New York-headquartered financial advisory firm Fundstrat Global Advisors has announced the launch of a new weekly report called “Benchmark Crypto Performance.” The firm will do a comprehensive analysis of the cryptocurrency market and detail the performance contribution of sector and size indices in it along with relative performance and correlations.
Launching @fundstrat weekly, called Benchmark Crypto Performance, which details the performance contribution of sector/size indices, including rel. performance and correlations. Will be released every Monday. Free to download. Link here —> https://t.co/ycA3Axl19V pic.twitter.com/tz1fGlyFb2
— Ken Xuan (@fundstrat_ken) June 12, 2018
The report, which the firm will release on every Monday, also ranks top 50 cryptocurrencies in a section called “State of Tokens.” The ranking is based on various parameters including the market performance of the coin over a month-long period along with relative performance index (RSI). The firm also does the analysis based on 90 Day Win-Loss Ratio, 90 Day UpVolume (UV) – Down Volume (DV), Relative Price to 21 Day Moving Average (DMA) and few others to make the list.
Underdog wins
The indexing of the coins in the first report is very interesting as none of the big coins made it to top 3 of the index. Market leader Bitcoin ended up in the 10th spot, while Ethereum is 13th. Only Ripple managed to gain the 4th spot.
Surprisingly, the top spot was achieved by the lesser known Binance Coin (BNB) followed by Digicoin and Siacoin.
The excellent performance of BNB, the native coin of the leading exchange Binance, in the recent market has put it in the apex position of Fundstrat’s list. Though as of press time, the coin was down by 2.6 percent on the daily chart and 5.7 on the weekly, its loss is relatively smaller than other coins. Moreover, in last 48 hours, it gained around 18 percent with an upward rally.
Binance’s CEO Zhao Changpeng is also boasting about the performance of BNB as he tweeted:
When the going gets tough, the tough gets going. pic.twitter.com/6XJvUGC7YW
— CZ (@cz_binance) June 12, 2018
Fundstrat is also bullish on the performance of Bitcoin and its managing partner Tom Lee recently predicted that it is very likely for Bitcoin to reach $25,000 by the end of 2018.
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