Crypto analytics platforms can vary widely depending on various factors, including price, investment focus and tracking abilities.
Traders and crypto enthusiasts need access to up-to-date information and topical analysis to make informed investment decisions.
However, with the glut of analysis services available, deciding which platform is right can be difficult.
Some platforms offer in-depth data on futures, while others focus on wallet analysis and decentralized finance (DeFi).
The new consortium will provide ratings of digital asset trading platforms and cryptocurrency market indexes when it becomes operational.
Huobi has become the first member of the Hong Kong Virtual Assets Consortium (HKVAC), the Seychelles-based cryptocurrency exchange announced on May 31. The new organization promises to provide a ratings service and indexes when it is fully launched.
The new organization is debuting at a crucial moment, as retail cryptocurrency trading begins in Hong Kong under new regulations on June 1. Huobi has already launched its Huobi Hong Kong exchange to participate in the new marketplace. According to Huobi:
“[HKVAC] was established primarily to enhance the industry’s capabilities in security risk management and to assist the Central Government and Hong Kong’s local authorities in building a world-leading hub for virtual asset and digital finance.”
Huobi itself “aims to develop a venture capital database that caters to the needs of the market” by participating in the HKVAC.
Related: Huobi Global ordered to halt operations in Malaysia
The HKVAC website included only “illustrative” data at the time of writing. Still, it is set up to provide ratings of digital asset exchanges of AAA through D based on continuous surveillance of nine criteria of trustworthiness.
The HKVAC will also produce two indexes. The Cryptocurrency Large Market Cap Index will be based on the 30 highest capitalized cryptocurrencies according to a seven-day median, with other criteria and quarterly rebalancing. There will also be a Cryptocurrency Risk Rating Based Index.
Local news outlet PANews said other partners in the HKVAC include FrancXav Asia Ratings, G-Rocket Global Accelerator, Hong Kong Data Infinity Technology, HKVAEX, Ipollo, KuCoin, LK Venture, Nano Labs, Purise and Wealthking Investment Limited.
The new regulatory regime in Hong Kong has set off a rush of applications for trading licenses. Two other industry groups — Hong Kong Licensed Virtual Assets Association and Web3 Harbour — were also launched this week.
Magazine: Hong Kong crypto frenzy, DeFi token surges 550%, NBA China NFTs — Asia Express
Jimmy Fallon wants out of the BAYC trademark case, while Blur is responsible for the NFT market’s three-month high.
Lawyers for Jimmy Fallon, star of NBC’s long-running comedy and variety series The Tonight Show, have filed a petition to “quash” a subpoena requiring him to testify in the Yuga Labs Inc. v. Ripps et al. case.
The lawyers claim that Fallon has no connection to the dispute, is not a party to the Ripps litigation, and has never met or interacted with Ryder Ripps, creative director of OKFocus or Jeremy Cahen, one of the founders of the alleged Bored Ape Yacht Club (BAYC) “copycat.”
Yuga Labs is suing Ryder Ripps and Jeremy Cahen for issuing a “copycat” nonfungible token (NFT) collection that resulted in trademark infringement, false advertising and unfair competition. The ongoing case has highlighted intellectual property and trademark rights within the NFT space.
While Fallon acquired a Bored Ape Yacht Club NFT and talked about it on his show, he has nothing to do with the Yuga Labs and Ripps case, according to the petition.
Fallon is also a co-defendant with Paris Hilton in a separate securities litigation involving Yuga Labs.
Getty Images is partnering with NFT platform Candy Digital to offer rare photos in NFT form, starting with photographs from its 1970s music and culture collection.
In a tweet, Candy Digital revealed that the collection includes works by Don Paulsen, David Redfern and other photographers depicting iconic figures like Elvis, David Bowie and The Rolling Stones.
The NFTs will be available for purchase on Candy Digital’s website starting on March 21, with prices ranging from $25 to $200. The release will be available to buyers in several countries, including the United States, the United Kingdom and Japan.
This partnership comes as the NFT market shows signs of growth, with marketplace volume increasing for the fourth consecutive month in February.
Forkast Labs, a data intelligence service formed by the merger of Forkast.News and NFT market tracker CryptoSlam, has launched a series of NFT indexes to provide real-time insights into the digital asset economy.
The Forkast 500 NFT index will measure performance across 21 blockchains, including Ethereum, Solana, Polygon and Cardano, and is designed to be a proxy of the entire NFT market.
The indexes aim to provide a more comprehensive measure of the health of the NFT economy, which is difficult to discern using traditional market rankings based on prices, sales and transaction volumes.
The NFT market is experiencing a bullish trend, according to data derived from NFT tracker CryptoSlam, reaching a 3-month high for the second consecutive day with over 125,000 trades in the past 24 hours. Trading surpassed $2.04 billion last month, up 117% from $941 million in January.
