A cryptocurrency high-cap index
Hello all,
I've been getting frustrated of late trying to figure out where support and resistance for the overall crypto market cap might lie, and I'm tired of taking screenshots of CoinMarketCap and drawing lines on them in paint :D
To get around that, I've been toying around with TradingView's ability to combine tickers to try to get a chart that shows the overall market rather than just BTC, even if BTC obviously drives the health of the overall space, in general. What you see is what I've come up with - the biggest coins that have USD pairs on Tradingview that date back to before the December bull run ( BTC, ETH, XRP, LTC, BCH, EOS, NEO, XLM, and XMR). That's essentially all of the top-10 coins by market cap, excluding ADA and IOTA because their USD histories don't go back that far, and including XMR because its does). As you'll notice, this looks very similar to what how BTC (blue line) looks over the same time period, but there are some differences. I've scaled the BTC line so that it peaks in tandem with the overall market cap, but then you can see that the high caps had their own second peak after that before the space in general began its decline. I haven't been looking at it enough to comment on how significant those difference are beyond that obvious one, but I am keeping an eye on the indicated level to see if we bounce and see some green alts again once it gets hit.
Love to hear anyone's comments or suggestions - I'm also taking a look at the same index without BTC to see if there is any information to be gained from looking at how the high caps move without including the gravity of BTC in the equation (all you have to do is copy the ticker text from this chart and remove the BTCUSD pair at the start of it).
Cheers!
-bio
I've been getting frustrated of late trying to figure out where support and resistance for the overall crypto market cap might lie, and I'm tired of taking screenshots of CoinMarketCap and drawing lines on them in paint :D
To get around that, I've been toying around with TradingView's ability to combine tickers to try to get a chart that shows the overall market rather than just BTC, even if BTC obviously drives the health of the overall space, in general. What you see is what I've come up with - the biggest coins that have USD pairs on Tradingview that date back to before the December bull run ( BTC, ETH, XRP, LTC, BCH, EOS, NEO, XLM, and XMR). That's essentially all of the top-10 coins by market cap, excluding ADA and IOTA because their USD histories don't go back that far, and including XMR because its does). As you'll notice, this looks very similar to what how BTC (blue line) looks over the same time period, but there are some differences. I've scaled the BTC line so that it peaks in tandem with the overall market cap, but then you can see that the high caps had their own second peak after that before the space in general began its decline. I haven't been looking at it enough to comment on how significant those difference are beyond that obvious one, but I am keeping an eye on the indicated level to see if we bounce and see some green alts again once it gets hit.
Love to hear anyone's comments or suggestions - I'm also taking a look at the same index without BTC to see if there is any information to be gained from looking at how the high caps move without including the gravity of BTC in the equation (all you have to do is copy the ticker text from this chart and remove the BTCUSD pair at the start of it).
Cheers!
-bio
Order cancelled:
Whoops, I didn't realize that this had fully published; please see the updated version of this project that has a blurb about how the tickers were weighted to produce the chart. Apologies for the confusion.
