethereum’s index performed the best, while the CMBI Bitcoin index was second with 13.3% returns. CMBI Bitcoin index closed July at $11,309.56, marking its second-highest close after 31-December 2017 month end of $14,150. Bitcoin closed July with 19% gains.
Even though the top two cryptocurrencies were reporting great gains, the Bletchley 10 [Large-cap assets] have been playing catch-up these last two weeks. The large-cap assets managed to return nearly 14% over the past week, while its monthly return was noted to be 27%.
The mid-cap assets benefitted greatly from the current rally. As per the above chart, the mid-cap overtook the gains of all other assets to return 35%, whereas the small-cap assets remained at the lowest with 12% returns. The small-cap assets for Bletchley 40 index, had been surging during a low volatility period for large caps. However, it was the poorest performer out of all the indices and market capitalizations.
The small-cap fell 7.1% against the USD and a whopping 18.1% against Bitcoin. Similarly, the Bletchley 20 or the mid-cap assets also dropped 11.1% against Bitcoin, as noted by CoinMetrics. The worst performing assets were Ampleforth [AMPL] with 54.42% loss over the past week, while 52.52% loss over the month. Elrond [ERD] followed the token with a 17.60% loss over the week, but it gained nearly 244% in the past month. Similarly, Crypto.com Coin that is ranked 11th on CoinMarketCap, lost nearly 9% both, in the past week and the month.
OhNoCrypto
via https://www.ohnocrypto.com
Namrata Shukla, Khareem Sudlow