Related: The metaverse is getting a greenhouse and garden full of NFT flowers
This growth is due to Blur, an evolving market that surpassed OpenSea in trading volume just this month.
Blur’s trading volume jumped over $1.13 billion in February from the month prior, a statistic that accounts for almost all of the entire NFT market’s month-over-month gains.
The financial services giant, along with Coin Metrics and MSCI, will help investors track market movements and screen hundreds of coins and tokens by their uses.
Goldman Sachs, MSCI, and Coin Metrics announced Nov. 3 that they have devised a digital assets classification system to increase the transparency of market movements and help market participants analyze the digital assets ecosystem. The new system is called datonomy and is available by subscription from the three companies.
The new taxonomy divides digital assets world into classes, sectors and subsectors according to their use to make it possible to view those assets in a more granular way, a Goldman Sachs spokesperson told CNBC. The system is intended to provide a consistent view of the market, screen assets using different filters and help market participants “understand aggregated properties of these assets at the portfolio level,” according to a statement.
We are thrilled to introduce datonomyᵀᴹ - a new classification system of digital assets made possible through the strategic collaboration of Coin Metrics, Goldman Sachs and MSCI.
— CoinMetrics.io (@coinmetrics) November 3, 2022
This new taxonomy is offered as a data service by Coin Metrics, Goldman Sachs and MSCI. pic.twitter.com/CDtVcYDaU1
Coin Metrics CEO Tim Rice said in the statement, “This collaboration represents a significant leap forward for the industry as a whole, establishing a coherent and future-proof structure to monitor and analyze the digital assets ecosystem.” Coin Metrics provides crypto reporting and analytical software.
MSCI, a provider of critical decision support tools for investors, is the owner and sole administrator of the system. MSCI announced in a separate statement that it has launched a series of new indexes using datonomy in collaboration with Menai Financial Group and Compass Financial Technologies.
Swiss-based Compass is the publisher of the “Compass Crypto Basket Fundamental DeFi Index” and other crypto indexes. It created single-digital-asset indexes based on MSCI’s new indexes.
Related: Altcoin Roundup: Crypto indexes offer broad access, but are they profitable in the long run?
The new MSCI indexes will chart top-20 and top-30 digital assets by market cap, assets that do not rely on proof-of-work consensus and assets “associated with technology platforms supporting ‘Smart Contracts’ features.” The indexes are the first of their kind for MSCI.
Starting in November 2022, Binance’s Top 10 Equal-Weighted Index will be available to investors through Auto-Invest, to track the performance of the top 10 cryptocurrencies.
Crypto exchange Binance announced it will launch its first index product, the Top 10 Equal-Weighted Index, to kick off its Binance CoinMarketCap (CMC) Index Series.
The Top 10 Equal-Weighted Index will monitor the performance of the industry’s top 10 cryptocurrencies by market capitalization, such as Bitcoin (BTC) and Ethereum (ETH). Binance indices will utilize pricing information from crypto price tracker CMC, of which the crypto exchange is the owner.
According to the announcement, the Equal-Weighted Index will be rebalanced monthly and is designed to help investors evaluate price and performance. The index products, beginning with the Top 10 Equal-Weighted Index, will be available to investors starting in November 2022 through Binance’s Auto-Invest service.
In the future, Binance says the community can expect more from the index series, which will encompass “more digital assets in a diverse set of products."
Related: BTC price hits 3-week lows on US CPI as Bitcoin liquidates $57M
Despite a long and harsh crypto winter, Binance and other major crypto-industry giants have been developing their service offerings to the wider community.
A recent Q3 2022 report from the Web3 development platform Alchemy reported that this year could actually be the biggest year on record for development in the Web3 space.
Binance recently expanded its service offerings in multiple markets around the world. On Oct. 6, Kazakhstan granted the exchange a permanent license to offer digital asset services, while in the Middle East, it reported a 49% surge in regional user sign-ups in 2022.
This recent announcement of the price index tools comes as the network completed its 21st quarterly Binance Coin (BNB) burn, which eliminated roughly $547 million worth of BNB from its supply.
Trading crypto can be tricky, but a portion of the risk can be mitigated by investing in crypto indexes. Here’s some of what the market has to offer.
The cryptocurrency market is known for its high volatility and the wild-west nature of the space is, in part, due to many of the assets having small market caps and the 24/7 operational hours of centralized and decentralized exchanges (DEXs).
In addition to being high risk, crypto trading can also be a very time-intensive process. It can be an overwhelming task and a barrier to entry for most investors in determining which tokens to invest in.
For these investors, index investing could be a profitable alternative for gaining exposure to some of the hottest sectors of the cryptocurrency market.
Here’s a look at how crypto index products compare to individual tokens and which strategies have produced the biggest return.
