Crypto markets up across the board (but not by much)
|In the wild, wild world of crypto, any week that goes by with nothing crashing leads investors to breathe a sigh of relief.
When markets go nowhere, they count their blessings.
And when sectors rise across the board, as they did this week, it’s even better. (Even if the increase is minor.)
Our broadest measure of the crypto marketplace, our Weiss 50 Crypto Index (W50), rose 4.82% on the week. More importantly, it did this by bouncing off key support earlier in the week.
Bitcoin outperformed and was responsible for about half of that rally. We know because our Weiss 50 Crypto ex-BTC Index (W50X), which excludes Bitcoin, was up only half as much — 2.38% on the week:
But again, the good news this week was that ALL sectors improved (albeit slightly):
The Weiss Large-Cap Crypto Index (WLC) was up 5.17%, outperforming the Weiss 50 by a hair …
The Weiss Small-Cap Crypto Index (WSC) was up 4.06%, underperforming by a hair, and …
The Weiss Mid-Cap Crypto Index (WMC) was only up only 2.10%.
The broad consistency across all sectors is somewhat encouraging. Also encouraging is the fact that the entire sector is consolidating just above key support levels. (On Bitcoin, those levels roughly correspond to the $7,200 level.)
We’re watching those levels very, very carefully on all of the Weiss Crypto Price Indexes.
If they break below, it would signal more downside.
But if they can continue to hold and manage a nice rally, it would augur for a relatively strong start in the new year.
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