Bitcoin and other large-cap cryptocurrencies like XRP, Ethereum etc, were analyzed by Zerononcense in a recent report, and the results indicate that these large-cap cryptocurrencies have not broken even.
The report confirms the formation of a double top for Bitcoin on a daily chart, further indicating that this is dragging the markets down it. Adding to the former fact is Bitcoin’s dominance, which hit a peak of 70% and has been descending slowly since.
Performance of cryptos using MVIS index
The MVIS index, as seen in the chart below, shows the performance of large-cap, mid-cap, and small-cap cryptos.
The performance of these cryptos has been largely negative over different time frames.
For 7 days, the MVIS index was as follows,
- Large-cap cryptos are -20.49%
- Mid-cap cryptos are -18.42%
- Small-cap cryptos are –21.71%
Over a span of 30 days, these indices read -7.83%, -6.70%, -24.72%, and -26.50%.
The MVIS index showed a positive performance for all the above-mentioned cryptos’ caps spread over six months. It is 117.25% for large-caps, 24.76% for mid-caps, and 26.12% for small-caps.
The above chart further compares the weighted performance of the world’s top 15 cryptocurrencies.
Bitcoin’s dominance was 55% on Jun 12, 2019. It soon recorded a massive surge which pushed the dominance to 66% by July 16, a day when the price of Bitcoin closed at ~$9,500. The last time the price of Bitcoin was at the $9,500 mark, the dominance was 57.65%. The observation here is that while the dominance of BTC rose dramatically, the market cap collapsed by 41%.
“This indicates that the rest of the crypto market (outside of BTC) has fell by *at least that much.”
Further, Zerononcense added that this should be a special concern for those “banking on altseason” and practicing “HODL”.
The price of Bitcoin rose dramatically by 12% in an hour yesterday at 11:00 UTC. It has since consolidated and is trading at $10,700, with a market cap of $184 billion.
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