Index Cooperative (INDEX) is a decentralized autonomous asset manager that allows investors to create a custom index of tokens using smart contracts.
Several of the most actively traded indexes originated from Index Coop, including the DeFi Pulse Index (DPI), Metaverse Index (MVI), Data Economy Index (DATA) and Bankless DeFi Innovation Index (GMI).
Plotting the price of these indexes against the total market capitalization of the cryptocurrency market can help provide insight into how each one performed compared to the market as a whole.
Since May 29, 2021, which is when data first became available for DPI and MVI on TradingView, the weakness of the decentralized finance (DeFi) sector can be seen in the poor performance of DPI, which is currently down more than 50% while the total market cap has risen 19.82%.
During that same period of time, the Metaverse index has increased 103% when compared to the price of Ether (ETH), and the gains are even greater when looking at its value in terms of USD.
As seen on the chart above, the price of MVI has increased from $42.02 on May 29 to its current value of $118.06, reflecting a gain of 180% compared to the 20% rise in the total market cap.
Metaverse and nonfungible token (NFT)-related projects have been a bright spot in an otherwise weak market over the past six months and in this instance, it was beneficial to be invested in a basket of metaverse tokens.
The Data Economy Index and Bankless DeFi Innovation Index have both posted losses since launching. This mirrors the performance of the wider crypto market, which has been in a downtrend since peaking in early November 2022.
NFTs have been one of the hottest sectors of the past year, but finding the next big crowd-pleaser is a monumental challenge because dozens of new NFT projects launch on a daily basis.
An alternative for gaining exposure is the NFT Index (NFTI), a basket that contains 11 different tokens including Polygon (MATIC), ApeCoin (APE), The Sandbox (SAND) and Decentraland (MANA).
The price of NFTI has increased from $386 on March 5, 2021, to its current price of $1,724, a gain of nearly 350%. During that same period of time, the total crypto market capitalization rose by 30%, providing evidence of the strength the NFT market has seen over the past 13 months.
For those looking for exposure to crypto baskets in a more regulated environment, eToro, a multi-asset brokerage firm, provides access to several “smart portfolio” options that have performed well over the past year.
The Napoleon-X smart portfolio is a basket comprising some of the more established projects in the crypto market, including Bitcoin (BTC), Ether, BNB, Litecoin (LTC) and Cardano (ADA). The DeFiPortfolio contains a large allocation of Ether along with smaller allocations to other projects that are involved in the DeFi sector including Polygon and Algorand.
As shown in the graphic above, these portfolios have provided returns of 48.6% and 45.3% over the past year while the total crypto market cap has actually declined 5.71% during the same time period.
On a two-year time scale, several of the eToro portfolios have offered returns in excess of 430% including Napoleon-X, which has experienced an increase of 709.3%. During that same time period, the total crypto market cap has increased 808%, while the price of BTC has increased by 472%.
This suggests that indexes offer the opportunity to capture a large percentage of the overall gains in the market while offering a better return. In many instances, this is a better tactic than trying to pick individual tokens that will see the biggest gains.
The results for DeFiPortfolio also highlight the importance of taking profits when big gains are made because they have a tendency to slip away as traders rotate or whipsaw price movements occur.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The latest price jump of SHIB token is attributed to an ongoing bullish trend from Oct. 15, which was followed by a week-long support at roughly $0.00002796.
Shiba Inu (SHIB), a spin-off to Dogecoin (DOGE) token, reached an all-time high following a price surge of more than 46% in just two days. The SHIB/USD trading pair was valued highest at $0.00003941 during press time.
The latest price jump of SHIB token is attributed to an ongoing bullish trend from Oct. 15, which helped the cryptocurrency’s value rally by more than 26%. Since Oct. 17, SHIB maintained week-long support at roughly $0.00002796 before resuming to bull run to its all-time high.
In the last seven days, Shiba Inu’s market value surged over 50% and currently stands as the 13th biggest cryptocurrency in terms of market capitalization, just three positions away from Dogecoin.
Currently, Shiba Inu holds the biggest circulating supply of nearly 395 trillion. Back in September, the Dogecoin-inspired token jumped 40% after Elon Musk, CEO of Tesla, tweeted about the arrival of a new Shiba Inu puppy called Floki.
Floki has arrived pic.twitter.com/2MiUKb91FT
— Elon Musk (@elonmusk) September 12, 2021
A Cointelegraph analysis from Oct. 18 foresees SHIB token to target the $0.00005200 mark, determined by an expected rebound after the selloff season.
Related: Crypto is impossible to destroy, says Tesla CEO Elon Musk
The growth of Dogecoin and Shiba Inu is primarily attributed to support from Tesla CEO Elon Musk. In a recent conference hosted in California, Musk said:
“It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement.”
