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.
Weiss Ratings does not accept any form of compensation from creators, issuers or sponsors of cryptocurrencies. Nor are the Weiss Cryptocurrency Ratings intended to endorse or promote an investment in any specific cryptocurrency. Cryptocurrencies carry a high degree of risk. The SEC, CFTC and other regulators have expressed concerns with the volatility of the market and the actions of sponsors of specific cryptocurrencies. Be sure to review their official consumer alerts such as the public statement on cryptocurrencies by the SEC.
Recommended Content
Editors’ Picks
Vitalik Buterin slams controversial gambling project ZKasino following scam allegations
Ethereum founder Vitalik Buterin took to Warpcaster, a new type of social network, to condemn ZKasino, a decentralized gambling platform based on Layer 2 Ethereum protocol zkSync.
Starknet jumps 2% after notice inviting specific groups to claim STRK airdrop
Starknet Foundation addressed the groups within the STRK community that were unable to receive the token’s airdrop during the first round. The Layer 2 chain organized an airdrop event in February.
XRP price capped at $0.55 despite retail holdings nearing all-time highs
Ripple price (XRP) failed to break resistance at $0.55 early Wednesday as traders continue to digest Ripple’s recent response to the Securities and Exchange Commission’s (SEC) allegations of illegally selling XRP as a security.
Binance founder Changpeng Zhao could face three-year jail time
US prosecutors are requesting Binance founder and former CEO Changpeng Zhao (CZ) to serve a three-year jail time, according to a Reuters report published Wednesday.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?