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 MSPaint :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). I've adjusted each coin's USD value by the ratio of its supply to BTC's (ie, ETH has ~5.8 the supply of BTC, so if you multiply ETHUSD by 5.8 you get what ETH's USD value would be if it had the same supply as BTC. That allows all the tickers to be combined on the same chart while weighting each properly.
As you'll notice, this looks very similar to what how BTC looks over the same time period, but there are some differences. I haven't been looking at it enough to comment on how significant those difference are, 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 weight 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 MSPaint :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). I've adjusted each coin's USD value by the ratio of its supply to BTC's (ie, ETH has ~5.8 the supply of BTC, so if you multiply ETHUSD by 5.8 you get what ETH's USD value would be if it had the same supply as BTC. That allows all the tickers to be combined on the same chart while weighting each properly.
As you'll notice, this looks very similar to what how BTC looks over the same time period, but there are some differences. I haven't been looking at it enough to comment on how significant those difference are, 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 weight 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
Comment:
Here's a link to the same index without BTC included in the calculation (but with BTC price still included as a line overlay for reference):