Moreover, the entrepreneur believes that the United States government should “do nothing” for regulating cryptocurrencies.
Influencers Estefannie and LOOK MUM NO COMPUTER collaborate to produce music based on crypto's market fluctuation
A recent collaboration between two prominent social influencers has resulted in a device that creates sounds (or music) based on cryptocurrency’s infamous price volatility. In what has been termed as the collaboration of the century, Estefannie and LOOK MUM NO COMPUTER (Sam Battle) joined hands to bring a “cryptocurrency-measuring musical machine to life.”
As a musician, Sam intended to generate sounds against voltage fluctuations that were derived from the price fluctuations in the crypto market. On the flipside, Estefannie programmed a Raspberry Pi device to read the voltage fluctuations for producing the relevant sounds.
Sam has also shared his efforts to build an analog synthesizer that has been made publicly available for his followers. In his explanatory video on building the “analog synthesizer musical machine”, Estefannie explained,
“This would be a great tool to know when to sell and when to buy.”
The final output of the duo’s efforts has been showcased through an hour long YouTube video, however, the coin charts used for this specific performance remains a mystery for the fans.
While the influencers have uncovered a whole new spectrum of possible innovations around the crypto-synth genre, we are far from expecting an epic bass drop anytime soon.
Related: Chinese artist showcases NFT real estate at Alibaba-sponsored innovation festival
Running on a similar wavelength as the innovation above, Chinese artist Huang Heshan launched NFT-based real estate in collaboration with a blockchain gaming firm Web3Games.
Sold against the Chinese renminbi, investors can reportedly buy virtual structures such as “luxury single-family villas,” 300 high-end units, and 1,000 “umbrella” parasols. Apart from the rise in the number of investors, the crypto space has become home to the next wave of innovators across all walks of life.
The S&P Cryptocurrency Broad Digital Market Index is being launched alongside four other benchmarks that track cryptocurrencies based on market capitalization.
S&P Dow Jones Indices, the leading index provider of some of the world’s largest equity benchmarks, has launched a new cryptocurrency index that tracks the performance of the broader digital asset market.
The S&P Cryptocurrency Broad Digital Market Index, labelled BDM, tracks more than 240 digital assets at launch and represents an expansion of the firm’s recently launched crypto benchmarks.
In addition to BDM, the company also launched four other crypto-focused indexes on Tuesday, each tracking various components of the broad digital market benchmark. These include:
All the indexes rely on pricing information from Lukka, a crypto-focused data provider, to determine the composition of each respective benchmark.
"The expansion of our Digital Market Indices family gives one of the broadest snapshots yet of this rapidly growing asset class with the ability to slice and dice by market cap,” said Peter Roffman, the global head of innovation and strategy at S&P Dow Jones Indices.
S&P Dow Jones Indices first revealed its intent to track cryptocurrency prices in December 2020. Indexes tracking the price of Bitcoin and Ether debuted in May of this year.
Related: S&P launches cryptocurrency indexes, debuting with Bitcoin and Ether
By recognizing cryptocurrencies and developing pricing benchmarks for investors to use, Dow Jones Indices brings a new level of legitimacy to the evolving digital asset market. For many investors in the cryptocurrency space, broader recognition from Wall Street could catalyze the sector to new highs in terms of adoption and value.
S&P Dow Jones Indices introduces three crypto indices to bring transparency to the emerging cryptocurrency market.
S&P Dow Jones Indices, a major global resource for index-based data and research, has introduced its first cryptocurrency indices amid a renewed surge on crypto markets.
The company announced Monday that it launched three crypto indices tied to the performance of the two largest cryptocurrencies: Bitcoin (BTC) and Ether (ETH).
The newly introduced indices include Bitcoin-based S&P Bitcoin Index (SPBTC), Ether-based S&P Ethereum Index (SPETH), and S&P Cryptocurrency MegaCap Index (SPCMC), which is designed to track the performance of BTC and ETH weighted by market cap. All three indices are immediately available on the S&P DJI website.
The company stressed that the new crypto indices are designed to measure the performance of crypto assets listed on recognized, open exchanges that meet minimum liquidity and market capicalitazion requirements. “The indices aim to bring transparency to the emerging cryptocurrency market,” S&P DJI noted.
According to the announcement, S&P crypto pricing and reference data is provided by crypto accounting and data company Lukka. The firm is backed by S&P DJI’s parent company S&P Global as well as billionaire investor George Soros and accounting advisor CPA.com.
S&P DJI initially announced its plan to launch cryptocurrency indices in late 2021, reportedly targeting coverage of up to 550 digital assets.
S&P DJI’s latest move into the crypto market marks an important milestone for cryptocurrency adoption by traditional finance. The move comes amid a renewed rally on crypto markets, with Ether — the second-largest crypto by market cap — hitting a new all-time high above $3,400 on Monday.
