I always choose ETH since it is way harder to outperform ETH at the moment. Doing this helps me see certain trends and/or that might happen again in the future.
Since I already made D.A.M (Defi against Majors / Pricing Defi categories against BTC & ETH: https://www.tradingview.com/script/hRrDl...) I came across the idea of doing the same thing but with the perp indices that FTX offer. At first, I wanted to add this to D.A.M but it has no place in this indicator since this will not only look at Defi but the macro market as a whole.
The indicator currently only looks at the following indexes (weighting can be found here: https:// help. ftx. com/hc/en-us/articles/360027668812-Index-Calculation) :
DRGN: THE DRAGON INDEX
ARPA, BTM, IOST, NEO, NULS, ONT, QTUM, TRX , VET
ALT: ALTCOIN INDEX
BCH, BNB, EOS , ETH, LTC, XRP, TRX , DOT, LINK, ADA
MID: THE MID CAP INDEX
ALGO, ATOM, BAT, CRO , DASH, DCR, DOGE, HT , IOTA, LEO, NEO, OKB, ONT, QTUM, VET, XEM, XLM , XMR, XTZ, ZEC, ZRX, OMG, COMP, BSV , FTT , YFI , UNI , SNX , MKR , AAVE
SHIT: THE SHITCOIN INDEX
AE, AION, ARDR, ARPA, BCD , BEAM, BTG, BTM, BTS , BTT , CHZ , CKB, DGB , ELF, ENJ , GNT , GRIN, GT , HBAR, HC, ICX, IOST, KMD , KNC, LAMB, LRC , LSK, MANA, MATIC, MCO , NANO , NULS, OMG, POWR, PUNDIX, REN, REP, RVN, SC , SNT , STEEM, THETA, TOMO , VSYS, WAVES, XVG, XZC, ZEN , ZIL, ZRX
PRIV: THE PRIVACY INDEX
BEAM, DCR, GRIN, KMD , XMR, XVG, XZC, ZEC, ZEN
DEFI: THE DECENTRALIZED FINANCE INDEX
KNC, MKR , ZRX, REN, REP, SNX , COMP, TOMO , RUNE, CRV , DOT, LINK, MTA , SOL, CREAM, BAND, SRM , SUSHI, SWRV, AVAX, YFI , UNI , WNXM, AAVE, BAL
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.